C.o.R.E.3 Vote Completion and Reactor Activation
C.o.R.E.3 ends Monday, May 9th at 7PM UTC (12PM PT). You can add, remove, and change your votes until then, but remember: staking TOKE for additional votes takes up to ~15 minutes to appear, so if you’re adding last minute, be sure to factor that into the equation. When C.o.R.E.3 ends, we’ll announce more information about firing up the new Reactors.
Analytics Dashboard + Tokemak.xyz Splash Page
We’ve nearly completed a comprehensive Dune Analytics dashboard detailing Tokemak’s treasury, PCA, and deployments that can be monitored in real time. This will be released imminently. We’re also in the process of developing and releasing an informational splash page prior to entering Tokemak’s dapp, which will provide an easy-to-digest high level overview of the protocol, and specifically why DAOs would want to utilize Tokemak’s infrastructure as a liquidity solution. We believe there simply isn’t enough information readily available on the website as it currently stands to help new users understand Tokemak’s use case and potential, and we hope this remedies that.
Little by Little, More Governance
While the system designed for choosing Token Reactors through C.o.R.E. is a great tool for active participation in Tokemak governance, our goal is to progress towards deeper governance at large. Tokemak is a complicated beast, and the development timeline has been the first priority in the early stages of Tokemak’s evolution. As the Tokemak treasury begins to grow, infrastructure for automation begins to fall into place, and the guardrails for liquidity deployment begin to ease, we can look to grow into the DAO Tokemak was meant to become. In the near term, we’re looking to build out a method of allowing TOKE stakers to snapshot-vote for common goals and strategies that should be pursued.
Introducing accTOKE
accTOKE is coming soon. accTOKE is essentially a “vote-locked” token (or vl model) for TOKE that enables holders to lock up their TOKE for a longer period of time in exchange for a number of important benefits. Why would anyone choose to do this? Here are a few incentives:
- Increased liquidity control: accTOKE holders get stronger control over liquidity direction
- Boosted voting power: accTOKE gives holders more votes for C.o.R.E.4
- Additional governance: accTOKE will be required in order to vote on approval of new reactors post C.o.R.E. events
- Increased yield: accTOKE holders receive a portion of the protocol revenue
For #4, the protocol revenue will be converted into TOKE prior to distribution, thereby supporting the TOKE markets.
The introduction of accTOKE will expand protocol governance and mechanics in many ways. This will all be described in dedicated articles coming very soon. For those familiar with the role that vlCVX plays in the Convex ecosystem, you can get a slight indication of what is to come…
PCA Growth through ACC (Formerly Codenamed “pAssets”)
The next phase of Tokemak is all about growing our PCA (protocol controlled assets). The PCA concept encompasses both the value of the portfolio the protocol owns (the so-called PCV or protocol controlled value) as well as the actual portfolio make-up or diversification.
We are excited to unveil the concept that is going to unlock massive value for Tokemak and TOKE holders everywhere: ACC. We used to refer to ACC under the codename “pAssets”.
When we launch ACC, Tokemak becomes capable of accepting all supporting assets not just as TVL (tAssets), but also directly into our PCA. These assets are forever owned by Tokemak (and therefore TOKE holders) without any tAsset liability. And the kicker: Tokemak will be able to support this WITHOUT increasing emissions/inflation.
Participants will want to hold ACC, as they will receive a portion of the protocol revenue. This revenue will be converted into TOKE prior to distribution, supporting the TOKE markets.
A user can convert any asset from the LP side of a Token Reactor or a Pair Reactor into ACC, based on the market price of the asset and the price of ACC. Additionally, the system will self-optimize for PCV and TVL across all assets as the “balancing equations” expand to encompass ACC as well. Anytime that we have more TVL in a Reactor than can be safely deployed, the rewards will instead move to a bonus for any asset holders who give us PCA in that Cycle. In this way, ACC will have minting bonuses for assets that are preferentially needed by the protocol.
ACC will massively increase the PCV of Tokemak. Tokemak will never pay any extra emissions on any TVL that it cannot efficiently and profitably deploy, instead using the rewards and equations to optimize our PCV to TVL ratio. The future becomes clear and we begin to invert our model, which we have been planning for quite some time: Tokemak at this point will exist to deploy the PCA as liquidity bandwidth for web3, while deploying leverage via TVL only where it can safely and effectively be used.
An Acceleration Toward the Singularity
So, why the hell did we call it “ACC”? ACC and accTOKE are designed to rapidly draw us to the Singularity, the moment in time when Tokemak owns enough PCA to provide the liquidity bandwidth for all of web3. “Accretion” is defined as the process of growth or increase, typically by the gradual accumulation of additional layers or matter. An accretion disk is a structure of diffuse material in orbital motion around a black hole, forever approaching the Singularity. As Tokemak accumulates more PCV, we approach the Singularity.
Does ACC = Accretion, ACC = Acceleration, or ACC = Accumulation? Yes.
C.o.R.E.4
The end goal, as previously stated, is to implement permissionless Token Reactor creation. There are a number of complexities involved in reaching that goal, particularly when it comes to safety’s sake, and the development team is hard at work focusing on liquidity deployment and other core Tokemak features. In the meantime, the C.o.R.E. series have been effective in slowly and appropriately introducing more Reactors to Tokemak’s roster. Thus, we’re targeting another C.o.R.E. in the next ~two months to keep bolstering Tokemak’s arsenal of Token Reactors. As for Pair Reactors, they’re something that we’ll continue to look to add on a case-by-case basis.
Enter the Exaverse
We’ve been working with crypto-native artists to build out the Tokeverse since early last year in an attempt to breathe life into Tokemak’s core identity. Our upcoming first release of Tokemech Pilot NFTs, codenamed the Exaverse, has evolved into the beginnings of an immersive world, with a complex interplay between gamification and story telling. The in-game universe is a sci-fi extrapolation of the culture we have established with Tokemak, centered around the Leaky Reactor, which takes place at the edge of a supermassive blackhole.
Exaverse, in its current state, is a primitive, on-chain, composable game whose tokenomics are interlinked with Tokemak’s in pursuit of the singularity. The experience will revolve around the construction of Mech NFT’s from modular parts, a process which will contribute to the advent of the singularity for Tokemak. It will include a meta-game which is overlaid onto a map which will give players the ability to determine the fate of the Exaverse itself, in a communally-owned IP fashion.
The IP created by this process will be owned by the NFT holders and player base, but more importantly it will evolve through community creativity and governance. The system of processing raw creative input from players into finished material is where the innovation has been identified, and it will produce a living world upon which additional products can be built and monetized on behalf of the DAO. The UI, smart contracts, visual assets for the NFTs, and gameplay loops are in the early stages of being developed and refined. We’re getting closer and can’t wait to share more with everyone.
//more2come
Note: this isn’t an exhaustive list for updates coming in 2022. As expected, there has been and will be continuous and on-going development, updates to the UI, and other surprises. There will also be a deeper dive article on accTOKE + ACC in the next week or so.
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Discord: https://discord.com/invite/tokemak
Website: https://www.tokemak.xyz/
Medium: https://medium.com/tokemak
Twitter: https://twitter.com/tokenreactor
