Mine Together
A MorgothDAO vote on expanding Pooltogether to SCX and more
While the past few months may have seemed like a quiet period in the Behodler community, there has been a gargantuan amount of work going on behind the scenes, and we are thrilled to say that we are getting very close to our game-changing new releases, namely Limbo, the world’s first community configured yield farming dapp, and our UI/UX revamp.
As we have been building, the community has been nothing short of incredible. An enormous amount of patience, understanding, and support has shone through, and it truly prides us to say with confidence that Behodler holds one of the strongest communities in crypto. So thank you all for sticking with us as we strive to make waves in the vast DeFi ocean, we value each and every one of you immensely!
Pooltogether and deepening liquidity.
We noticed that a number of larger wallets were winning the Pooltogether prizes on repeat, and while larger LP providers should win more, the odds of them winning every draw with true random number generation should have been impossibly low. Not being happy with the results, Justin took a short break from the code cave to investigate alternatives to the default blockhash approach to random number generation employed by Pooltogether.
Post investigation we made the switch to using Chainlink VRF for prize winner selection. While larger LPs will still have a higher chance of winning, they will no longer dominate the draws, and everyone, whether big or small liquidity providers will now have a fair chance of winning. Our EYE/ETH pool on Pooltogether still represents one of the highest EV pools out there! So far, a whopping $11,000 worth of EYE (now worth significantly more) has been awarded to the community, and the chances of winning weekly prizes at absolutely no cost are simply too significant to be ignored. So if you hold both Eth and EYE, as any self-respecting DeFi enthusiast would, please do consider participating in the Pool found here! Earn trading fees, win prizes, strengthen Behodler. That’s a triple win in our EYEs.
On this positive note and by popular demand, we would like to further reward and thank our community by extending the Pooltogether initiative to include the EYE/SCX LP! Finding ways to lock more SCX in Uniswap is of particular benefit to Behodler. The bigger trades made possible by more SCX liquidity in Uniswap lead to more SCX burning which in turn lead to more liquidity growth in Behodler, a self-perpetuating cycle known as automining.
Liquidity Mining Fund revisited — Morgoth Snapshot vote.
Using EYE to weigh in towards deciding the future of Behodler gets more and more exciting with each vote, and that time is upon us once more! Currently, there is just under 2.5 million EYE in a fund set aside for the exclusive purpose of liquidity mining. Justin has stated that the following constraints for its use should be upheld:
1. Every last drop of EYE used in the liquidity mining fund should achieve the largest possible return on value.
2. It should be used for liquidity mining of some sort.
3. When used in an unexpected way, should get the consent of the community, EYE holders in particular.
We would like to ask the community for authorization for the sensible use of this fund sticking to the core principles set out above, paying particular attention to constraint number 1.
We propose to extend the use of the fund to include marketing initiatives and activities that directly benefit the Behodler ecosystem. Marketing Limbo, as well as attracting more users to Behodler is highly likely to have a positive net liquidity return and will reward holders through increased adoption and demand for our native tokens. With community support on this, we will stay true to the principles and ethos we have always lived by and both use the fund sparingly, ensure that maximum value is achieved by its use, and only use it for the benefit of the Behodler ecosystem.
On the note of transparency, any and all expenditure outside of liquidity mining initiatives such as marketing, contracting work, etc. would be available on a public record, a specific read-only channel would be set up on Discord where the community could see reports detailing exact expenditure and intended use when outside of the normal parameters.
Below is a snapshot vote with several scenarios. In the event that we receive a majority “yes”, we’ll only act on the yes that receives the most votes in the list below.
Votes like this are a great way for the community to flex its governance muscle as it gears up to run Limbo and take an increasingly stronger hand in guiding MorgothDAO toward full decentralization.
Participate in the vote here.
