DXdao Month in Review | June 2021
Swapr Beta launch + DXD/ETH farming campaigns
June saw the long awaited release of Swapr Beta. Its most exciting feature is the permissionless farming platform where anyone can launch their own farming campaign for an ERC20 token. Swapr Beta is live on mainnet and xDai (and coming soon to Arbitrum).
To coincide with the launch, DXdao launched several farming campaigns through proposals on mainnet and xDai. There were two campaigns targeting the DXD/ETH pairs on both chains. One was a locked campaign with a staking cap while the other was a standard stake and withdraw. All campaigns feature dual rewards (DXD & ETH). See the announcement for more info.
DXdao also sponsored a farming campaign for the HAUS/WETH pair on xDai. In addition to these showcase campaigns, several other projects and communities have launched campaigns of their own.
The Swapr Beta launch and subsequent campaigns helped propel Swapr TVL growth past $6m. In other news, 1inch added Swapr to their aggregation service!
Swapr shows no signs of slowing down. The community is anticipating a launch on Arbitrum, the SWPR token as well as conditional token farming.
DXdao purchases 1,060 DXD in June through Buyback Program
In May, DXdao governance approved the DXD Buyback Program, which authorized the purchase of up to $1m in DXD on the open market as long as the circulating supply of DXD was lower than the value of ETH in the treasury. The program stipulates that purchases should only be 25% of the average daily trading volume.
In June, there were 11 buybacks; 8 on xDai and 3 on mainnet that in total purchased 1,060 DXD at an average price of 0.122 WETH/DXD. Counting May and June, DXdao has purchased 1,613 DXD in total through the program.
Governance also passed the DXD Buyback Parameter Update #1, which increased the slippage tolerance to 5% as well as clarified the dollar price for DXD purchases.
DXdao expands to Arbitrum One
DXdao governance also approved plans to set up the third DXdao base on Arbitrum One, a Layer 2 scaling solution built by Offchain Labs. The proposal authorizes a deployment of DXvote — the most decentralized governance framework ever. It introduces DXD as the staking token in holographic consensus.
The proposal also included plans for a Swapr launch on Arbitrum one as well as a $2.25m capital commitment of DXdao funds to be moved to the DXdao base on Arbitrum One and used for Swapr liquidity provisioning as well as other governance costs on Arbitrum.
Omen Markets Competition
A proposal to launch the second “DXdao Community Competition for Omen Markets” was submitted to xDXdao in May. Voting proceeded throughout June, resulting in the launch of ten markets chosen exclusively by the community. The 10 winners received a total of 10,000 xDAI and 5,000 REP on xDXdao.
Here are the top 3 winning markets:
- Will Aave’s Total Value Locked (“TVL”) on Polygon be greater than TVL on mainnet Ethereum at the end of July 2021? [Click here to go to market]
- Will xDai Chain become an Ethereum Layer 2 Chain (inheriting the security properties of mainnet) before November 1, 2021? [Click here to go to market]
- Will the Summer Olympics be completed successfully in Tokyo in 2021 with all planned events taking place before the end of August 2021? [Click here to go to market]
If you are looking for the rest of the markets or details on the competition, visit this article on the Omen Medium publication.
Mesa is now Aqua!
DXdao has been researching token offering products over the past six months. From DXdao’s experience with Mesa, it was determined that token offerings are in high demand by the market and represent an important opportunity for DXdao to decentralize this process. Based on these learnings, DXdao has been building a platform that allows projects to permissionlessly choose from various options to execute token offerings.
DXdao has been calling this platform “Mesa V2” for a while now, but governance has recently determined that this product is unique and solving a specific need. Enter: Aqua!
The renaming of Mesa V2 to Aqua is the first step toward giving the platform a strong, distinct identity that symbolizes fluidity and adaptability. You can follow the discussion here.
First up on the community front, the Q2 Discord REP boost snapshot has been taken and posted to the forum. For those who are unaware, the DXdao Discord REP boosts are intended to serve as a “governance gateway drug,” granting an avenue to those who are most active in the community to get involved with DXdao governance. The initial Discord REP boost was a success, distributing 4022.65 REP (0.254%) to those interested in learning more about DXdao governance operation. The Q2 Discord REP boost would account for the increase from 6 to 10 participation levels, and include a wider range of eligible participants, assuming the signal proposal passes.
Elsewhere in community land:
- DIGIFIZZY Magazine — DXdao had the opportunity to be featured in the DIGIFIZZY magazine by DIGITALAX. The magazine covers a wide range of interesting topics in the Web3 space, with this edition focusing on DAOs in particular. DXdao was featured alongside a conversation with some DXdao contributors.
- DXdao Twitter — DXdao had its most successful month to date on Twitter, gradually continuing to enter the growing DAO conversations in the ecosystem.
- DXdao Website — The DXdao landing page is receiving an overhaul. It’s not quite live yet, but here is a sneak peek…
Significant Daotalk threads
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.