DXdao Month in Review | May 2021
Swapr Beta Launch
The Swapr squad has been hard at work preparing the Swapr Beta release. The code has been completed and will be released in the coming days. After that, a member of the community will need to upload the dapp to IPFS and submit a proposal updating the Swapr.eth DNS resolver to the IPFS hash of the latest version. Keep an eye on the DXdao Discord for the code release and proposal that will officially launch the Beta.
Swapr Beta will be live on mainnet and xDai and features a farming platform that allows any project to launch a liquidity mining campaign in an easy to use interface. Any ERC20 token can be used as a reward token and features four types of campaigns: standard, time-lock, stake cap, and multiple rewards. The DXdao community is preparing a farming campaign for the DXD/ETH pair to coincide with the launch of Swapr Beta. This campaign will demonstrate the capabilities of Swapr’s farming contracts and reward liquidity providers.
Elsewhere, Swapr had its best month ever in terms of trade volume with over $6.6m across xDai and Mainnet.
The launch of Swapr beta and community plans for SWPR token should propel Swapr growth further. The Swapr squad is also busy preparing for Arbitrum deployment, focusing on making the bridging process as seamless as possible. Swapr has been running on Arbitrum’s testnet since January.
The Omen community is eagerly anticipating the launch of OMN token and Omen Guild. The squad has been hard at work in preparation for the upcoming launch, which will contain a number of unique features. Omen liquidity mining is notable as it seeks to eliminate any actions that the user must take in order to receive liquidity rewards, resulting in some contract adjustments. One of the exciting changes associated with these contract modifications is a protocol fee managed by the Omen Guild.
The Omen Guild Dashboard, which allows users to obtain voting power and engage in Omen Guild governance, has also begun development. The design of the user interface has been completed:
Below is an example of a proposal that issues liquidity rewards.
On the Omen community front, the Competition for Omen Markets closed submissions which started the voting phase. 168 submissions were received; so many in fact it resulted in an error where the front-end of DAOstack’s Alchemy only displayed 100 entries. DAOstack has been receptive and already resolved this issue; REP holders should now vote on their favorite markets here through June 8th, 2021.
Mesa squad has deployed its new smart contracts to xDai and successfully tested a fixed-price sale. Development work still needs to be done to build the front-end and connect it to the smart contract layer. Mesa squad is hiring! If you are interested, get in touch on DXdao’s Discord or Keybase.
DXdao governance was focused on several initiatives around the treasury:
- DXD Buyback Program — the signal proposal passed on xDai and mainnet on May 13th. So far 7 buyback proposals have been submitted and in total 313.5 DXD have been purchased. Mesa is being used to execute the buyback; a guide on how to interact with the orders can be found here.
- Liquidity deposits into Swapr on xDai — there is now over $2.2m of DXdao liquidity in Swapr on xDai. Provisioning liquidity as a DAO is a challenge, requiring two proposals for each pair and a relayer contract to ensure liquidity is added at the right ratio.
- Treasury Diversification — REP holders passed a new program to diversify the treasury at the end of April, building on the first program where $3m of stablecoins were acquired. The program authorized another $5m of stablecoin purchases given the treasury’s heavy exposure to ETH. In May, $4m in stables were acquired at an average price of $3,200 ETH/USD.
There has also been substantial progress on DXvote, which features a decentralized front-end voting interface and also uses DXD as a staking token for holographic consensus. Testing on Rinkeby and xDai now with plans to use DXvote for the DXdao base on Arbitrum. Check it out.
BizDev, Marketing, and Community
As DXdao and its products ramp up, the DXbiz Squad is already in the process of expanding and focusing on opportunities to grow awareness and usage of Omen and Swapr through partnerships, integrations, and community connections. The public Monday DXbiz call agenda has been adjusted, and weekly DXbiz Huddles have been organized to discuss strategy and prioritization among the many opportunities available to DXdao. These will help to strengthen intra-Squad coordination and knowledge.
On the community side, two new POAPs have entered the DXdao ecosystem. On May 6th, 2021, a snapshot of 1749 addresses was taken; if you held any DXD or LP tokens on mainnet or xDai, you are entitled to your own shiny POAP! Check your eligibility here. Those who participated in the anniversary community call also received a unique POAP.
Also this month, the DXdao Discord received some big upgrades. Community members now have equal access to all product channels and can opt-in to notifications as they choose. The role system was updated, with a verification system in place to avoid unsolicited messages. You can also join a channel with verified DXD holders, unlock special badges based on your DXdao POAPs, obtain quick support via a ticketing system, and much more. If you are yet to do so, join us today on Discord!
Fun community posts from May:
- John Kelleher, a DXdao contributor and the founder of Level K, presented DXdao’s Emerging Decentralized Tech Stack at the 0xHack hackathon. You can view the presentation here, or read The Web3 Revolution: a Beginner’s Guide and How to Join.
- Community leader Keenan Luke spoke with Publish0x about DXdao’s goals, obstacles, and forthcoming launches. Read the Publish0x Interview: DXdao.
May 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.