Market Improvement Proposals (MIP)
A Market Improvement Proposal (MIP) is a numbered protocol change to listed markets, native liquidity or core fee mechanisms.
MIP-1 implemented and callable · MIP-2 in progress (the vault backstop is active) · MIP-3 active and in use · MIP-4 planned (V2) · MIP-5 (Earn) active and paying zero · MIP-6 deferred (V3).
MetaFlux uses a numbered improvement-proposal model for protocol-level changes. Established on-chain perp protocols use similar improvement-proposal schemes.
| MIP | Title | Status |
|---|---|---|
| MIP-1 | Spot token standard + market deployment | Implemented |
| MIP-2 | Metaliquidity: protocol liquidity vault | In progress. The vault backstop is active. |
| MIP-3 | Permissionless perp market deploy | Active and in use. Markets are deployed through it today. |
| MIP-4 | Options | Active, fully collateralized. RFQ-cleared, no margined book. |
| MIP-5 | Earn: spot lending pool | Active, and paying zero |
| MIP-6 | Outcomes / prediction markets | Deferred (V3) |
The deployment proposals split spot from perp, as established venues do:
- MIP-1 is the permissionless spot token and market deploy (the
spotDeployaction family). - MIP-3 is permissionless, builder-deployed perp markets (the
perpDeployaction family).
Both use the same three gas-auction streams. The current implementation still puts both action families in one module, and labels the spot path "MIP-3". This label is being corrected. The behaviour does not change.
- MIP-2 (Metaliquidity) is the protocol-owned native-liquidity vault.
- MIP-4 is the options product. Its first release is fully collateralized and clears through RFQ only. The margined options book is not built.
- MIP-5 (Earn) is the supply side of the lending pool. Depositors earn yield from the interest that spot-margin borrowers pay. It reuses the MIP-2 NAV/share model.
- MIP-6 (Outcomes) had the number MIP-4 before. It got a new number when MIP-4 was reassigned.
V1 scope
V1 covers MIP-1, MIP-2, MIP-3, and the collateralized first release of MIP-4. The margined MIP-4 book is targeted for V2. MIP-6 (Outcomes) is deferred to V3. MIP-5 (Earn) is active: deposit and redeem work, and it pays zero until two governance votes land. See Earn.