DefiDollar <> Hubble token swap
Phasing out DFD from circulation with an upcoming token swap
Tl:dr
- Majority of the DefiDollar team will go on to build Hubble
- DFD will be swapped 10:1 with the Hubble token
- DefiDollar product updates to be exclusively driven via community proposals
- 100% of vested DFD team tokens are returned to the team’s Multisig; will be burnt alongside remainder of the strategic reserve & mining reward pool
Where we are & how we came to be there
With DefiDollar our goal was to make DeFi safer by reducing risk and volatility exposure for stablecoin holders. We wanted to tackle the ever-growing fragmentation in the stabelcoin markets and construct an index that helped enable that.
Since we launched in August last year, the team has worked relentlessly to build out the product and deliver value to the community.
DefiDollar started out with a vision to reduce risk exposure and make DeFi safer and accessible to the masses. With its genesis at Hackmoney, the team has since worked on and shipped the following products:
The DefiDollar product suite currently has a TVL of $ 45mn+ and the code is completely open sourced. The team has shipped relentlessly and we have delivered on our promised roadmap.
As we built and iterated on the product suite we came to better understand the market for risk related products. We understood that we overestimated the demand for risk based product offerings for stablecoins and indices. This might change in the future but we as a team feel that active development on the existing product suite won’t lead to sustainable outcomes for the ecosystem including the community, stakeholders and the team alike. We as a team will stop playing an active role in the development of the product suite and the community will be setting the course for the DefiDollar suite of products the team will be helping them.
DefiDollar is close to our hearts and we will continue to help to maintain the products which are live. The decision to transition to build out something else hasn’t been an easy one but we feel that it is the right thing to do. The ownership transfer will be driven by the community via proposals ensuring minimal dependency on the team. We’ve dedicated the remainder of the DefiDollar treasury to fund the development of Hubble. A set of Multi-sig signers will be onboarded to provide guidance and enable implementation of the community proposals.
To protect the interests of the community we will be performing a token swap with Hubble to remove the circulating supply of DFD from the open markets. We believe this to be the most natural transition as we start work on something new while allowing the DefiDollar community to be a part of a promising experiment in the derivatives market.
What this means for our Users :
Nothing changes for the app deployments which are live. DUSD, ibBTC and Opeth will continue to serve the community in their current form.
What this means for DFD Token holders :
At a future date DFD holders will be able to swap DFD with the Hubble token.
The team will not participate in the same.
For now the DFD stakers will continue to receive fee from ibBTC till the DefiDollar <> Hubble token swap takes place. Post that the fee may be used maintain the DefiDollar product suite or be voted upon by the community to decide the scope.
The withdrawal period for the staked DFD tokens will be removed starting now. Stakers can unstake DFD without the waiting period for a week — This is to enable the community to deliberate on their involvement in the future of the protocol with complete freedom.
The team will burn all the unvested team tokens along with remainder of the mining rewards and strategic reserve and this will tentatively happen closer to the Hubble token launch. The team’s vested DFD tokens have also been returned to the team multisig and will be taken out of circulation. The investor unlocks will continue as planned.
Token Swap Timeline and Economics
The token swap will happen after the Hubble token is launched — the timeline and mechanism for the snapshot will be determined by the Hubble team and communicated subsequently.
The swap ratio will be 10:1, i.e 1 Hubble token for 10 DFD, assuming the same maximum token supply for DFD and Hubble — 100 mn. The swap will ensure that the transition is transparent and that the community is incentivised to support Hubble while obtaining exposure to an upcoming derivatives protocol.
What is Hubble?
The team will be moving on to develop — Hubble : A Decentralised Derivatives Exchange which will exist as an independent entity.
Disruption happens when someone creates a solution that’s not just equally good, but better with an order of magnitude. With the rise of faster, better, and optimized L1s and L2s, we are in a pivotal time in history when for the very first time, there is an opportunity for a decentralized alternative to take a real shot at the perpetual futures market.
Hubble plans to take that shot.
A word of thanks
It has been an immense learning experience building out the DefiDollar suite of products while eliciting feedback from the community. The team is grateful to have received support from the ecosystem including our investors and our amazing community. Without you we wouldn’t have been able to ship like we did. Much love ❤️
As ever now is the time to build. Onwards to Hubble!
We sincerely hope that you will support Hubble as you did the team always.
Learn more about Hubble below :
Twitter | Telegram | Discord
PS: Do reach out to me or atvanguard on Twitter or ping us on the DefiDollar telegram chat in case you have any questions.
