A New Partnership On Optimism and Better Security!
Hello Invaders! Fresh news from the Inverse Finance DAO following an eventful and decisive few months. Since the INV price manipulation incident in April, we have significantly improved our security posture, DOLA-3Pool surpassed its previous record TVL with a recent high of $105MM, and we are cooking up new products likely to reach the proposal stage in the coming weeks.
Our Yearn Fed Partnership
The Yearn Fed was our immediate response to the situation that the DAO found itself in after the April 2022 INV price manipulation incident, opening a lifeline of liquidity for DOLA. Tanks in particular to unwavering supporters such as Concave holding DOLA liquidity. The Yearn Fed continues to allow us to expand DOLA liquidity to improve the trading experience for users and also bring home some profits. To date, the Yearn Fed has generated more than $185,000 for the DAO. Check the revenue tab for the Yearn Fed in our transparency pages which are brought to you via the fine work of @thealientourist. Special shout-out especially to @cryptoharry for his hard work in building our liquidity on Curve.
DOLA On Optimism
The Optimism L2 chain has taken off despite the challenging market conditions and Velodrome is showing promise as a real contender for DEX TVL and volume. The combined pools of DOLA-USDC and DOLA-WETH currently hold a total of $1.3MM of liquidity and offer APY’s of 13.15% and 39.45% (!) respectively. Check Velodrome liquidity here and read more about Optimism and Velodrome here.
Debt Debt Repayment After an initial monthly cadence of debt repayments, we have opted for weekly repayment to increase the withdrawal frequency for users and to be more flexible in response to market movements. We have also created a new capability which allows Frontier users with stuck assets in Frontier to convert them to IOU’s denominated in DOLA, and another product to assist the DAO in converting volatile bad debt into more stable DOLA debt. Check the Treasury announcement channel in Discord for updates or the proposal here.
Our Security Posture The Risk Working Group led by @edo and @karm has been hard at work formulating a more stringent security posture over the past few months. Single points of failure have been mitigated by adding signers with hardware wallets to Guardian roles in our governance system rather than having a single signer. The Analytics Working Group, courtesy of @naoufel, has built a custom alerting system to monitor Frontier, the DOLA feds, and the DOLA-3POOL that the RWG can use. We also upgraded the INV oracle with both a price ceiling and borrow cap feature. The INV oracle has been reviewed by Peckshield and we are now engaging multiple 3rd parties as auditors after establishing a new security budget. Read more on the RWG here.
New Contributors @CMeth recently joined the Treasury Working Group on a part-time basis. He has already been a valuable contributor to TWG and wishes to forgo DOLA compensation but accepted INV vesting over 2 years to align himself with the long-term vision for the DAO. Ishita has been contributing on a part-time basis to the Growth Working Group with designs since the spring and was awarded INV in addition to her monthly DOLA compensation. BasedXeno’s remaining vesting was cancelled as a result of prolonged inactivity.
@0xMT, one of our developers, has been heads-down building a Convex Fed. It will allow DOLA to cooperate with the FRAX basis pool model, with both projects assigning votes and liquidity to the pool. We are excited to announce even more new DOLA Feds – announcements just around the corner – and more details around a new lending product currently in development and under the critical eye of auditors! For now, let’s just say that we will invert the regular axis of lending and innovate on the interest model. Huge hat-tip to @nour. We think you all are going to love it.
Weekly calls The Community Working Group (CWG) hosts a number of weekly calls and invites anyone interested to stop by and say hello!
Join the community calls, orientation calls and poker tournaments held by the CWG to get more familiar with the DAO and our products. The community calls is a space for all INV holders to discuss proposals and you can RSVP and get reminders in Discord. There may be community calls at other times to discuss proposals as well.
Community calls are set to 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.
Poker tournaments have a 50 DOLA prize, are free to enter and are held on Thursdays at 2PM PST / 5PM EST / 21 UTC. As always you can ping @Nakamomo from the Community Working Group in our Discord if you have any questions.
Do you know anyone who is interested in crypto and who might benefit from a good monthly read about Inverse Finance? Share the newsletter with them!