DFX August Recap! 🥂
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Good morning and welcome to the DFX end of month recap! A place where we highlight the latest developments related to the DFX protocol!✨
What a month it has been! So many new advances and opportunities have been presenting themselves in the most unlikely of places! We have some very exciting features coming down the line within the coming weeks and we honestly cant wait to share everything with you all! Lets cover some of the main things that have happened over the month of August.🔥
We at DFX Finance are so humbled to have your support and we hope you enjoy this month’s recap!🙌
OpenOcean Trading Competition 📊
We started off the month with an amazing initiative by the OpenOcean team! They had selected nine tokens/coins on their platform (DFX being one of them) to take part in their new upgrade give away. Meaning if you traded one of the nine assets, you would potentially be eligible for their OOE token drop.😏
For those that are not familiar with OpenOcean, it operates the same way 1Inch does (from a 10,000 foot level). They aggregate the best prices from all the decentralized exchanges they are integrated with, so that the traders get the best price!✨
DFX Tweet:
https://twitter.com/DFXFinance/status/1554456149444919296?s=20&t=u1OeSA8cSPtbhHbQyZl_4gOpenOcean Tweet: https://twitter.com/OpenOceanGlobal/status/1554452037932265472?s=20&t=u1OeSA8cSPtbhHbQyZl_4g
DFX 2.0 Teaser 😉
This was the first time we have publicly teased DFX 2.0 and it certainly didn't disappoint! This new “2.0" will come with many different features but most importantly, it will make the DFX protocol more permissionless and work in tandem with veDFX! We will be doing a separate article on it, so we don't want to give too many details away about it just yet but it will be here sooner then you all think. ⌛
PS: Did anyone get what we meant whenever we said “Flash”?
If you think you know, comment/like/retweet on the DFX EOM Twitter post and the first 3 people to guess it correctly will be given a DFX goodie bag! 🎒🔥
Twitter post: https://twitter.com/DFXFinance/status/1554879340323766272?s=20&t=u1OeSA8cSPtbhHbQyZl_4g
veDFX about to be reality! ✨
One of the most anticipated events for the DFX protocol, probably since inception has to be the launch of veDFX! We have highlighted what veDFX is in previous articles and we will do an entire breakdown of veDFX in the coming month. However, this will just be a visual showcase of what is soon to become a reality!🤗
(Read Image text)
If you are unaware about how vote escrow DFX works, make sure to check out the recently published article in The Block giving more detail on veDFX, gauges, and borrowing/lending stablecoins.
veDFX Twitter post: https://twitter.com/DFXFinance/status/1557781819663290369?s=20&t=diIl9m5D2QP4Hrdt_Zg9uQ
The Block Article:
https://www.theblock.co/post/160022/vote-escrow-coming-to-dfx
Another Historic Proposal for the books!📚
Over the course of the last few months, we have seen a bunch of new proposals come to fruition but this one stands out amongst the crowd for numerous reasons, main being it was the fastest and most voted for proposal since the inception of the DFX protocol.🤯
We had over 3.5 Million DFX used in the voting process with 99.46% voting “Yes”. To add to this, we saw almost all of those votes come in within the first 6 hours of the vote being posted on snapshot! That is absolutely amazing and should show everyone that the DFX community is getting stronger every single day and there are no signs of slowing down in sight! 😎
For clarification, DIP-010 was a proposal to earmark 2,000,000 DFX tokens to be used exclusively for centralized exchange listings and marketing efforts.
Details of proposed changes: “We would create a new wallet, the DFX Outreach Wallet, controlled by the core contributors, and send 2,000,000 DFX tokens to the DFX Outreach Wallet.
The core contributors would negotiate with CEXs and marketers to attempt to strike a deal on the DAO’s behalf. The core contributors would have full authority to use the DFX Outreach Wallet in any capacity necessary to negotiate, structure, finalize and close these deals.”
- Proposal Passed✅
- Tokens sent to “Outreach Wallet” ✅
- Negotiate, structure, finalize and close the deals…😏
Twitter Vote link: https://twitter.com/DFXFinance/status/1558099531027419145?s=20&t=UhkMBIy9vMLSxeE3Gv_XVQ
Proposal passed:
https://twitter.com/DFXFinance/status/1560642997301063681?s=20&t=UhkMBIy9vMLSxeE3Gv_XVQTokens sent to wallet:
https://twitter.com/DFXFinance/status/1561718788256563200?s=20&t=UhkMBIy9vMLSxeE3Gv_XVQ
Community calls Bi-Weekly
The core contributors have participated in many AMAs (ask me anything) and community calls and after some conversations with the community and ambassadors, we wanted to start doing calls on a more regular basis! 🔊
These calls will be open forum about anything/everything DFX but also a place to talk about the market as a whole and even bring in some of our key ecosystem partners whenever the opportunity arises. This will help bridge the information gap that may be in the way at times. This is just one step at creating a fully open and transparent conversation with the people who make DFX the DAO it is.
First one starts tonight (August 31st) at 8PM EST, come and hang out!🍻
DFX listed on EUROC’s CMC and CG page
This one may not seem like much but it seriously helps out tremendously whenever trying to reach new potential users. We have been trying for quite some time to get the DFX Protocol listed properly on CoinMarketCap & CoinGecko and we are just now gaining traction! 🚗
When searching for anything related to DFX, whether it be the protocol or the token itself, we highly suggest using CoinGecko since they seem to keep everything up to date on both centralized and decentralized exchanges.👏
DFX Protocol (ETH):
https://www.coingecko.com/en/exchanges/dfx
DFX Protocol (Polygon): https://www.coingecko.com/en/exchanges/dfx_polygon
First Borrower for CADC on Euler! 🤩
Euler is a non-custodial permissionless lending protocol built on Ethereum that allows users to earn interest on their crypto assets or hedge against volatile markets. Since launching in December 2021, it has grown to support many assets and now includes CADC. The protocol currently holds around $200 million in total value locked.
For now, CADC is an isolated market meaning risks are self-contained within the market and will not affect other markets (and therefore the protocol) should any issue arise. For users, CADC can be used for regular lending and borrowing, but borrowed in isolate under one sub-account only and cannot be used as collateral as well.
Earn Interest
Users can supply their CADC to earn interest when they are borrowed. Borrowing & lending incentives coming soon™ to bootstrap liquidity and generate more meaningful utility for CADC and other non-USD stablecoins. (CADC, EUROC, XGSD, etc.)
Borrow
Users can borrow CADC against deposited collateral. This enables a few use cases on-chain and in real life.
- Long: Deposit 2 ETH, borrow $1500 worth of CADC. Purchase 1 ETH at $1500. When ETH goes to $3000, sell 1 ETH at $3000. Repay the $1500 loan. $1500 in profits.
- Leverage: Users can borrow CADC and use them to participate in yield farming programs while keeping the exposure to their collateral.
- Off-ramping: Users can borrow CADC and redeem them at their fiat equivalence through Paytrie; this allows for cashing out of CADC to make purchases or loan repayments IRL while keeping their collateral.
More info: Coin Bureau has a good in-depth review for those needing the extra brain juice.
Two New Forum Proposals!📰
The last week of August was definitely a great one because we got two new proposals! Lets go through what they are and why they are important!🔥
This was a proposal that was created and hand crafted by the issuer themselves (GMO-Z.com Trust Company) and we couldn't be more excited to finally see a Japanese Yen Stablecoin proposal hit the forum!🥳
Motivation:
The Japanese YEN (JPY) is the world’s third liquid currency, with USD/JPY pair being the second most traded currency pair. JPY is often considered a safe haven currency to mitigate FX risk against the USD, EURO, etc. With the recent macroeconomic environment and the volatility of traditional currencies, GYEN is heavily traded against USD, USDT, and USDC. The overall GYEN trade volume across CEXs and DEXs has surpassed $1B in the past 12 months, with a daily average volume of approximately $1.4MM.
References:
- Contract address: Etherscan
- Github: GMO Trust Stablecoin Contract
- Community: Twitter| LinkedIn
- Security Audit: Smart Contract Security Audited by Quantstamp
- JPY/USD price oracle on Chainlink: JPY / USD | Chainlink
- Contract address: 0xC08512927D12348F6620a698105e1BAac6EcD911
Forum Link:
https://forum.dfx.finance/t/proposal-to-add-gyen-usdc-pool/341
2. Proposal to Change Snapshot Voting Period from One Week to 72 hours
This was another proposal that was crafted by one of the ambassadors (Ryan Robey). After talking with the community/ambassadors and compiling the voting times from other top DAOs, the average came out to around 3–4 days overall for snapshot votes. However, lets get into the proposals motivation so everyone can decide for themselves.👏
Motivation:
The purpose of this proposal is to streamline DFX DAO votes and remove unnecessary waiting periods that can negatively impact or bog down the DAO. With the expected exponential growth of the ecosystem, streamlining the voting process is important to scaling and growing the protocol.
Looking at the latest Snapshot Votes — 80% or more of the votes are cast within 24 hours of opening the Snapshot Vote voting period. A 72 hour voting period allows ample time for all DAO members to cast a vote if they wish to do so and allows the DAO to move quickly and be nimble.
Forum Link:
https://forum.dfx.finance/t/proposal-to-add-gyen-usdc-pool/341
About DFX Finance
DFX is a decentralized foreign exchange (FX) protocol that facilitates the seamless exchange of fiat-backed stablecoins denominated in a growing number of currencies. The current reliance on USD-pegged stablecoins creates undue economic friction for those in other parts of the world,
and DFX is here to change that.✨
Using a hyper-efficient AMM, optimized for low volatility trading, DFX provides FX swaps with rates that will beat any bank, money changer, or FX platform.💱
We’re super excited to build the FX infrastructure for DeFi and would love to hear more of your ideas and comments on how we can make DFX better together!
DFX Finance. Stablecoins for the world.🌐
