BUILD Finance Newsletter (16/08/2021)
Follow along as we explore the latest developments in the Build ecosystem.
Welcome to the Build Finance Newsletter for 16th August 2021! In our previous update, we covered the Metric trading competition and the launch of Apophis DeFi
TL;DR
1. Jaybird and Crypto Green Ranger join the BUILD Finance Marketing Team
2. Treasury update — the treasury situation improves but is still considerably reduced from May highs.
3. Governance Proposal under discussion to reduce BUILD LP positions.
4. Metric Exchange investigates on-chain stop-loss orders with Chainlink
5. Apophis DeFi fund takes a cautious approach in the face of changeable market condition.
6. BUILD Finance are joining the Gitcoin Decentralized Governance Hackathon
BUILD Finance Marketing Team
It is with pleasure that we can announce that valued discord members Jaybird and Crypto Green Ranger have taken over the marketing role at BUILD Finance. Their role will include communications and marketing across all platforms, including Discord, Telegram, Twitter, Youtube and others. They will be responsible for elements of community management as well as pushing forward opportunities and partnerships within the DeFi space. If you’ve got any ideas about how BUILD can help promote the DAO and it’s operations then please head over to the Marketing channel and give Jaybird and Crypto Green Ranger a wave.
BUILD DAO Treasury Update
BUILD Treasury Update:
Correct as per block 12,965,000 (5 Aug 2021)
- New Treasury Address: 10 DAI; 5,849 BUILD; 130,209 METRIC ($217,986 equiv.)
- Balancer Pool (3 Asset): 51,880 DAI; 3,781 BUILD; 49,050 METRIC ($155,640 equiv.)
- Balancer Pool (5 Asset): 29,058 DAI; 2,268 BUILD; 29,470 METRIC; 95,987 BCRED; 282,920 UPDOWN ($145,290 equiv.)
- Old Treasury Address: 80 BAL; 98,890 UPDOWN, 140 DAI, 5 BUILD ($12,233 equiv.)
- Fee Collection Address: 1500 DAI; 6 BUILD ($1,580 equiv.)
- Unfulfilled Obligations: vesting estimated to be approx. 1500 BUILD ($20,581 equiv.)
-Unclaimed Balancer Rewards: 424 BAL ($10,388 equiv.)
-NET TOTAL: 82,588 DAI; 10,409 BUILD; 208,729 METRIC; 95,987 BCRED; 381,810 UPDOWN; 504 BAL.
-NET $ EQUIVALENT: $522,536.
BUILD DAO Governance Update
DAO member Urbane Grandier put forward an outline proposal for discussion proposing that the DAO should reduce the proportion of the DAO treasury in LP positions, specifically by closing the original Balancer 5 asset smart pool and redeeming the underlying tokens into the treasury. This will reduce liquidity for BUILD and METRIC by c. 35% and to counteract this it is proposed that some of the redeemed BUILD tokens from the 5 asset pool are used to incentivize community participation in the Balancer 3 asset pool and in the BUILD-ETH Uni-V2 pool via staking. It also proposed that BUILD single-sided staking at a reduced rate of incentivization is considered. If you would like to be involved in the discussion please head over to the Discord where there is an active discussion around this issue.
Metric Exchange
- Investigating usability issues reported by users and taking time to do a re-work of the javascript logic to reduce loading time and increase in-app interactivity
- Fee distribution onchain logic is working well however the token conversion system is still proposed to move to using 0x (instead of uniswap directly; there is no timeline for this at the moment but the planned upgrades would help making the conversion easier using 0x APIs
- Discussions ongoing with Chainlink team about price feeds for stop loss orders; price feeds on Ethereum can have up to 1% delay (due to Ethereum gas costs), which may lead to usability problems.
- Historical fees are near to be fully distributed.
Apophis DeFi Fund
- Apophis has been sitting 100% in stables for the last ~50 days, following a couple of attempts to speculate on increased volatility in mid-June 2021.
- Unconvinced by the risk/reward of the rally and seeing a higher likelihood in of a major correction in legacy markets, Apophis had continued to preserve capital.
-In the coming weeks, Apophis will be deploying funds into $ETH, $AAVE, $SUSHI, $MLN and into yEarn auto-compounding vaults.
Gitcoin Decentralized Governance Hackathon
BUILD Finance are assembling a working group to enter the GitCoin Decentralized Governance Hackathon starting this week — this even will feature many of the best critical thinkers in the DAO and decentralized governance space. It is hoped we can work out a solution to our current governance issues as part of the hackathon. Anybody who would like to contribute please just jump into the Governance channel for more information or visit the following link:
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