[Weekly Wrap Up] What’s Going on at Float Protocol?
- Utilising the Basket with Flash Loans & 1:1 ETH earning assets
- Auction Price Buffer Alteration
- Spreading FLOAT to other L1 / L2s
- Paul talks about DAOs in Crypto: Tel Aviv
- Treasury Diversification & Reaching out to builders in the space
- Making FLOAT more approachable (New Splash Page & Dev Docs)
- Iron doesn’t $FLOAT — an educational piece on bank runs
Hey 👋 from Paul and John at Float Protocol. It has been an interesting fortnight, both behind the scenes and out in the wild of DeFi. If you want to get updated on what has been going on and a few sneak peaks into the future, carry on reading👇.
It has been a tough week in the crypto markets, it has also been a tough week for some “stablecoins” out there 👀 but, the team at Float Protocol keeps building. To kickstart the discussion the team has put up some proposals on the Forum on ideas for the next versions of the Protocol. Active discussion and engagement from the Community is encouraged. The ideas proposed include:
- Utilising the Basket — Flash Loans + Basket Diversification
- Auction Price Buffer Alteration
- Float on Layer 2s
Utilising the basket is getting a lot of the attention; understandably so as the Basket has accrued 970 ETH since the 15th of May — the Dutch Auctions doing their bit. It has also been great to see proposals from the Community at the same time 👍.
Over the course of the week, Paul and John have been talking to key builders and members of the DeFi space about diversifying our treasury and integrations down the line. We’ve been having great having conversations, with over 30 key leaders in the space, many of who believe in a crypto-native unit of account and are willing to support Float Protocol on its journey.
Paul recently featured on a Panel about DAOs and the future of governance at Crypto Tel Aviv alongside Jack du Rose from Colony, Jack Laing from Pocket Network and tracheopteryx a contributor at Yearn & Coordinape. You can read between the lines to see what the next steps for governance might be (Gnosis SnapSafe + Coordinape for community incentives).
Our site has seen some major upgrades recently, we’ve had the addition of the Genesis page and the UI for the Dutch Auctions. As Float Protocol grows and embraces new users it is time to have a way that people can grasp what the Protocol is about without having to read a ton of medium posts or the Litepaper. To achieve this we have been working on a splash page. The designs are done and we are building it out as we speak. Here is a sneak peak below:
Elsewhere in Crypto
We saw a metallic Protocol undergo catastrophic failure. We also witnessed Scotland’s original whiskey get poured down the drain. This is why at Float Protocol we believe in steady organic growth over the long-term and buidling with the Community. We believe it is in this way “wagmi”, to paraphrase Mark Cuban. Summed up by John:
All jokes aside we did a thorough thread on bank runs and how the Protocol resists them:
Coming up at Float
We plan to publish the new splash page, so keep your eyes peeled and get ready to share with your friends. To make things even easier for the Dutch Auctions, ZapIn/ZapOut functionality is also on the roadmap, meaning you won’t need to use FLOAT or WETH (and BANK) to interact with the Auction House, the code will take care of that for you, converting your token to the required one. Alongside that, it is time we flesh out the docs, adding more information for developers regarding the contracts, the UI and tips on how to build a bot to arb our Dutch Auctions. We’ve seen so many profit opportunities that people just aren’t taking. However, the price of FLOAT continually gets corrected to the target like clockwork.
Over and out from Major John, until next time.
keep $FLOATing ✌,