coreDEX Update: Migrating LP to coreDAO
Decentralization Plan 🧮
coreDEX aims to become a self-sustaining project which puts emphasis on community and decentralization. To avoid growing pains, in the early stages of community governance, the CORE team aims to relinquish decisions on certain sections of coreDEX. Our long-term objective is to develop a robust and decentralized community which helps dictate the future of the product ecosystem and moves towards full decentralization and on-chain voting.
Core LP migration to coreDAO voucher tokens 📦
The CORE ecosystem is built on top of its underlying locked liquidity. Three Liquidity Generation Events added Ethereum, Bitcoin and DAI tokens to its locked liquidity pools while giving out UNIV2 LP tokens to its participants. Moving forward, the underlying assets will be migrated to stable coins.
The CORE team is excited to start this new chapter of the ecosystem. Current LP token holders do not have to do anything to participate in the migration. The first step of the migration is to transition to coreDAO/LP Vouchers and at a later time you will be able to exchange these vouchers into coreDAO tokens which have increased utility in the core ecosystem.
In order to prepare for the transition to coreDAO, current LP token holders (WETH-CORE, CORE-cBTC, wCORE- coreDAI) will be issued coreDAO voucher tokens which can be used to claim coreDAO later at a rate, determined by the underlying value of each LP.
How to participate
Stake your LP tokens in the Core Vault and the upgrade will happen automatically. For those with LP tokens outside of the vault, you will need to perform a manual conversion to the new coreDAO vouchers.
Disclaimer: Avoid doing large swaps during the migration period, since the floor is not 100% there.
Introducing coreDAO 🗳️
coreDAO is the governance token of coreDEX which comes with a multitude of functions for its holders:
Token holders can participate in on-chain votes on platform decisions. They can vote on coreDEX Improvement Proposals (CIP) and direct the future of the platform.
Initially, most voting will comprise of signal voting. coreDAO token holders will be able to vote on certain subjects to help navigate the product. The outcome of the signal votes is executed in good faith of the sentiment of voters.
To introduce the community to the system and avoid confusion, only whitelisted “core” addresses are permitted to create these proposals. Over time, more and more votes will be executed, and an on-chain voting system with executable code will be introduced.
More information regarding the voting system will be released after the transition is completed.
coreDAO tokens allow its users to receive loans at 25% of LP floor value. This is possible due to the underlying locked liquidity of the coreDEX ecosystem.
coreDAO tokens can be used to farm fees on coreDEX and increase yield through multipliers.
More information about the transition to community governance and the redemption process of coreDAO Vouchers to coreDAO tokens will be released at a later time.