Agave — A Year in Review
Dear Agave Community,
It is with great pleasure that I am writing this yearly Recap for Agave, the DeFi lending protocol on Gnosis Chain. 2021 has been a crazy year for the entire crypto market, and between institutional adoption, NFT mania, Memecoin mania, a bull run that started at the end of 2020, several projects popped out and, among them, some are constantly building the ground for a sustainable and successful future.
One of these, by all means, is Agave. In this article, I want to run through the past year and present some of the major achievements we reached. It has been a rollercoaster of emotions, hard work, and much more. We had numerous contributors, and a now fixed and steady team working hard on developing our money market protocol. As always, please remember that Agave is a DAO, and if you wish to get involved and contribute to our growth, you are absolutely more than welcome.
Now…let’s step back and rewind the tape…
Q1 — Q2 2021
Agave is an ambitious project built by the 1Hive community and deployed on the Gnosis Chain — formerly xDai chain — where network fees are extremely fast and inexpensive. The Agave token ($AGVE) was officially launched on February 28th, 2021 and long-standing members of the 1hive community received a first token distribution. The insane volatility post-launch and the intrinsic potential of Agave created lots of interest in the token, even before the platform was ready to be deployed.
Within days from the launch, we reached a price valuation of $1400 (which means that, potentially, some 1hive community members received a token distribution, at the top, worth over 65k!) and a Market Cap of roughly 30M, before starting a price decline due to over-hype, market conditions, delay in deploying our platform, and a struggle from the xDai chain to gain its deserved space in the DeFi ecosystem.
Some members of the initial team changed and as soon as we found our lead-devs and core contributors, we focused on delivering high-quality content, a safe and user-friendly platform, and a lending platform that would eventually diverge from Aave, from which we are essentially a fork.
We launched our staking program on May 10th, and provided, for months, weekly updates that would cover all kinds of aspects related to Agave, and published a Bounty Board for whoever wanted to help out spreading awareness about Agave.
Q3-Q4 2021
Our team decided to focus primarily on the security and UI of the platform, which did take longer than expected to be deployed, but successfully launched on September 1st.
Since then, we experienced an exponential increase in news, partnerships, and activity from our community. We have published articles for the “How to Agave” Series, surpassed 9000 $Agve in staking, had farms on Honeycomb, Swapr, Elk, Symmetric, held multiple AMAs, and started adding tokens to the Agave Platform. After $WETH, $WBTC, $XDAI, $USDC, we added $STAKE and, after announcing our Chainlink Integration, we voted on our ambitious liquidity incentives program that combined dual rewards in $Agve-$Stake and extra rewards in $Symm-$Stake. Read more about the incentives program here.
As xDai merged with Gnosis, the growth of our TVL temporarily stopped, since our biggest market — $Stake — was getting swapped for Gnosis.
We have also contemplated the idea to redeploy Agave on Arbitrum, but eventually, the community didn’t truly want to abandon Gnosis Chain, on which we are very bullish. And, of course, being a DAO, the community has the power to shape the narrative and the direction we are going to take.
And now…2022
Since January a few tokens joined our Money Market Protocol. Firstly, we have added $Link, and then $Gno, which quickly became our main market. Our TVL exploded increasing over 300%, but this is only the beginning.
The community also voted on adding $Fox, which will be the first DAO token added to our platform in the coming days.
Our Twitter account surpassed 3000 followers, and 4310 users are currently holding the $Agve token. We are constantly talking with our partners and working behind scenes to create more partnerships and ways to earn with Agave.
What to Expect?
As previously mentioned, the community has the power of shaping and redirecting the narrative of the Agave DAO. However, our lead members are working on numerous fronts; from adding new tokens to our platform to giving more utility to the Agave token, from improving the user experience to…well, stay tuned and you’ll see!
How Can I Help?
Your participation is welcome and appreciated, regardless of your background or skills. To join our community, simply connect to our channels, participate in the conversation, and stick around!
In Summary…Our Milestones
- Feb 28th, 2021 — Token Launch
- May 10th, 2021 — Staking Launch
- September 1st, 2021 — Agave Platform Launch
- October 25th, 2021—Liquidity Incentives Program
- January 3rd, 2022 — $Link on Agave
- January 13th, 2022 — $Gno on Agave
About Agave
Agave DAO is a decentralized non-custodial money market protocol where users can participate by borrowing or lending money through the application. The native token is Agave (ticker $AGVE).
The three main pillars of utility for the Agave token are Governance of the protocol, Rewarding contributors for their work, and Security of the lending protocol. Holding Agave means holding a share of the DAO; with it, any holder can shape the direction of the platform and community by creating, voting, or disputing proposals.
Smart governance alongside a strong community is the main reason to be part of the Agave ecosystem, which should lead to an increase in demand for the token and the lending platform.
Useful Links
Website: Agave.finance
Social Media Channels: Twitter — Discord — Telegram
E-mail: contact@agave.finance / marketing@agave.finance
Guides: How to Agave #1, #2, #3, #4 / CPT Token / Carrot KPI
