DXdao Month in Review | April 2021
The community is eagerly waiting for the upcoming release of Swapr Beta! Over the last month, the Swapr squad and community have been testing and iterating Swapr to prepare for the launch. Swapr users have already been enjoying the multi-chain functionality on Ethereum/xDai and the eco-routing tool that finds the best price amongst any Uniswap fork, even if it’s not on Swapr.
Swapr liquidity grew significantly in April, on both xDai and Mainnet, with over $3m total liquidity with an additional $1.5m from DXdao’s treasury on the way.
Average volume nearly tripled; this trend is expected to continue as Swapr Beta is launched in the coming weeks.
These statistics can be found on Swapr’s analytic dashboard, DXstats. They can also be found on DeFiLlama, an external tracking site that began monitoring Swapr this month. According to DeFiLlama, Swapr is currently the 2nd largest multi-chain DEX by TVL!
The most exciting feature of the upcoming Swapr Beta release is the do-it-yourself farming platform. This should be particularly attractive to projects that want to run liquidity mining campaigns but don’t have the time to set up complicated staking contracts. Anyone can configure and launch four different types of farming campaigns on either xDai or Mainnet, all from the Swapr UI.
The DXdao community is discussing a sponsored farming campaign to coincide with the release of Swapr Beta.
Omen formally went xDai native in April. Users who visit Omen’s main page using Metamask or Wallet Connect are now automatically transferred to the xDai network. This decision was made in the light of rising gas prices, which limited trading to higher volumes. Omen is still completely usable and accessible on mainnet, and it will continue to be supported alongside xDai, so don’t worry ETH maximalists!
In other Omen news, DXdao and the Omen Squad have been creating, discussing, and refining ideas for the upcoming Omen Guild and OMN token. A DAOtalk thread just went live diving into the details of the governance structure, OMN token distribution, and liquidity incentives. The goal of this initiative is to create a decentralized, community-driven governance structure for Omen.
Some other important Omen topics in the past month include:
- Over at GnosisDAO, a proposal for a Gnosis sponsored liquidity mining program for prediction markets using the Gnosis Conditional Token framework was created. Omen was built on this framework, and as such, would benefit from the program. Although the proposal, GIP-9, did not reach quorum, there are signals to alter the conditions based on feedback.
- Towards the end of the month, the Omen Squad released version 1.2.6, which included features such as WalletConnect functionality on mobile devices, improved chain detection for markets, and other UI improvements.
Mesa smart contracts and subgraphs were finalized and deployed to xDai this month. A one-day review will take place in early May, followed by a full audit shortly after.
Unfortunately, the Mesa MVP will have to be postponed. With the current squad size, bringing the smart contracts, subgraph, and dapp UI together has proven more challenging than expected. The Mesa squad is continuing to work hard on the upcoming MVP release.
This month, a draft signal proposal for the DXD Buyback Program went live. This program aims to reward DXD holders for the increase in the treasury’s value while also accumulating an asset, DXD, that DXdao deems inappropriately undervalued. DXdao will commit to repurchasing up to $1 million USD of DXD on the open market if this proposal passes, as long as the value of DXD’s outstanding circulating supply exceeds the treasury’s book value. The buyback announcement, which can be referred to in the event of proposal passage, contains additional information such as Token Holder Documents. There is also a proposal to expand the DXD Buyback Program using an additional 2500 ETH from the buyback reserve.
Elsewhere in Governance land:
- The bonding curve has been paused. After much deliberation, the DXD bonding curve was “halted” by preventing any additional more minting. This effectively makes DXD a token with a fixed circulating supply of 148,976. There is already community discussion about a new token structure for DXD.
- DXdao released its Q1 Treasury report. The presentation covers the fund movements and growth of the treasury over the first three months of 2021. The treasury ended Q1 with just over $50m in assets but that has ballooned to almost $80m now. Check out the report and the presentation on Youtube.
- Contributor UX squad formed! DXdao has brought on new contributors to make sure working for a decentralized entity is as smooth and fun for all. The focus is on improving the recruiting, onboarding, and proposal submission process.
BizDev, Marketing, and Community
April held the first “DXdao Community Call”, a new call focused primarily on the community. Everyone was invited to raise questions for discussion in an open forum. Participation from DXdao contributors, squad leads, and active community members lead to the largest attendance call to date. The cherry on top? Participants were distributed the 2nd official DXdao POAP! Keep an eye out in the near future as contributors explore the possibility of raffles and other incentives for DXdao POAP holders.
A new initiative has been proposed in addition to the April Community REP Boosts, which are designed to acknowledge selfless contributions to DXdao. The DXdao Discord REP Boost is described as “a way for us to leave the door open to those most active in the community to further involvement with DXdao and its governance.” The DXdao Discord keeps track of a user’s participation over the previous quarter and assigns them a role based on the quantity and quality of their engagement. This is a great way to spread REP while also preventing possible gaming.
The signal proposal for the Discord REP Boosts has since passed, and an update aimed at assisting the onboarding of the aforementioned community members is expected soon. Everyone is welcome to ask questions and participate in the DXdao Discord, and doing so now earns you REP!
Some initiatives from the BizDev Squad include:
- Omen and Swapr can now be found in the Ecosystem tab of xDai Chain’s BlockScout. They have also called attention to Swapr through social media, and their xDai weekly recap.
- DXventures is exploring a grant investment into Opolis and has been considering community feedback. $50,000 is to come from the DXdao treasury and $50,000 is being matched by DXdao contributors.
- The “Treasury Diversification Authorization Program — v2” has been proposed on the back of a successful first iteration. This program aims to diversify the treasury through the purchase of additional stablecoins, putting stablecoins into yield-earning protocols, and exploring ETH yield opportunities.
- Discussions have also taken place regarding both the significance of L2 knowledge and strategy, as well as governance compliance. How can a DAO that lacks a legal entity function on the internet?
April Popular Forum Discussions
About DXdao: DXdao is a decentralized collective that builds and governs DeFi products. DXdao was spawned in May 2019 through a collaboration between Gnosis and DAOstack. Reputation (REP) is voting power in DXdao, and DXD is the financial token with a claim on profit from DXdao products.