Delphi General Update: 3 of N, September 23

Akropolis
Akropolis
Sep 23 · 6 min read
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A re-cap:

  • The Delphi idea was born in June 2020 (~3 months ago), when we were invited to the IDEO Product Validation Day. In less than a week we prepared the first prototype — a pool aggregator with a unique dollar-cost averaging feature.

Stats since Delphi launch on mainnet on August 14th, with the following milestones afterwards:

  • August 14th — Closed Beta launch: 100 users, $50k cap on total value locked, caps on individual deposits. Half of the cap was filled by lottery winners and beta-testers.

As you can see, these results are outstanding for a product which is not even released in full functionality & has caps on TVL/deposits. Moreover, our user base has grown 30x since launch a month ago, TVL has grown more than 10x, and all caps were filling faster than we could have imagined.

Another important milestone was the launch & distribution of ADEL itself. From the announcement, ADEL is supposed to go live once ~5% of total supply is mined (which we estimated in 3–4 weeks after the launch on mainnet). This decision was made around mid-July when we started working on ADEL introduction itself — so this should dispel any conspiracy theories about us playing into the yield farming hype as all of the so-called “food forks & farms” came later towards the end of August. Moreover, the “food-farming” craze actually harmed both our project as a whole and Delphi as a product: we attracted farmers who did not care about the product at all and were not going to help and/or participate in its development.

Development since initial launch (a month ago):

  • Created the Delphi UI with users in mind and are constantly improving it based on feedback.

Governance update

Following the discussion around governance in the DeFi space and taking in mind current gas fluctuations, we will launch initial governance through the Snapshot tool built by the Balancer team.

Current status:

  • Our Snapshot Governance implementation is pending review.

The initial workflow will be as follows:

  • Initial proposals valid for governance will be posted by Akropolis team on Snapshot page after thorough review and discussion on Delphi forum.

More updates will come as soon as it’s live. This is an initial governance solution which will allow signalling for different proposals, and further work is done behind the scenes on the full on-chain solution using xDAI.

Liquidity mining review — update

First and foremost — here is an updated Liquidity mining gsheet. Please check the tab [Delphi Sep 23-Sep 30).

Main updates:

  • We are currently restructuring the product to implement different Strategies & Vaults which will include different Delphi pools.

Main priorities for the coming weeks are:

  • Vesting of AKRO & ADEL rewards to motivate & increase engagement of long-term Delphi supporters & users, not short-term farmers. All rewards accrued in Delphi starting from this epoch will have 12-month vesting with bi-weekly cliffs. All DEX LP rewards will have 3 month vesting with bi-weekly cliffs. You can check the current APYs in the gsheet — we will be adding it to the interface soon.

Akropolis

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