Rock3t Vault II
The design of Rock3t Vault II will be community-driven and its launch preceeded by a dual-accelerator vault.
“FAILURE is an option here. If you are not failing, you are not innovating.” Elon Musk
Introduction
Next week the first wallets to “Send ETH” via the 3t.finance UI will be able to claim their R3T-ETH LP tokens.
Lets back up and think about what we are doing and why.
Most in DeFi love Bitcoin. They don’t argue with the fact that the Bitcoin network is the most secure blockchain today. However, they do consider Ethereum to be secure too. Other than security math is what makes Bitcoin do what Bitcoin does along with belief, of course.
The premise of Rock3t is that smart contracts allow sophisticated algorithms to be leveraged to create the same or better certainty of outcome than Bitcoin achieves with its mechansims, which would result in an Ethereum-native alternative, or means of diversification, to Bitcoin.
The Bitcoin supply is controlled by mining and halving events. The bulk of Rock3t’s 11 million token supply is in a treasury that will be DAO controlled. These early experiments of Rock3t use small amounts of its supply to test ideas and build the early community of hodlers and supporters degen style.
This DAO mechanism is not as free-for-all as it might sound. When Rock3t succeeds in crafting a suite of liquid vaults and other smart contracts that achieved various desired results effectively, the DAO could be limited to allocating tokens to such mechanisms deployed via an Ethereum Factory where the community just decides which one, how many tokens and what parameters to deploy.
At the time of writing R3T is 40 cents on Uniswap. Why not $40,000? is the question we ultimately ask.
Rock3t Vault I
Rock3t Vault I did not fully launch. Neither did it crash and burn. It took off and then settled back down on its launch pad!
The lock period algorithm was probably too ambitious. Risk averse early-adoptors we not prominent enough to send enough ETH to kick the lock period sharply down its curve such that early-majority would be attracted to join. Alternatively, there was not enough advertising and exposure about the launch. Of course, gas cost was also an issue. At the time it cost over $100 to “send ETH”. This made the mechanism prohibitive for smaller amounts which is unfortunate but essentially a feature of Ethereum mainnet at the time as opposed to design issue.
Rock3t Vault II
Rock3t Vault II will learn from Rock3t Vault I and leverage community feedback, analysis and discussion to redesign its parameters and mechanisms. Like Rock3t I, Rock3t II is part of a journey not a destination. Note there is no knew token. The token remains R3T.
Degen Labs proposes implementing the following:
- A Dual-Accelerator Vault prior to Rock3t II’s launch to refill its tanks.
- A 1.5 ETH prize in its Official Gitcoin Hackathan for the best innovation for the Rock3t project.
- Marketing during the Rock3t II launch.
Co-creation continues in the dedicated Discord channel here.
Dual Accelerator Vault
The dual accelerator vault will comprise two vaults with the following interplay:
Vault 1
Vault 1 will use Behodler’s liquidity queueing liquid-vault. It will invite people to Send ETH and offer a 25% discount on LP locked for a mininum of 1 day depending on the queue popularity. If users remain in the queue for a longer period before they can claim their LP they will receive more R3T rewards in return for this “staking”. The ETH fee component will be sent to Vault 2.
Vault 2
ETH fees from Vault 1 will be claimable in Vault 2 by sending R3T. The resulting LP tokens will be 50% discounted with a fixed lock period of 30 days. This provides an exciting option of R3T hodlers who either by choice or due to lack of market liquidity want to participate further in the Rock3t system.
Gitcoin Hackathon
The dates are April 26 — May 17 2021. 80,000 Ethereum developers will be invited by Gitcoin and Consensys to support the Degen VC Gitcoin Hackathon. $20,000 of prizes are being offered towards solving key challenges that Degen ecosystem projects face. 1.5 ETH will be put to a specific Rock3t related quest.
Marketing
Degen VC benefits from warm relationships with all of the main platforms in DeFi. We can buy advertising across a variety of media at short notice with a direct line to the decision makers. An initial marketing plan for the above roadmap and subject to community feedback is as follows:
Dual-accelerator vault
The Dual-accelerator vault could be supported by a 5 day Dextools banner.
Rock3t II
We want to explore a kind of autonomous marketing campaign that verifiably increases traction and price. For example, utilising banners via an optimized subsection of Coinzilla’s network, Degen VC could sell R3T tokens at each 10% increase in R3T price to top up the ads account. If the buy pressure created by the ads exceeds the sell pressure required to sustain the ads then an interesting growth mechanism will have been descovered. We see this type of campaign running alongside the Rock3t II launch.
