ACryptoS May & June 2021 Updates
“Ignore FUD, keep stacking, keep buidling” — CZ
The last 2 months have been turbulent in the crypto ecosystem, and during volatile times its best to keep #BUIDLing. In the long-term, the value added by a decentralized app to the crypto space will outweigh market sentiments, and that’s exactly what the ACryptoS team has been busy with over the last 2 months. Here’s a recap of all we’ve achieved in May and June.
Launch of MDEX Vaults on ACryptoS
Upon popular demand of MDEX vaults, a number of popular MDEX vaults were added at ACryptoS to allow MDEX users to auto-compound their deposits in the incentivized liquidity pools. Over the course of 2 months, 10 MDEX vaults have been added to ACryptoS. The single-asset MDX vault is currently offering 440% APY on AcryptoS with over $1.3M in TVL. The complete list of MDEX offerings can be viewed here.
ACSI Farm v2 Migration
The much anticipated v2 upgrade on ACSI farms was also carried out in the second week of May. Farm v2 allows ACSI vault depositors to 2.5x their rewards in ACSI farms. The upgrade allowed ACSI holders to earn over 20% APY on their stablecoins such as USDT, BUSD, USDC, DAI, VAI, UST & more. More information on the farm v2 mechanics can be viewed here.
Launch of new ACryptoS landing page
The new landing page for ACryptoS was also launched in May which helps to simplify the user experience for new users. The landing page highlights all products offered by ACryptoS along with all active partnerships.
ACryptoS x SCV NFTs
We ran a joint promotion with SCV Finance (a yield tracking tool) to launch limited-edition NFTs for ACryptoS. The NFTs had a mint cost of 10 BUSD and could only be minted over a 4-day period. Owning the NFT allows pro access to the services of SCV Finance. The promotion was a big success and over 2,000 NFTs were minted during the event window.
Second Emissions Cut for $ACS
As per the tokenomics of ACryptoS, the daily emissions for ACS were cut by 18.65% on May 15th. The quarterly emissions cuts for ACS reduce the impact of token inflation overtime, and help make the subsequent emissions more sustainable for the price of $ACS.
Rollout of New Fee Structure
ACryptoS is a community-centric project and every participant in the protocol helps define the path to be followed. Based on popular demand, the fee structure for vaults was revised: the withdrawal fee was lowered from 0.5% to only 0.1% and the performance fee was increased to compensate for that. This was done with the intention to prevent users from incurring a loss during volatile market conditions where depositors had to withdraw early from the vault, and the increase in performance fee helped to grow and stabilize the daily ACS buybacks.
Launch of ACSI.Finance
The biggest development during the last 2 months came through the launch of acsi.finance, which is the first Balancer v2 implementation on Binance Smart Chain. Balancer v2 pools allow a more robust and efficient AMM system, allowing custom token ratios and the ability to add more than 2 tokens in comparison to traditional AMMs. Since the launch on 2nd June, a total of 6 investment pools have been added to ACSI.Finance for assets such as BTC, ETH, BNB, CAKE, MDX, BAKE, SXP, XVS, VRT, ACS, and ACSI. The pools offer very attractive farm rewards which can be viewed here.
Community Contributor Rewards
To incentivize the efforts made by community members at ACryptoS, the Core DAO conducts reward distribution once every 2 months to the most active participants in the community that bring value to the project. In June, $30,000 was paid out to community contributors for their efforts towards the project in March & April. You can read more details in the community contributor rewards article on how to take part in these rewards.
Double-Cut for $ACSI Emissions
$ACSI tokenomics follow the same mechanism as $ACS, and on June 18th ACSI emissions were cut by 32% when the total supply of ACSI matched the ttoal supply of ACS. Going forward, the daily emission cuts of ACSI will follow the same timelines as the daily emission cuts for ACS.
The above only summarizes the jam packed months of May and June, and in addition to the above the following also helped grow the ACryptoS community:
- Addition of 2 new Venus vaults (FIL & DOGE)
- Addition of 10+ new PancakeSwap vaults
- Giveaway promotions with over $3000 in prizes
As the crypto market is recovering, our developers will continue to #BUIDL safe DeFi products that offer value to the overall Binance Smart Chain ecosystem.