Overview
Mimisbrunnr is currently in Alpha! please do not use large amounts and please dont get sad if you lose anything you deposit
High details that Yggdrasil has three roots. One of these roots reaches to where the primordial space of Ginnungagap once existed and where now the frost jötnar live. High explains that, beneath this root is Mímisbrunnr and that the well contains "wisdom and intelligence" and "the master of the well is called Mimir. He is full of learning because he drinks of the well from the horn Giallarhorn. All-father went there and asked for a single drink from the well, but he did not get one until he placed his eye as a pledge.
Many Decentralized Science projects hoist ERC20 tokens on mainnet to tokenize their offerings. Here we pool together their Uniswap V3 Liquidity WETH pairs into Mimisbrunnr, an ERC20 that mints in exchange for LP. Users can than unwrap these tokens in exchange for these tokens. Fees earned by this protocol fund Desci Obsidian operations, and in the near future can be aquired by staking Mimis/WETH in its own Uniswap v3 pool. This provides several desirable properties
- Functions as a pseudo DeSci ETF - get exposure to the entire deSci value stack with just one token
- More Attractive to LONG than individual tokens- portfolio effect gives a stronger incentive to LONG than individual tokens
- better capital efficiency - It will be easier to concentrate MIMIS/WETH as the pairs balance each other over WETH than individual pairs
- composability - wraps UniswapV3 LP into an ERC20 which can integrate well with many other defi products like collateralized lending etc
- wen moon - The token has a hard price floor based on the underlying liquidity, but can float above this value especially if a high degree of MIMIS/WETH is staked.
- wagmi - the token creates a natural community focal point around affiliated projects
- mimisbrunnr primitive - may spark a trend of projects deploying their own instance of mimisbrunnr, and create a mimisbrunnr of mimisbrunnr situation
How does it fund Obsidian-Desci
Then a mim is unwrapped, it decreases the liquidity positions owned by the smart contract, this releases funds to be collected. However, when the collect function is called, it has not only the funds released, but also the liquidity rewards, the user gets the released funds, but obsidian desci keeps the lp rewards. When there is enough cash flow to fund operations, the surplus is divided amongst stakers of Mimis/WETH using the Uniswap V3 Staker contract
Why Should I hold Mimis
Mimisbrunnr is a way to attain broad asset exposure to the desci ecosystem by just holding a single asset. Most desci tokens are small cap so its a way to hedge risk. As Mimis proliferates in the ecosystem and aquires more tokens, it may have utility for other usecases (looking at you edge compute!)