Ennead: The Path Forward
It has been over 1 year since Ennead was launched. Since that time, we have provided millions of real-yield rewards for our users and dominated the ve3,3 Dexes we’ve launched on. All of our stakers have gained over 100% real-yield APR since we launched with compounding gains on additions such as wETH and ARB tokens, a revolutionary offering for a liquid wrapper.
We’re proud to say that we have the best community in Defi and we couldn’t have gone this far without them. Defi never stops innovating and changes have come to The Kingdom (Ramses, Pharaoh, Cleopatra, Nile and RA) that require our adaptation.
Boost is now removed from the Kingdom completely.
In the year, many things have changed and our partners in Ramses continue to innovate the ve3,3 space by updating mechanics. This week, Ramses sun-set an ambitious aspect of Solidly — boost. Boost provided a means to increase emissions based on a veRAM position held and was meant to add another element to owning veRAM. As per Ramses’s medium and our time in business development, boost added too much of a friction factor for new liquidity to understand where and how to put it’s money in.
How did Ennead’s veRAM position help boost Ramses depositors?
Ennead’s veRAM dominance enabled us to provide Ramses LPs the possibility of obtaining maximum emissions boost by depositing with us without a veRAM position for themselves. Depositors would simply boost with us on our page, get maximum emissions, and we took a 20% fee from their profits. To complete the flywheel, and as per our generous mechanics, Ennead streamed back 10% of these fees to nead stakers. All of the Kingdom had boost and all of the nead stakers on the forks, neadPHAR, neadCLEO and neadRAM, were streamed these fees throughout the week.
The fees from boost constituted about 20% of our total neadRAM revenue for the week, so while Ramses sunsetting boost is good for them, it decreased our weekly earnings for our stakers.
Thankfully, exciting news lays ahead for Ennead.
Ennead and Liquid Driver will be merging to make Abacus
Liquid Driver are OG developers in this space, having ran LQDR successfully for the last few years and are currently developing Thena. LQDR provides an easy-to-use mechanic to invest in ve3,3’s, such as liveTHE, which provides the same liquid wrapper tokenomics that our community has enjoyed with neadRAM. We expect our respective communities to both grasp the merger and it’s benefits to the underlying tokens almost immediately. Ennead will gain the technical and economic prowess of LQDR and LQDR gains the community support and stability of Ennead. An easy win-win for LQDR and nead holders. One of Ennead’s biggest criticisms is our inability to hold peg to the underlying token. After all, if neadRAM is tokenized veRAM, how come neadRAM rarely stays pegged to RAM? Is it important for the DEX and the liquid wrapper to keep peg, at all?
What’s the peg about?
The ability for a liquid wrapper to hold peg stands as it’s most important aspect. We’ve demonstrated this as even paying out real-yield rewards in large amounts will not keep the token staked and pegged. neadRAM staking has provided $wETH, $RAM, $xRAM, $neadRAM and $ARB and yet token holders still sell. We’ve always had the largest liquid locked rate in ve3,3 history but as neadRAM price climbs, the gains are used to sell neadRAM off. Losing peg is bad for all parties — neadRAM stakers lose overall portfolio value, and importantly if the pegged token is coupled with another volatile pair (neadRAM/wETH), the underlying Dex does not have a secondary pillar for price stability. Pegged tokens should be paired together in liquidity pools so as to help the underlying Dex token itself. Massive sell-off events will hit the pegged token liquidity, and hopefully the combined liquidity of RAM and neadRAM would sustain RAM price. We are confident with Liquid Drivers capabilities in helping us deploy liquid wrappers that can sustain peg.
What is liveTHE? How does it differentiate from neadRAM?
Instead of needing to lock and vote on Thena every week, liveTHE stays liquid and through an innovative flywheel, keeps liveTHE relatively pegged to the price of THE. Rewards from live forks are sent back to qLQDR lockers, who receive revenue in the form of liveTOKENs from the various chains. All rewards from liveTHE are paid in liveTHE which keeps the tokenomics contained and balanced.
liveTHE holders can participate in the flywheel by:
- providing liquidity on Thena
- stake in the liveTHE fee distributor
- or stake in the liveTHE autocompounder.
What’s happening to neadRAM? How will the new tokenomics work?
The new tokenomics for “liveRAM” will be modified to match liveTHE’s pegged and liquid but still high-paying mechanics. This includes all nead tokens — neadPHAR, neadCLEO and neadRAM. “liveRAM” will pay out liveRAM similar to how liveTHE does, and will assist both Abacus and Ramses in supporting RAM’s price stability.
For now, nead stakers should simply stake and chill. All tokens are valuable and we will take care of our community — as we always have. We have no timeline for when the merger will happen but we are working diligently on making it happen and done correctly.
More to come
We are excited and honored to be merging with Liquid Driver. Abacus will surely end up the top dog of liquid wrappers on all protocols that see a demand. Linea, Avax, Mantle, Arbitrum, Polygon and more will see a token from us.
