Participating in the DefiDollar Governance token Genesis Event

A novel and equitable liquidity mining token launch for DefiDollar’s governance token - DFD.

Siddharth Jain
Oct 30, 2020 · 5 min read
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The Genesis Event — ILMO

DefiDollar is set to launch its governance token DFD via a novel liquidity mining scheme that we believe is a User-Centric Token Distribution Strategy and consequently host an equitable token launch for all participants.

Please refer to DefiDollar: Initial Liquidity Mining Offering (ILMO) post before proceeding.

The Genesis event will last for a 4-day period in which anyone can deposit $DUSD into the genesis contract to make a claim on the 3 million (3% of total supply) DFD governance tokens being distributed as part of the ILMO. Each participant’s share of DFD:DUSD liquidity will be represented by Balancer pool tokens (BPT), of which 10% are available immediately and the remaining 90% are vested for 1-month linearly after the genesis period has concluded.

Start Date & Time: 30th October 2020, 1400 UTC
End Date & Time: 3rd November 2020, 1400 UTC

The mining of DFD will not begin until the 4-day Genesis event has concluded. This means all participants will automatically begin mining DFD in the DFD:DUSD Balancer pool at the same time making the post-genesis mining a level playing field for all. We strongly encourage the community to DYOR, ask questions and understand the process and risks in depth before participating. Join the discussion on our Discord.

Rewards Post-ILMO:

Participants who continue farming the DFD governance token by providing liquidity to the Balancer pool will be eligible to claim the following:

  • 1 million DFD: Incentives for the DFD:DUSD Balancer pool for the 1st month after the ILMO
  • Swap fees generated from DFD:DUSD Balancer pool.
  • $BAL liquidity mining rewards (subject to DFD being whitelisted).

To participate in the event, users must first mint $DUSD within the DefiDollar app using stablecoins DAI, USDT, TUSD or the LP tokens yCRV and yUSD. Follow the walkthrough below on how to mint $DUSD and participate in the Genesis event.

Note: The retroactive liquidity mining rewards for the 50:50 Balancer DUSD:USDC pool and the Uniswap DUSD:ETH pool have now ended.

Step 1: Navigate to the DefiDollar app (https://app.dusd.finance/) to mint the $DUSD needed to participate.

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DefiDollar Application homepage

You will be greeted with the home page. The ‘Add more tokens’ section allows you to choose from DAI, USDC, USDT, TUSD, yCRV and yUSD to mint $DUSD.

Step 2: Mint $DUSD using your stablecoins or LP tokens of your choice.

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Minting $DUSD with stablecoins and LP tokens of your choice.

Simply enter the amounts of each stablecoin you wish to use to mint $DUSD and your predicted $DUSD amount will be displayed below. Click the mint button to approve your stablecoins and mint $DUSD. Now you are all set to participate in the DefiDollar Genesis event!

Step 3: Navigate to the ILMO tab (https://app.dusd.finance/ilmo) on the DefiDollar app to participate in the Genesis event.

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DefiDollar liquidity mining genesis page.

To participate in the Genesis event simply contribute your minted $DUSD which will deposit the funds in the Genesis contract for the 4-day period. After this transaction has been mined you are all good to go and can monitor your DFD share.

Note: Contributions once made can not be redeemed and will automatically be subject to the one month vesting period. It is however possible to contribute in multiple transactions from a single address.

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As communicated in an earlier blogpost, the Community allocation for Liquidity mining is 56%. Which is distributed via:

  • Retroactive mining: 1.5 %
  • Initial Liquidity Mining Offering: 3%
  • Liquidity mining rewards: 51.5 %

The other major allocations being:

  • Early Supporters: 5%
  • Seed Investors: 6%
  • Team: 23%
  • Strategic Reserve:10%
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DFD emission schedule

For more details on the distribution schedule please refer to the DFD token release schedule here.

Conclusion

The DefiDollar team aims to provide an equitable token launch of its governance token DFD. DFD will provide utility to holders by allowing participation in protocol governance and to also play a crucial role to act as a backstop to mitigate the risk of large $DUSD peg deviations.
One should not look to hold DFD in order to make financial gains but only to participate in the governance process.

We view this as the stepping stone to decentralise the DefiDollar protocol governing $DUSD. The robust peg-safety mechanisms and yield generating properties of $DUSD make it a strong contender to become the primary stablecoin index in Ethereum’s DeFi ecosystem.

Reminder

  • The address of the DFD contract is: 0x20c36f062a31865bED8a5B1e512D9a1A20AA333A.
    It’s not possible to buy the token. No liquidity has been added to any Uniswap or balancer pools. Please exercise caution and
    beware of scammers.
  • Please join our Discord and Telegram, we’ll be very happy to answer queries and follow us on Twitter for updates.

Note: Thanks to Brad Behrens for the heavy lifting on putting together this piece.

DefiDollar

Building a resilient asset backed by a stablecoin index.

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