November and December have been some of 2022’s most eventful months in the crypto space and we have a major launch to announce.
In contrast to Inverse Finance and many of our partner projects, FTX was/is a centralized actor which operated with very limited transparency. In contrast, ownership of Inverse Finance DAO is distributed among INV holders and our commitment to transparency is key to making INV holders able to make informed decisions in our governance system. As Inverse Finance doesn’t have any funds in or unsecured loans to centralized organizations, we are not directly impacted by any of these events.
Today we are launching FiRM - our Fixed Rate Market for borrowing DOLA using the DBR token instead of variable interest rates. The first market will accept ETH as collateral and all who staked INV on September 30th will be eligible to claim a DBR airdrop to try FiRM out for free. FiRM is a breakthrough product for both Inverse Finance and the DeFi industry writ large and hope you will come and give it a test drive.
DOLA Borrowing Rights
Token borrowing rights are a concept invented by Inverse Finance that liberates DeFi from the inefficiencies of today’s fixed-interest rate lending products and offers an alternative to the uncertainty and volatility of variable rate lending. DBR’s have multiple, unique features:
Fixed cost loans. You buy DBR’s up-front and their cost is rolled into the cost of your loan (or you can buy DBR’s separately on the open market). Your loan cost is fixed at the price of your DBR’s and as long as your loan stays healthy, your loan costs will never rise.
Unlimited loan durations. There are no fixed maturity dates. You control the duration of your loan and can extend it at any time.
Make money on your unused DBR’s. As DBR prices change on the open market, you have the option to repay your loan early and realize a gain on the sale of your unused DBR’s.
Lock the rate on a future loan. Buy DBR’s now, hold them, and then use them in the future when you are ready to borrow.
Personal Collateral Escrows
Another important feature of FiRM is the increased security offered as collateral is separated by individual user and by token in our new user- owned Personal Collateral Escrow contracts.
Read more about FiRM in the whitepaper found in this blog post. The DBR token contract has now been deployed which means:
Every address that staked more than 1 INV on the 30th of October will be eligible to claim 2000 DBR!
In addition, raffle winners, FiRM alpha testers, a few helping hands and the Inverse Finance core contributors can all claim an airdrop of 1000 DBR!
FiRM’s first market will have ETH as collateral and after depositing collateral in FiRM, the DBR from the airdrop will give you the right to borrow DOLA. One DBR will let you borrow one DOLA for one year.
FiRM Audit And Bug Bounty Program
In addition to having FiRM’s code checked by our own contributors and the auditing firm DeFi Moon, we also used Code4rena’s platform to have nearly 200 “wardens” or white-hat hackers be rewarded if they managed to find exploits or possible improvements to our code. We are happy to report that they only found minor issues relating to gas efficiency and the like, no issues that would put user funds at risk or stop the protocol were found.
INV & DOLA Liquidity
Inverse Finance is collaborating with Balancer in order to create a flexible and efficient marketplace for DOLA and INV holders. We currently have two incentivized pools on the platform and thanks to the efficiency of Balancer’s and Aura’s incentive distribution system, which is similar to Convex’s integration with Curve, the pool gets a much more attractive APY than if we were using traditional incentive methods.
Take a look at the current rates for our pools:
DOLA / Frax liquidity pool.
The above DOLA / Frax liquidity pool compounded in Beefy Finance’s vault strategy.
As you can see on the right, Beefy also has DOLA strategies active on both Ethereum and on Optimism via Velodrome DEX.
In case you missed this tweet, we are deprecating the DOLA - 3POOL in favor of the DOLA - FRAX pool: https://twitter.com/InverseFinance/status/1586099146104213512?s=20&t=9t8JT9mPYIiuKsXIBe0OZA
DOLA & DBR Logos
The long road to a new DOLA logo is over and we finally settled on this logo and have reached out to all relevant sites where it should be updated.
We’re very happy that Ishita, our designer, created the DBR logo. We hope that you like them as much as we do!
Discord Poker And Events
Discord has introduced new gaming activities in discord and among them is a Texas hold’em poker app which we can access through a simple voice channel (unless you’re on mobile). This will make Thursday poker sessions much more convenient and perhaps we will boost our numbers. There is 50 DOLA in the pot and it’s open to all Invaders, so join us at 2 PM PST / 5 PM EST / 21 UTC!
Community calls are on Mondays at 11AM PST / 2PM EST / 18 UTC. Orientation calls on the DAO’s structure and culture on Tuesdays 11AM PST / 2PM EST / 18 UTC.
As always you can ping @Nakamomo from the Community Working Group in our Discord server if you have any questions.
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