[PCP 19] Proposal to add TOSHI on Seamless

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

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

Toshi Community Contributor

1. 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.

1. 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.

1. 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.

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

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

1. 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)

Recommended supply caps:

• TOSHI: 2,000,000,000