It has been a busy month and there’s a lot going on in the cryptoeconomic space. A series of large regional banks in the US have gone under and the meme coin $PEPE has dominated crypto Twitter. Coinmarketcap and Coingecko both have shown faulty metrics for DOLA but it seems like we have seen a great improvement over the past couple of weeks thanks to several persistent community members emailing them and driving the topic on twitter. We appreciate you!
It’s easy to get distracted but FiRM has reached a TVL of $4.20 MM and over $1MM DOLA borrowed!
This is due to the launch of the CRV and cvxCRV markets which have generated $2.63MM in deposits but we also see increased gOHM deposits. Ethereum’s gas fees have been rising lately and we’re working on getting DBR onto layer 2’s like Optimism and Arbitrum where gas is more manageable. Hang in there!
CRV And cvxCRV Market On FiRM
We are excited to see the Risk team approving cvxCRV, another in-demand collateral asset from Curve’s ecosystem. We have heard rumblings of demand from large holders of cvxCRV and we’re expecting this market to expand DOLA borrows on FiRM significantly. It just opened up the gates and we’re seeing deposits starting to trickle in.
The launch of FiRM and DBR opened up new and interesting possibilities to interlink and mesh the value flow between products and stakeholders in Inverse Finance DAO. There is an exciting proposal draft posted on the forum which means to formalize the issuance of new DBR tokens. DBR will enter the market by being streamed to INV stakers in proportion to the size of their stake, and stakers will claim the DBR whenever they like. This is a big deal as INV holders now gain a direct utility or economic benefit from the success of FiRM and DBR. This aligns incentives across users and voters, and offers a more compelling case for buying and staking INV.
The Community Working Group has been testing Guild’s platform for having discord roles sync up with on-chain activity and it seems to be working great. By connecting to the Inverse Finance guild you will gain access to our community's on-chain quests which will give you Discord roles and you can even connect multiple wallets to your profile. Some quests are simple like filling out a captcha, others show that you are a borrower in FiRM, staking INV or providing liquidity. This will enable us to create a Yield Farming Contest and other events where anyone on Discord can check that the strategist actually is providing liquidity for their strategy with a simple click on their profile.
Finishing a long hiring process, the Product and Community Working Groups are happy to present Tabboz, our latest solidity developer part-time hire! Tabboz has previously worked with both Fiat DAO and Ocean protocol and is a capable DeFi developer. Welcome to the team!
The Treasury has paid down the DOLA debt by over $307k in April. The lost funds from the Euler bb-e-USD pool exploit have been returned to Euler and we expect to see them returned to the treasury by the 24th of May. Euler advises users of the pool to remove all funds as soon as possible. We are very happy to see the on chain sleuthing and work by Euler and Balancer teams return the funds in full! You can follow the debt being paid down in the #Treasury channel in Discord.
Airdrops And Cross-Chain Opportunities
Solisnek is the first Solidly fork on Avalanche chain and they are airdropping veSNEK to Inverse Finance DAO and to those who stake more than 4.5 INV (1 xINV).
Chronos is a Solidly fork which quickly became the third largest dapp on Arbitrum in TVL terms. Chronos is airdropping veCHR to Inverse Finance DAO and to the top 200 INV stakers who are eligible to claim 600 $veCHR each!
Ramses exchange, another Solidly fork on Arbitrum offers DOLA-FRAX and DOLA-MAI LP’s with 25% APY and Beefy has integrated with them to provide vaults that auto-compound your position.