Announcement of Token Rebrand
Greetings fellow Halonauts!
It’s been quite a first year for HaloDAO and many lessons were learnt. There’s been quite a number of developments, while the team has been heads down building. We are happy to report that there are exciting things ahead for HaloDAO.
Update 1: We are in the process of launching high yield stablecoin earning strategies that bring competitive base APRs (even without token rewards) to stablecoin staking. The first will be launched for the xSGD stablecoin in collaboration with a cornerstone partner in the space. More will be announced as we launch our “Xave Strategies” (read as “Save Strategies”).
Update 2: HaloDAO v2 is approaching the completed integration with the Balancer V2 Vault, and we have completed our final demo with their grants committee (audit pending). More on this as it approaches audit, but feel free to jump into our Discord and get access to the live v2 app before we launch.
Update 3: Given the above, we are excited to formally announce our rebrand of HaloDAO to Xave Finance. Xave Finance will continue to build on the use cases for stablecoins through our AMM and Lending Market, with new partnerships and more sustainable liquidity incentives.
Why Rebrand?
Over the past year, DeFi protocols have experienced a large shift of capital outwards to the metaverse, NFTs, and gaming projects. However, experts have speculated that DeFi is set to explode in 2022, encouraging an influx of capital to DeFi — we need to be ready for this. A major issue early on with HaloDAO was that RNBW had a high inflationary token emission schedule As a result, our first attempt did not succeed.
We have observed that high token yields are not long term sustainable and we must instead focus on creating the most efficient models for base yields generated from organic trading activity and utilisation. As a result, we will be launching “Xave Strategies” that bring competitive fee APRs (even without token rewards) to stablecoin staking, as we originally set out to do.
Immediate Next Steps and Preparation for Token Rebrand
Please be informed of the ff:
- Starting June 1, the Polygon bridge will be disabled, but Halonauts will still be able to bridge their Polygon xRNBW rewards via app.multichain.org/#/router instead (this is live now for xRNBW). For more information on how to use the multichain bridge please refer to their docs here.
- RNBW will not be listed on the multichain bridge, since LPs earns xRNBW directly (unless the community requests for it)
- xRNBW and RNBW will continue to be supported on the Arbitrum bridge (no change)
- Polygon, Ethereum mainnet and Arbitrum xRNBW liquidity rewards will continue to be released unchanged until further notice.
For Halonauts that are providing liquidity and staking on Mainnet, there are no steps needed to be taken and you can continue to do this up until our token rebrand announcement. As for the token migration, we will be releasing another article outlining all of the details.
Please stay tuned to our discord and twitter for official updates. Please do not interact with any addresses or contracts claiming to be involved with Xave Finance outside of the ones our team will direct you to. We would like to thank the community again for their ongoing support and do keep a look out for our official announcement!
Feel free to ask any questions that you may have regarding this token rebrand on our discord server and our team will attend to you shortly.
