DefiDollar’s Quarterly Report — Q2
Digest of all developments that happened over Apr-Jun’21
DefiDollar presents Quarterly Report for the period, Apr-Jun ’21.
It has been quite an eventful Quarter with some major highlights like Launch of ibBTC and Opeth, crossing TVL ATH, getting listed on multiple centralised exchanges, and numerous other milestones for DefiDollar and products. We continue to grow with the vision to be ‘The’ Defi protocol lab which constantly experiments and evolves to be the pioneer in everything Defi. Here is a detailed report on what transpired last quarter for DefiDollar.
Major Highlights
3rd April- *Governance Alert* [DIP-2] Allocating DFD liquidity mining rewards to ibBTC🗳️
The Quarter started with a major Governance call that was proposed after taking feedback from community to decide the DFD liquidity mining allocations for ibBTC, which went live soon after that!
5th April- DUSD on BSC!
The stablecoin Index — DUSD achieved another milestone by becoming the first meta stablecoin on BSC
DUSD has been live on Ethereum since late August. The DeFi summer and yield farming led transaction explosion has resulted in high fees and consequently priced out retail users. It has become a whale’s game and average users find it increasingly uneconomical to access open finance primitives like yield farming and diversification across protocols.
Add this to the already overwhelming decision for a novice to decide what stablecoin to hold and what are the pros and cons of these different assets.
This made us believe that there is a lot of potential for a stablecoin index on BSC. On launch, DUSD was the first metastablecoin on BSC and introduced the following:
🏦💰Savings account
🚜🚜 Yield diversification across protocols
Read more
12th April- DFD’s Ethereum <> BSC Bridge went Live
DFD became available on multichain.xyz enabling users to bridge $DFD over to Binance Smart Chain from Ethereum. This marked an important step in DefiDollar’s journey to have a multi-chain presence. The intent was to provide a Savings Account and multi protocol yield diversification taking advantage of the low gas fees on BSC to create value for both communities.
Read More
20th April- *Governance Alert* [DIP-3] Incentivising DEX pools on BSC
Paving way for a Multichain DefiDollar Presence!
DIP-3, Incentivised DEX pools on BSC. The BSC Dex presence helped with distribution, price discovery and boosted our community presence on the Binance Smart Chain.
Proposal Details: Click here
21st April- DefiDollar listed on DefiPulse 🥳
The community can now track TVL stats for DefiDollar’s DUSD on DefiPulse. ✨📊
Page Link: https://defipulse.com/defidollar
We also got featured on the CryptoDollars page: https://defipulse.com/usd
27th April- The Pancakeswap Syrup Pool for DFD went Live
DFD made it to Pancakeswap on BSC!
Cheaper DFD txns and a wider token footprint resulted as DFD Syrup pools went live!
Details of the pool:
🥞 Stake $DFD | $BUSD LP tokens, earn $CAKE
🚜 Stake $CAKE | Earn $DFD
⏳Distribution duration: 60 days
✅ Start block: 6923600 (27th April 2021)
🏁 Finish block: 8651600 (26th June 2021)
27th April- The 🐄 Beefy Finance LP Reward pool for DFD went live 🎉
The DFD-BUSD LP Reward Pool went live at https://app.beefy.finance/
27th April -📢 DefiDollar partners with Opyn 📢
The inception to what is going to be an epic journey started here paving way to the third and a stellar product, Opeth!
Options are one of the most versatile financial instruments in DeFi. They allow traders to make money in virtually any market environment — bull, bear, or kangaroo. Yet given counterparty risk, most DeFi protocols require 100% collateralization of assets, leading to capital-inefficient markets.
In a mission to build a product that improves capital efficiency of on-chain debt, DefiDollar partnered with Opyn to build Opeth. Opeth is a synthetic instrument that combines put options and the underlying asset. It is a put option fused with the underlying asset, that has a lower bound and can be used as collateral to issue stablecoins.
DefiDollar is set to take the options market by storm🌪
Read More
29th April- AscendEX Listing
DefiDollar DAO ($DFD) got listed on AscendEx (Formerly BitMax.io)
This marked an important milestone for the DefiDollar Community by enabling liquidity for DFD.
1st May- The DFD Autofarm Vaults went LIVE
Another BSC Protocol added $DFD — Tighter integrations with the BSC community by the day. 🙌
2nd May- *Governance Alert*[DIP-4] Incentives for DFD/ETH Sushi Pool
DefiDollar’s First ever Multi-Chain Governance Vote was proposed. Proposal was to optimize reward allocation for incentivized pools in lieu of the upcoming ibBTC launch.
Vote was enabled with DFD on both Ethereum and Binance Smart Chain!
This was a step to ensure healthy governance even with a growing chain footprint and to involve our broader community in protocol actions.
Proposals:
6th May- 📢 Binance Invests in DefiDollar! 📢
This was a huge milestone as DefiDollar secured investment from Binance’s $100 million BSC Fund.
This marks a close collaboration to implement DefiDollar’s use cases within Binance Chain ecosystem.The DefiDollar Savings account is already live on BSC.
7th May- DFD gets listed on BKEX Global Exchange,MXC Exchange and Bibox
DefiDollar DAO ($DFD) got listed on BKEX Global Exchange. This marks an important milestone for the DefiDollar Community! Leading exchanges are listing $DFD improving its liquidity off-chain as well.
DefiDollar DAO ($DFD) got listed on MXC Exchange. This will make DFD more accessible to the wider Chinese community!
DefiDollar DAO ($DFD) has been listed on Bibox. Lots of centralized exchanges start listing as DFD gathers more interest from the community!
7th May- IbBTC launch in partnership with Badger DAO!
Phase 1 of the guarded launch begins as users start depositing ibBTC/WBTC into the new vault to earn DFD, Badger, Digg & xSUSHI — This is the power of composability and DeFi protocols at work💪
📊Key Stats for the Guarded Launch:
➡️ 686 eligible wallets
➡️ 35 BTC Overall Cap
➡️ 1 BTC per address cap
8th May- interest bearing Bitcoin — ibBTC becomes Live!
Users can Mint ibBTC ➡️ http://app.badger.finance/ibBTC
Add liquidity for ibBTC/wbtc on @SushiSwap ➡️ http://shorturl.at/dLN02
Deposit LP tokens in the new ibBTC vault to earn BADGER, DIGG, DFD & xSUSHI.
13th May- Xend Finance — Savings Account Integration 🚀
Defidollar partnered with xendfinance! — Thanks to this partnership, users in Africa can now access a savings product specifically designed for them. This partnership is of strategic importance as it helps users in emerging economies and improves accessibility of DefiDollar’s suite of products, enabling them to save and earn up to 25% APY!
🌍👨💻Users in Africa have easier access to DeFi products via Xend, powered by DefiDollar and BSC — https://bsc.xend.finance/personal-flexible
26th May- DefiDollar’s TVL ATH and DFD buyback
DefiDollar’s TVL increased from 18m to 32m in May, with circulating MCap/TVL ratio of 0.35. Talk about undervalued! 😉
A Buy back of 97,120 DFD was executed
Transaction : https://etherscan.io/tx/0xb38d0ef92fee3fc5f20b49b7cda0170f8fb8f45c6139114d442a27896771cd76
This auto-compounds for DFD stakers on ETH : Here
June 1- ibBTC gets accepted as collateral on Ruler
Protocol
DefiDollar’s vision is to have ibBTC tightly integrated within DeFi, providing a range of options for ibBTC hodlers to put their assets to work. In a step in that direction — IbBTC was added as collateral on Ruler Protocol to borrow stablecoins — DAI/USDT/USDC.
3rd June- ibBTC gets covered in The Defiant by Defi Dad
In the week’s edition of Defiant Degens, Bitcoin Hodlers got a treat as DeFi_Dad showed how to earn 19–43% (then) on $BTC using $ibBTC 😃
7th June- Opeth went Live — Smart collateral for DeFi powered by Options!
Opeth is a synthetic asset made by fusing together the underlying and a put option. With Opeth minting live, this was the first step towards enabling liquidation-free and capital-efficient loans powered by on-chain Options.
Opeth is currently powered by Opyn Protcol and is available for the following assets:- WETH & WBTC.
15th June- *Governance Alert* Proposal to revisit ibBTC fee
ibBTC crossed $46m TVL and as we gear towards $100m TVL, a vote was called to lower the Mint & Redeem fee which will enable easier discovery for ibBTC.
🔹 Redeem 0.5% > 0.1%
The vote concluded later with the proposal being passed
June 22- DefiDollar Dons — DefiDollar’s Ambassador Program
Calling the Mafia! We are assembling the Dons to disrupt the space together.
The ambassador program — DefiDollar Dons, will be a community driven initiative for increasing awareness about DeFi and wider adoption of DefiDollar. This program is intended to give back to the most dedicated of our members simultaneously driving engagement and adoption. It’s an opportunity work with the DefiDollar core team and also get exposure to other key participants in the broader crypto space.
The ambassador reward pool totals upto $2000 per month in rewards!🏆
The applications are now open and over the next couple of weeks, the most passionate members from the community will be chosen as Dons from these applications. Come join the Mafia, be a DefiDollar Don! | Apply here |Read More |
June 24th- ibBTC is now on 0xPolygon
DefiDollar is proud to announce the launch of interest-bearing Bitcoin DeFi solutions to the Polygon network. This will accelerate adoption of #Bitcoin in DeFi by leveraging low gas fees and faster transactions.
ibBTC aims to have a multi-chain presence and be the de-facto interest bearing Bitcoin token representation. You can now bridge ibBTC to Polygon from Ethereum and provide liquidity to the ibbTC/WBTC pool on SushiSwap. | Guide | Read More |
We look forward to an even more successful coming Quarter , with better and bigger plans already set in motion.⚡ Keep watching this space so you don’t miss out!✌️
