Integrations Roadmap
Bribe is excited to share more exciting developments in our pipeline, including upcoming integrations with Qi DAO, Decentraland, and Tokemak.
Aave (integrated)
Launched in January 2022, we implemented Aave as our first protocol integration. Aave is an open source, non-custodial money market where users earn interest on deposits and borrow assets. This integration was a strategic choice: Aave proposals face little contention and see only moderate participation levels. With Bribe’s implementation, we expect Aave will see higher participation rates from a broader group of incentivized users.
The relationship between AAVE and stkAAVE makes Aave a perfect first candidate for integration with Bribe. When a user delegates AAVE in the Safety Module of the protocol, they receive an equivalent amount of stkAAVE in return and can earn rewards in AAVE. Although stkAAVE earns additional revenue through Aave’s staking returns, these tokens currently have few additional use cases. Rather, stkAAVE serves as a placeholder for the AAVE that was staked, meaning it usually ends up collecting dust in users’ wallets, beyond enabling voting.
Crucially, Bribe provides retail value for stkAAVE. Users can earn USDC and $BRIBE yield from their stkAAVE, rather than letting these tokens sit idle in their wallets. This is the ethos of Bribe, incentivizing governance participation through a vote-to-earn protocol model.
Qi DAO (May 2022)
QiDao is an autonomous, community-governed protocol that allows you to borrow stablecoins interest-free against your crypto assets used as collateral. Loans are paid out and repaid in MAI (stablecoin soft pegged to the USD).
MAI is created when a user locks up tokens in a vault as collateral. Users can then use MAI while maintaining ownership of the locked collateral tokens.
QiDao’s governance recently passed a new proposal that will instate a “gauge” for Vault Incentives. This means that the DAO will now decide which collateral types will receive borrow and vault incentives for MAI. Every two weeks, Qi holders decide on distributing a set amount of rewards to various collateral types. This is where Bribe can demonstrate a critical use case. Like weekly gauge voting with Tokemak, Bribe will feature these gauge votes and allow the bidding on staked Qi every two weeks. The winner of these auctions will control the distribution of Qi rewards to different collateral types.
Decentraland (May 2022)
Decentraland is the first fully decentralized virtual world. This virtual reality platform is powered by the Ethereum blockchain and allows users to create, experience, and monetize content and applications. In this virtual world, users purchase plots of land that they can navigate, build upon and trade.
The Decentraland DAO owns important smart contracts and assets that make up Decentraland — the LAND Contract, the Estates Contract, Wearables, Content Servers and the Marketplace. It also owns a substantial purse of MANA which allows the DAO to operate autonomously and subsidize various operations/initiatives throughout Decentraland. The Decentraland DAO offers community control of protocol decision-making via governance. According to Decentraland DAO, governance will control:
- Upgrading LAND and Estates to add more features and protocol upgrades
- Specifics and dates of future LAND auctions
- Size of marketplace fees and primary sale fees
- Addition and replacement of community-run content servers
- Allocation of MANA grants to development efforts
- Addition of new wearables to the Decentraland World, Builder and Marketplace.
- Replacing members of the Security Council.
The DAO mainly votes on “points of interest” of real estate within Decentraland. Users are able to vote to add these points of interest or reject them in a dichotomous voting model. Bribe will be able to feature these point of interest proposals, giving users the chance to bid to help make these decisions. If useful, Bribe could also add new proposals for points of interest for the community to engage in.
Tokemak (On Hold)
Bribe plans to integrate with Tokemak, a decentralized market making platform and liquidity router. Bribe will release a pool where TOKE, Tokemak’s governance token, can be staked for rewards and bid on for voting power. Bribe is able to play two roles in its integration of Tokemak
- With the first role, Bribe will feature auctions via the Bribe app and allow users to bid for TOKE voting power to vote on a reactor through the C.o.R.E events. These events allow stakers of TOKE to determine which projects will be allocated a reactor.
- The second use case of Bribe concerns the directing of liquidity to established reactors. Once established, TOKE holders direct liquidity to reactors by staking with a given asset’s token reactor. Bribery already happens here, typically through incentivization contracts which direct votes to many small reactors with a central supply of incentive tokens. In other words, liquidity is spread across different reactors. With Bribe’s approach of building unified coalitions of voters, a formidable TOKE pool in this case, could instead support a single large reactor whose liquidity could change hands more frequently.
Weekly gauge voting, for example, could allow the total liquidity to be directed to one reactor, decided by the winner of the Bribe pool. Because Bribe frees up all of our liquidity on a weekly basis, we have a unique opportunity to support a single reactor as opposed to other protocols in the bribing market, thus warranting higher incentives (bribes) for TOKE stakers in the Bribe pool. We anticipate that this specific aspect of the Tokemak integration could play out in different ways, with different interests from different users guiding the outcomes.
Overall, Bribe looks to roll out these new integrations in pursuit of our goal to further decentralize DeFi governance with incentivized participation. Aave’s integration was a huge first step, and we believe planned integrations like Qi DAO, Decentraland, and Tokemak will prove great additions as well. Stay tuned for more updates on Bribe’s progress and our upcoming integrations.
