Saffron Weekly (09/16/22)
What’s new in the week of 9/16/22–9/22/22.
Happy Ethereum Merge Week! The long-awaited ETH merge means the network has transitioned to a Proof of Stake consensus, giving an incredible boon to sustainability — reducing Ethereum’s energy consumption by almost 99.5% (which subsequently reduces the worldwide electricity consumption by 0.2%). Will this be the prelude to another bull run? I have my doubts about another run happening this soon, but no matter how you look at it this is an exciting week for our industry and may even warm the hearts of some of our greatest detractors.
While our univ3 vault audits are still underway, we do have a few governance proposals to address — so let’s dive in.
Koge Migration Proposal Addendum
Last week, we had a new proposal put forth by the KOGE community concerning the token’s potential migration to Ethereum and DogeChain mainnets. Since then, the proposal has been amended by the community and submitted in this addendum here.
As moving the token without liquidty to new chains seems a “no road”, I suggest to build up the Kogefarm yield product on different chains across cryptocurrency world. Moving the farm first as it’s the main product with same mechanics on new chains as on actual chains
So with this proposal we will open a vote for what blockchains should Kogefarm expand to as next step, while after end of this vote , if it’s accepted and implemented , we should start a new discussion about what FARMS / STAKE products we should offer from the new chains on Kogefarm and also if we should move Kogecoin on new chains and if yes in which chains.
With all of the above said, this will not be a final version of the proposal , but more a “check” on Kogefarm community vision. Based on this here are potential blockchains which we can choose:
1.Ethereum (ETH) , 554 protocols , $33.27b TVL
2.Avalanche (AVAX) , 254 protocols , $1.6b TVL
3.Arbitrum (ETH) , 112 protocols , $942.93m TVL
4.Optimism (OP) , 71 protocols , $874.53m TVL
5.Cronos (CRO) , 80 protocols , $741.79m TVL
6.Near (NEAR) , 10 protocols , $294.96m TVL
7.Dogechain (DG) , 22 protocols , $13.93m TVL
We encourage our communities to read through the addendum and then vote using your KOGE.
Developer Update
Turpintinz updates us on the progress on the Badger DAO integration:
So, the Saffron/Badger integration is coming along. My current effort is to get automatic compounding of harvested rewards to work correctly. This is requiring integration with Balancer contracts because the pool’s deposit token will be the 20WBTC-80BADGER lp from Balancer. Rewards are received as AURA, auraBAL, and BB-A-USD. This week I plan to complete integration with Balancer, update the related tests, and move on to the next set of tests which exercise the insurance fund.
[Temperature Check] Saffron Staking Rewards Renewal
As a reminder our SFI staking rewards have ended. If users are interested in extending the staking rewards — as the contract was written to allow for that — I highly recommend they check out the latest proposal in our governance forum put forth by vd_eth and contribute. As of right now in order to move onward to Consensus Check the community will need to provide definitive choices for the snapshot poll for the community to vote for, including a Make no change option.
Keep in mind if the Make no change option wins, that doesn’t mean that this issue becomes off the table for discussion — in fact I would argue that in this case it would mean that the voting options for the rewards didn’t accurately represent the community sentiment. If the Make no change option passes, users are welcome to immediately create another proposal with different choices to try and reach a consensus. As single sided staking is attractive, especially to newcomers to a protocol, this is an incredibly important proposal and discussion around this is highly encouraged. Therefore, it’s important that the community decides on the exact allocation amounts. For a reminder on how our governance process works, please check out the video below:
We look forward to seeing the discussion unfold and this is a perfect time for newer users to get acquainted with our governance process.
Koge Town Hall Next Week
Next week at 3pm EST on September 22nd, we will be having a town hall on the KogeCoin Discord! Here, myself and other Saffron team members will be able to answer questions that the community has about the project and our plans moving forward. But this isn’t just going to be a typical AMA - we want to get to know our new community, find out what’s important to them for the future of Koge, listen to their feedback, and moreover just have an opportunity to meet everyone! I’ve been speaking with a few of you through Telegram over the past few days and I love the energy and passion that have been exhibited so far. The Koge community is an incredibly fun one and we want to make sure we continue to honor that as we take over maintaining the protocol — so keep in mind some questions you’d like to ask!
See you all next week!
Community resources
Web3 app: https://saffron.finance
Governance: https://gov.saffron.finance
Telegram: https://t.me/saffronfinance
Discord: https://discord.gg/pDXpXKY
Twitter: https://twitter.com/saffronfinance_
Github: https://github.com/saffron-finance/saffron
