Through the Telescope — Galleon Q1/Q2 2023
Ahoy loyal crew. Below is a succinct overview of what to expect from Galleon as we continue sailing through 2023's calmer waters.
Themes
- Remain aligned to our revised strategy of ETH asset focus for all products and focus on fewer, more well-integrated and adopted strategies.
- Create multiple flywheels for Doubloon whilst keeping the token as ‘vanilla’ as possible
- Launch Cursed Pirates & Cursed DAO
Implementation
New Product Imminent
ETH-X — ETH Dynamic Leverage Index
Status: Deployed ✅ | Network: Optimism 🔴
The ETH Dynamic Leverage Index (ETH-X) utilises Perpetual Protocol V2 to leverage and manage a collateralized debt position on ETH by targeting a long floating 2x exposure. By abstracting the management of this strategy into an ERC20 token, it enables market participants to take on composable leverage with the simplicity of a DEX swap whilst avoiding common risks associated with leveraged positions, such as maintenance & liquidations.
Product Lineup & Improvements
Focus on three key areas that have proven significant TAM; staking ETH, leveraging ETH and accessing delta-neutral yield.
- ETH Max Yield Index (ETHMAXY) — The best way to leverage stake your ETH in a composable, low-cost manner.
- Basis Yield ETH (BYE) — The best way to earn a yield on your stables, is facilitated through a delta-neutral ETH strategy.
- ETH Dynamic Leverage Index (ETH-X) — The best way to leverage your ETH is with minimized risk and liquidation management.
Our aim is to create detailed documentation, software and tooling around these products to enable deeper integration with the DeFi ecosystem, but also venture outside the existing bubble we have to find interest. We ultimately want these efforts to increase our unique token holders and the total supply of the products (more minting, more revenue)
Liquidity
xTokenTerminal Partnership
Continue our partnership with the xTokenTerminal team for our token liquidity programs as follows:
- Extend the DBL-WETH bonding program allowing users to acquire discounted DBL in exchange for liquidity.
Internal Liquidity Sourcing
- Utilise product revenue to provide more liquidity into DBL-WETH via buying DBL and LPing into xTokenTerminal.
- Utilise Cursed Pirates NFT secondary sales & fees to provide more liquidity into DBL-WETH via buying DBL and LPing into xTokenTerminal.
Once DBL-WETH has ample liquidity, the focus would turn to novel ways we can increase product liquidity, some via the same mechanism. Our product suite currently can be accessed via Flash Issuance and Flash Redemption contracts on app.galleon.community or via DEX liquidity in ETHMAXY’s case.
Tokenomics
Our aim has always been to keep the DBL token as simple as possible from a mechanical point of view, but we also know that narratives are changing with productivity and real yield being front and centre of token scrutiny.
- Funnel product revenue into DBL-WETH liquidity provisioning, effectively buying back DBL from the market and creating more sustainability of the pool with lower volatility over time.
- Funnel Cursed Pirates' royalties into DBL-WETH liquidity provisioning in the same manner as product revenue.
- We are also entertaining scaling up two social funds after running some experimentation of implementation over at Cursed Funds (cursed.fund). The idea is that participation can yield rewards for both the holder & DAO, encouraging more participation and demand for DBL & Cursed Pirates NFTs.
Cursed Pirates & Cursed DAO
Finally, our goal is to launch our Cursed Pirates NFT collection and the formation of Cursed DAO. We decided that given that the industry was going through the apocalypse in 2022, we pushed back all of our timelines to launch despite the collection being ready to give us more time with the surrounding content that we want to create.
That said, you can definitely expect to see this grand voyage finally come to fruition in the near future and become an incredible part of the Galleon & Cursed DAO ecosystem. We cannot wait for everyone to be able to mint their pirate and join the ranks on deck and seeing the community on Discord roleplaying away and sharing that excitement is very rewarding.
Feedback?
We hope the above excites you about the future of Galleon, given 2022 was a rough year for us despite avoiding all the calamities involving exchanges or hacks, we are optimistic that 2023 is going be a fantastic year for Galleon, the community supporting us and the crypto industry as a whole.
Have any ideas, experiments or feedback for what Galleon should be accomplishing, what we should be prioritising and how we can create demand for the products of our hard work? Please do come to speak to the team on Discord, we’re always listening!
Navigation ⚓️
Discord | Davy Jones Twitter | Galleon Twitter | Cursed Pirates Twitter | Galleon Website | Cursed Pirates Website | Cursed Fund
