Hedge Fund Proposes Collaboration, Nexus Covers, CREAM Vote Begins

Also: Decentralization progresses, >$60k in engineering bounties get paid, Virtual Bacon AMA, and more!

Vesper Finance
Apr 24 · 5 min read

Blockforce Capital Proposes Innovative Collaboration

In what is very likely a first for DeFi, Blockforce Capital and Vesper are pursuing a collaboration that would bring an actively managed fund exclusively to the Vesper ecosystem. Blockforce proposed a symbiotic relationship in which the Vesper DAO contributes startup capital for the fund and Blockforce returns 25% of their fee revenue to the Vesper community, distributed monthly through the vVSP pool.

From the post by Blockforce CEO and CFTC Virtual Currency Subcommittee member Eric Ervin:

We at Blockforce Capital have been following Vesper for some time. We’ve been looking for a way to bridge the chasm between DeFi and conventional finance — Vesper is it.

Here is our proposal for what we believe to be the first-ever public-private partnership between a professional asset manager and a DAO.

The result: An actively managed fund focused exclusively on investing in the Vesper ecosystem.

The Blockforce Capital proposal sparked a lively discussion among community members with the overall sentiment decidedly in favor of the partnership.

Although the allocation of funds proposed by Blockforce falls well within the purview of the Operations Committee (OpComm), community members advocated for a snapshot vote in an effort to lend the venture the greatest possible credibility. In true DAO form, the community was heard and the Blockforce proposal will be put to a vote.

If approved, this first ever public-private partnership between a professional asset manager and a DAO would be a landmark moment for the broader DeFi community, and a major leap forward in Vesper’s quest to become the go-to platform for institutional DeFi participation.

Incidentally, the hash of the proposal (fb9e733851f8d8f8f3f7ed058f5690f6b6332e12232ca586481423cd192d6920) was committed to the Bitcoin blockchain, permanently notarizing it in all of the ways that count.

The VIP is up for review now.

Report by Vespernaut MrAdeline.

Nexus Mutual Enables Cover

One of the most popular community requests over the last two months has been a DeFi cover solution for the Vesper platform. Vesper and Nexus Mutual delivered just that this week, enabling their Cover Solution for Vesper’s Grow Pools. With $700 million currently in deposited assets, and a successful track record with user reimbursements who suffered from an exploit, Nexus Mutual Cover makes a great addition to the Vesper ecosystem.

Report by Vespernaut Community Admin Michael

CREAM Goes Up For the Vote

VSP and vVSP are currently up for vote for integration as collateral at CREAM Finance. The ongoing vote passed the quorum requirement of 15k CREAM and boasts unanimous approval with 54.36k CREAM voting “yes.” From here, a follow-up vote will be posted to set the terms for these assets (after the first vote, they are posted with 0% collateral. A second vote sets the agreed upon collateral rates).

We encourage all CREAM holders to vote in favor of VSP + vVSP integration as well as in favor of votes for our affiliated communities, Metronome and Spacechain, which also have proposals underway.

Report by Vespernaut Admin Jeffthebaker

Multi-Signature Upgrade

Today we’re proud to announce an important step in Vesper’s decentralization journey — the addition of two independent multisig signers across two important multisig wallets.

In parallel with Vesper’s professional ethos, both new independent signers have been vetted and passed rigorous background checks.

First, the PoolOps Wallet. This wallet enables the team to refill rewards, approve updated strategies or — in a worst-case scenario — pause pools in case an issue arises. The 10,000,000 VSP tokens were minted from this wallet as well.

The PoolOps Wallet is now upgraded to a three-of-five multisig, meaning that three of its five members must approve a transaction. (This is raised from two-of-four.)

Veriblock Co-founder and CTO Max Sanchez has been added as the first independent signer of this wallet. Max is known to the Vesper team — Matthew Roszak once referred to him as the next Vitalik — and we are proud to have him as a participant in our governance.

Second, the OpComm Wallet. The OpComm Wallet is what pays for the operational aspects of Vesper. This could include audits, consulting, insurance, and so on. It’s also what would pay for BlockForce’s startup costs as described above.

This two-of-four wallet now includes an independent signer. For a lot of reasons that anyone in crypto can most certainly appreciate, this signer has chosen to remain anonymous. That said, we can say that this person is a financial professional in a world-class institution and, as such, brings an incredibly valuable perspective to Vesper’s early governance. Additionally, this person is not financially associated with Bloq or any of its subsidiaries.

You can find out more about the Vesper governance plan from the official documentation.

Report by Vespernaut admin metrogomes

Open Source Contributions and Bounties

CEO Jeff Garzik has surprised the developer channel on Discord multiple times for various open bounties regarding development needs. In the past week, two bounties were claimed.

Nox.venator earned a partial bounty of $50k for their close-to-completion Bancor strategy, which the team will finalize and then incorporate into the toolkit of strategy modules for Vesper Grow pools.

Kaos169 earned $11k for their creation of a payment stream application that will propagate at pure.finance.

Lastly, m4ri0ml is developing a dashboard for tracking buybacks. Perhaps this will play into Jeff’s open call for an auction system contract to replace the current Uniswap buyback mechanism for VSP distribution to vVSP depositors.

Report by Vespernaut admin Jeffthebaker

Virtual Bacon AMA with Jeff Garzik

Vespernaut Mikey connected the Vesper project with Virtual Bacon, a rapidly growing “crypto education and venture community powered by the BACON token.”

The wide-ranging, community-driven conversation with Vesper Co-founder Jeff Garzik covered a lot of ground, from technical details to the project’s overall mission. Listen and share!

Report by Vespernaut admin metrogomes

Odds and Ends

We leave you with this reminder to support our CREAM campaign through the April 25, 5:00 p.m. ET deadline.

Keep up with Vesper on:

#VesperFi

Vesper Finance

Vesper is a platform for easy-to-use DeFi products.

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