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Inverse Finance
Weekly recaps
Community translations
Update 01/03/21
Inverse will become tradeable in about 40h
That’s the tl;dr of this week.
A lot has happened so we’ll go over everything chronologically.
🔹Let’s start with the inactive token holder seizures. One last time: Token holders received their tokens for free with the condition to be active members in the DAO. Those who never did one of the following things got seized: Voted, delegated, voted on snapshot, used the INV vaults
👉🏻Via 2 proposals we seized 33 inactive holders, so 2640 tokens in total. These tokens were sent back to the treasury.
Big thanks to Somer and CS for covering the costs. We also thank allô for drafting the proposal.👏🏻🤝 📃The participation rate here was X 14220 vs 160 and 13900 vs 160
🔸Then we finally launched Anchor. ⚓️ It’s not fully launched yet though. We first need to have 1m TVL locked for the last stages to activate. 👉🏻Find all info about our newly-released Anchor product here https://twitter.com/inversefinance/status/1364771183544139784?s=21
With the release of Anchor, Inverse has entered a new era filled with action.👾
🔹A proposal to invest DAI reserves of the Stabilizer (from Anchor) in a Yearn v2 strategy has been proposed by Nour. This would allow the Dola Stabilizer contract to invest ist DAI reserves using any strategy and sends profits to the DAO treasury.💸 📃The vote passed with 16760 vs 0 votes
🔸Incentives are the name of the game in Crypto. That’s why delegate Somer launched a proposal to distribute non-transferrable INV rewards to DOLA-ETH Uniswap Liquidity Providers. 📃The proposal passed and the results are as follows: 16880 vs 2500. The proposal is currently queued and will be executed 48h after the vote.
🔹And then..something happened🌊 You know what I’m talking about..we did an interstellar👾
«Make INV finally transferable»
Delegate IamKey surprised everyone with his sudden proposal to make the token tradeable.👀
👉🏻With that followed 3 very intense voting days and multiple rounds of uncertainty in regards to the results. For the first time since the inception of the DAO, the community was divided into two camps.🥊🥋
Divided between making the token tradeable right now without any preparation and making the token tradeable at a later date.
👉🏻All of this caused heavy discussions during these 3 days with good arguments on both sides.
Especially Delegates had a tough job on this proposal. Unlike other proposals, there was no clear consensus on this one and in the end this made some voters change their delegate. IamKey’s rank greatly increased whereas Somer, Ben Lavabo and AdamQ suffered losses.📉
Voters changing their delegates freely is how a DAO should be and this is how the system was always meant to work. ✅
📄Looking at the results: It’s 14380 FOR vs 13060 AGAINST That’s 27,4k out of 36k circulating supply. That’s a 76% participation rate!! 👾
So what’s next?🤔
🔸I suggest another brainstorm session. 📍How do we best protect our new users against fake tokens? How do we promote the token? With or without incentives? We’ll see.
🔹Proposals don’t end here though
Through the many proposals he made, delegate Somer got a taste of the running costs poor Nour has to endure every day.
21,034.13 dollars on GAS were spent so far by Nour. That’s how much he believes in Inverse.👾
👉🏻This proposal is to refund gas fees for Inverse Finance Operations and would allow Nour to take back a max of 21k DAI from the Inverse treasury. 📄Current results are 4700 vs 0 and the vote ends in 2 days.
Take a breath...relax a sex
Ok, halfway through.😅
Let’s talk about something else
🔹Do you know Curve pools? Well, Inverse also got a DOLA – 3CRV Metapool now. 👉🏻You can now provide liquidity for DOLA, USDT, USDC & Dai without impermanent loss. 👉🏻INV rewards will also be put up for a vote soon. 👉🏻Shoutout to Andre Cronje for setting up the pool 👉🏻Add liquidity at https://crv.finance/liquidity and select «DOLA 3CRV» on the list.
🔸Cointelegraph was kind enough to write an article about Inverse and its witchhunt. Read all about it here https://twitter.com/cointelegraph/status/1365824673905139714?s=21
🔹The reward committee is currently selecting a few members based on their contributions. We’re not talking about regular stuff here but about specific tasks, these members did for Inverse. We’ve already warned AdamQ about it so he can mentally prepare for this.
🔸The meme contest has ended with over 100+ submissions. No formal procedure to vote on this has been fixed yet. The idea is/was to simply use the «insert checkmark emoji» and pick the 20 best emojis among all of them. Something to be discussed ^^
🔹Our members Dennisonbertram and monet_supply have been actively working on a new voting interface for the INVaders. 👾💙👌🏻 It looks amazing and they deserve a huge amount of applause from everyone. 👏🏻👏🏻 They are currently ironing out some bugs and interested INVaders can then test what their future Cockpit is going to look like.👀
👾 I think we’ll end the update here. There are 1 or 2 more things worth a mention but this is enough to chew on. ;) Better brace yourselves for fresh blood coming very soon :)
Last modified 1yr ago
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