UPDATE 13/01/21 Time flies
TVL is 1,78m
APY’s 26,92% ETH, 5,62% YFI, 6,14% WBTC
ETH vault increase to 800k
Harvest is ready with 12,8% APY
Rumors of an iron bank strategy
2 on-chain votes happened
INV finally got its logo
New UI made by XEIOUS
Multiple informal polls on Discord
Progress with the creation of the reward committee
🔷Yet another busy week so I’ll skip some stuff from the Tl;dr that doesn’t require further explanations
🔹First off, the Yearn team graciously increased our ETH vault limit to 800k! We thank them very much for this privilege. Unsurprisingly the vault was full in less than an hour.
🔸A proposal to add unclaimed tokens to the treasury was put up for a vote. With a total of 18.000 votes, the proposal was accepted with an overwhelming majority of 17.920 in favor against 80.
🔹Then something unexpected happened. Shortly after the first previous on-chain went online, an anonymous delegate launched another on-chain vote to make the token tradeable. After A LOT of discussions and the promise of a new vote on tradability in the near future, the community and delegates voted AGAINST this proposal.
It was a harsh battle and these are the results: 17000 votes were cast, 3520 voted in favor whereas 14080 voted against.
👉🏻Note: The founder pledged not to vote on tradability votes and consequently did not vote.
🔸Xeious, Inverse’s frontend-dev has made tremendous progress with the new UI!
The UI is now faster, easier to use, and to scale. You can now see your deposits and in the future, you can harvest all your INV rewards through only one transaction.
❗️Are you a designer or a frontend-dev who’s interested in contributing to something big? Then send us a message on Discord and you’ll be added to the project file /private repo.
🔹Inverse finally got its logo. Everyone grew tired of the logo discussion but it’s finally over and done. In a close race between 2 artists, the community decided on one logo. Stay tuned for more updates on this.
🔸An informal vote on whether vote-buying should be forbidden or not and who should receive the punishment happened. The community voted for both buyer and seller to be punished. Proof of “something” happening on-chain is certain and clear but are things always what they seem? Lessons to be learned for the future.
🔹Work on the reward-committee proposal is progressing nicely. Inverse and the community brainstormed together via google sheets and managed to agree on 4 potential committee setups. Shortly after there was another vote on Discord on this subject and it was decided that there will be 5 seats in the committee. One fixed position for our founder Nour and 2 seats for delegates and 2 for DAO-members.
👉🏻Candidates can submit their applications in a designated channel on Discord until tomorrow. DAO-members shall then vote and decide who is to sit on the committee. 🔎For those who don’t know: That reward-committee is another reward-distribution mechanism to reward members who are very (pro)active and complete bounties.
🔸A 24/7 tech support live chat that connects to our Discord got added to Inverse.finance This new tool makes it possible for you to connect to our Discord without having to create an account or even download the app. Just type in a name and you can start chatting. Someone will take care of you.
🔹And finally…Discord got a tiny makeover by rearranging the channels. Will the complaints about “too many channels” ever stop? We don’t know. We’ll let you know next week along with more, interesting updates.
Have a nice day :)