Monthly DAO Update: September 2022
Gm, gm. October is here and with Halloween around the corner, the amount of fear in CT seems pretty fitting. Engagement is down, APYs are down, blockchains are down, and we are all just down bad! But just like those Halloween movies, somebody must save the month in the end… right? Right?!
Say someone that could lend you stables for you to earn leveraged APYs on stablecoins? Do you want to be saved like that, Anon? If yes, then this is the last call to gib your address to be included in the 1st Leverage Ninja list:
We go live towards the second half of October, and initial access will be given only to the degens who sign up as Leverage Ninjas (of course, there are some smol goodies too). So come on board and have the opportunity to earn 15%+ APY. If you are okay with the minimum borrow size of $150K, come gib addy in Discord. You can read up more about Wen V2?! here:
Getting back on track and coming back to the monthly report, you can go here to read what the DAO accomplished in August:
Or continue reading to learn what has been going on in September:
1. DAO Community Round Part 2
In probably a first for the space, the DAO enabled contributors and members to be a part of the raise at the same terms as the Strategic Contributors. A total of 19 wallets came forward to contribute a total of $1.585M. As of today, the DAO treasury has received all of the contributions and is now obliged to deploy 1.06% of the supply to the contributing members. Special thanks to 0xBeckoningCat for leading the same for the DAO. You can see the exact details below:
2. Finalising assets & contracts for the AllowedList
As we move towards the launch of V2, the AllowedList will have additions in terms of adapters, assets, pools. The discussions have been ongoing for sometime and this is the last call for you to give your inputs.
How can you influence this?
1. Make a case for pools you feel have been looked over
2. Check for LTVs and see if a correction is required
3. Collaterals you feel should be added
So go ahead and be a part of the discussions before we go to vote.
So what integrations exactly are we talking about? These..
Want to know how to earn ~30% APY on Yearn, go here.
Prefer Curve pools? No worries, go here.
Just want to learn about what Frax can do with Gearbox? Here you go.
3. Discussions on a possible LM
Well, so we are going to have new pools, new adapters, higher limits and higher leverage. Great. But how do we actually ensure that it can work?
By making sure we have the liquidity that can be borrowed to use on the CAs (Credit Accounts). And in order to attract the same, we have a proposal up. The proposal discussed a future LM to be launched around end of October to attract liquidity between $55–70M for V2. This should enable Lev Ninjas to function properly. Check & give your comments:
4. Financial Update
The DAO closed the treasury for the month at 3.84M$, which is planned to prepare for a 2 year runway. The total inflow was 102K: 100K from the DAO Round and 2.1K as protocol revenue (the total part 2 was larger, it’s just that those transactions arrived in October). The spends were as per plan, $53K on compensations and $33.3K to Risk DAO. Totalling to 86k$ in expenses. The closing treasury for the DAO was 3.84M$ and 5.09B GEAR.
The DAO further has Obligations to the tune of 120k$ for Audits and of 295M GEAR to contributors, Risk DAO and for the Strategic Round.
And that’s the update for September. Now go take actions on the discussions, proposals. and a million other things in the pipeline before V2 rolls out towards the end of the month. Let’s go!
If you would like to join — just get involved on Discord. Discuss, research, lead and share. Call contributors out on their bullshit and collaborate on making things better. Here is how you can follow developments:
- Website: https://gearbox.fi/
- dApp: https://app.gearbox.fi/
- User Docs: https://docs.gearbox.finance/
- Developer Docs: https://dev.gearbox.fi/
- Forum: https://gov.gearbox.fi/t/start-here-forum-rules/
- Blog: https://medium.com/@gearboxprotocol
- Github: https://github.com/Gearbox-protocol
- Twitter: https://twitter.com/GearboxProtocol
- Snapshot page: https://snapshot.org/#/gearbox.eth
- And, of course, the DAO working docs:
