[PCP-19] Proposal to add TOSHI on Seamless

gatesonchain · May 15, 2024, 11:54pm

Summary

Proposal to add a TOSHI liquidity market on Seamless.

References

Website - https://www.toshithecat.com/
Github - GitHub - ToshiTheCat/toshi
Smart Contract - $0.0005 | Toshi (TOSHI) Token Tracker | Base
Twitter - x.com

Paragraph Summary

This is a proposal to add TOSHI as a new liquidity market on Seamless. To begin, the market for this asset would be Supply only. The asset would not be able to be used as collateral nor able to be borrowed, until both of the following parameters are achieved: (1) onchain liquidity is sufficiently deep and stable, and (2) oracle feeds can support onchain pricing of assets. TOSHI fulfills (1), but has yet to fulfill (2).

Motivation

TOSHI has over 176,000 holders and liquidity of over $4.4m on Uniswap (Base). Seamless should consider adding this asset to its shelf in order to support more Base-native projects and extend its usability within the Base ecosystem.

Specifications

What is the link between the author of the AIP and the Asset?

Toshi Community Contributor

Provide a brief high-level overview of the project and the token

TOSHI is one of the first memecoins on Base, and is steadily proving itself as one of the biggest on Base. Recently, TOSHI has also announced the development of essential, open-source and permissionless utilities for Base, ensuring a safer work environment for developers & builders on Base.

Explain positioning of the token in the Seamless ecosystem. Why would it be a good borrow or collateral asset?

TOSHI is one of the top Base-native tokens, representing high potential overlap with the users of Seamless. The TOSHI market poses an opportunity to leverage the large TOSHI user base to introduce new users to Seamless. As discussed above, the asset will be able to be used as collateral or borrowable until both of the following parameters are achieved: (1) onchain liquidity is sufficiently deep and stable, and (2) oracle feeds can support onchain pricing of the asset. Once both parameters are achieved for the asset, the large potential market from existing and new users makes both assets good candidates for being used as collateral and borrowing.

To further incentivize this market, TOSHI plans to seek incentives through approval of the Meow Dao for TOSHI tokens to be emitted to those who participate in the Seamless Ecosystem.

How is the asset currently used?

TOSHI is used as a governance token as voting rights within their MeowDAO and includes access to the upcoming Toshi Tools set of utilities.

Market data (Market Cap/FDV, 24h Volume, Volatility, Exchanges, Maturity)

TOSHI: FDV of $130m, $500k in volume, Exchanges: Uniswap, Bitmart, Bing X, Poloniex, Bitrue.

Contract date of deployment, number of transactions, number of holders for tokens

TOSHI: Date of deployment (January 7, 2024), Number of transactions (955,106), Number of holders (176,278)

Rosco · May 16, 2024, 12:12am

I love this. Toshi should be everywhere. It is an organic meme on base with the most holders. Let’s get it out there.

Weezel · May 16, 2024, 12:16am

Its pretty simple really. Outside of a couple VC projects and some highly manipulated tokens, Toshi is one of the largest, most recognized, and oldest coins on Base.

Part of the team is known to CB folks, its been incorporated, has proven to be trustworthy, is building actual utility.

While this would definitely be a boon to Toshi, i cant help but feel this would also be highly beneficial to Seamless.

99bitcoin · May 16, 2024, 12:16am

In the past year, TOSHI has demonstrated its reliability as an asset through a combination of community engagement, strategic developments, and steady growth. The Toshi community has shown unwavering dedication, with an expanding user base and a strong social media presence. This has been evidenced by the number of holders and the significant volume of transactions, indicating a high level of interest and trust in the token. The face of the base network.

morrigu · May 16, 2024, 12:26am

Adding Toshi makes a lot of sense if Seamless are looking for dedicated base projects with a proven track record. Toshi has become the blue chip meme of base and are focused on contributing to the vision of onboarding millions of users to base.

xdelios · May 16, 2024, 12:27am

keep it simple.
toshi = trust
toshi = utility
toshi = community
toshi = face of base
toshi is simply the most pure and beautiful memecoin out there.

Roushi · May 16, 2024, 12:35am

Toshi is not called “The Face of Base” without good reason. It’s the one project that brought attention to Base itself and that made everyone believe catcoins were “a thing”.

A clear leader and winner with the strongest and most organic community I’ve been a part of in this space, it stands to reason that this not only benefits Toshi but also Seamless. Great partnership ahead, can’t wait for it, let’s make it happen.

Toshi · May 16, 2024, 12:39am

Toshi has the largest number of holders and the larget community amongst all memes on base

All organic and done in the fairest way possible. Would love to see $TOSHI on SEAMLESS

JFile777 · May 16, 2024, 1:13am

TOSHI should be everywhere lets do this for the face of base

Ras · May 16, 2024, 10:55am

Thanks for the proposal @gatesonchain ! My main concern with regard to memcoins is always risks. So would love to see @chaoslabs risk analysis. If they give a green light I will support this proposal.

TanwenBrantley · May 16, 2024, 12:36pm

$TOSHI is the perfect memecoin: good visuals, great name.and has as a strong core of holders. As people are onboarded to the Base ecosystem, Toshi is a memecoin they naturally gravitate towards and is a staple of Base. The project continues to grow, has a DAO and offers launch tools. Should be integrated into the Seamless protocol.

BaseD · May 16, 2024, 1:04pm

Gmeow lovely Seamless Team,
Adding Toshi would be a real gift for both sides. Toshis community showed up beeing very strong in the past 3 months and there was never any sort of doubt. This is a project of real value for base and the whole ecosystem itself.

Once tools are safe and ready there will be whole new numbers of people joining the world of crypto through Toshitools. Thinking about it, everything becomes very clear - because Toshi is the face of Base.

Stay based

lewis · May 16, 2024, 2:56pm

gmeow. This would be awesome! The Toshi community is super strong. Starting out as a single sided supply only market while there is a push towards a broader full bore lend-borrow market (with oracle) is a reasonable progression. I’m excited to support and hear back from the risk analysis partners on what they think

chaoslabs · May 16, 2024, 6:38pm

Overview

Chaos Labs supports listing TOSHI in Isolation Mode. The following is our analysis and risk parameter recommendations for the initial listings.

Please note that these assets do not currently have robust data feeds, thus the recommendations regarding collateral, borrowing, interest rates, and debt ceilings are preliminary and will be revised whenever these data feeds become available. The assets should be listed in supply-only mode according to the recommended Supply Caps, similar to DEGEN.

Liquidity and Market Cap

Over the last 180 days, TOSHI’s average market cap is $80.78M and its average daily volume is $1.56M.

Liquidation Threshold

Analyzing TOSHI’s price volatility, we find a daily annualized volatility of 388.46%, 30-day daily annualized volatility of 281.89%, and a maximum one day price drop of 21.51%.

Considering this volatility, we recommend launching with a liquidation threshold of 40% and a maximum LTV of 35%.

We support listing TOSHI as borrowable under reasonable limits of supply and borrow caps, as we do not observe a significant risk to the protocol by allowing the borrowing of the asset.

Debt Ceiling

Given the volatility of TOSHI, we recommend listing the asset in isolation mode with a debt ceiling of $50K. This is based on simulations of a LUNA-style crash and is intended to mitigate risk to the protocol.

Supply Cap, Borrow Cap, and Liquidation Bonus

Following Chaos Labs’ approach to initial supply caps, we propose setting the Supply Cap at 2x the liquidity available under the Liquidation Penalty price impact. This leads to a Supply Cap of 2B TOSHI and a Borrow Cap of 1B TOSHI.

Recommendations

Following the above analysis, should the community wish to list these assets, we initially recommend the following parameter settings when a data feed becomes available:

Parameter	Value
Isolation Mode	Yes
Borrowable	Yes
Collateral Enabled	Yes
Supply Cap (TOSHI)	2,000,000,000
Borrow Cap (TOSHI)	1,000,000,000
Debt Ceiling	$50,000
LTV	35.00%
LT	40.00%
Liquidation Bonus	10.00%
Liquidation Protocol Fee	10.00%
Reserve Factor	20.00%
Variable Base	0.00%
Variable Slope1	9.00%
Variable Slope2	300.00%
Uoptimal	45.00%

TheManStan · May 16, 2024, 8:08pm

Great idea - great project - great team. I think this is a no brainer, and I love the discourse here.

Synodic · May 16, 2024, 8:36pm

This would be good for both TOSHI and Seamless.

TOSHI is a well-established project on Base which has earned the trust of its 100k+ holders. The team have proven to be professional and have demonstrated an eagerness to corroborate with other projects on Base to help support the Base ecosystem. TOSHI is the 2nd highest donator to Stand With Crypto, and is developing its own set of tools. TOSHI is putting the safety and robustness of those tools at the forefront to help further support Base and bring more users onchain is a safe and secure way.

Seamless demonstrates the same ethos of professionalism, safety and corroboration, and this is very evident with the nature of the discourse that takes place here. The support by Seamless would further demonstrate this commitment, whilst allowing it to leverage the large and ever-increasing number of TOSHI holders for a mutually beneficial partnership in the future of Base.

carrie · May 16, 2024, 10:07pm

TOSHI was one of the first projects on Base, the OG meme. It has held strong, and grown organically thanks to a tight knit community and team. TOSH is the mascot for Base bringing awareness and therefore people onto Base. It is the Face of Base.
This proposal acknowledges TOSHI’S status on Base and if TOSHI becomes a liquidity market for Seamless the collaboration will likely benefit both projects.

gatesonchain · May 28, 2024, 10:32am

Summary

This proposal suggests adding a TOSHI lend/borrow market to Seamless Protocol on Base.

TOSHI is proposed to take the same step-wise approach to a market opening as DEGEN; namely, opening a supply market to allow for TOSHI deposits, performing risk analysis on what parameters should be set for TOSHI, and then enabling borrowing once a (Chainlink) TOSHI-USD price feed oracle is available.

ChaosLab Recommendations

Following the above ChaosLabs analysis, we initially recommend the following parameter settings:

Debt Ceiling