This Week (and a bit) in SquidDAO — December 21, 2021
This Week (and a bit) in SquidDAO — December 21, 2021
Welcome to our weekly (and a few days extra) recap of all things SquidDAO for the period ending December 21, 2021. While things slowly wind down for the holidays, SquidDAO continues to push forward.
veSQUID Locking and Lockers Rewarded
As of this writing, approximately 26+ SQUID have been fully locked into veSQUID! On what will forever be known as Boooolish Sunday, machibigbrother, our largest investor, locked his full set of SQUID (11+) for the full four years. Others followed and we showed excellent momentum ahead of the locking deadline. Lockers were duly rewarded with the retroactive bonding fees, receiving almost US$1 million together with NFT holders.
Admittedly, there were some issues regarding communication of the exact locking deadline and we are working hard to see if all Diamond Tentacles can potentially be rewarded.
Rewards have been paid out in wsSQUID and will continue to be paid out in wsSQUID in connection with future bonding fees. We are working on a wsSQUID liquidity pool on SpiritSwap on FTM that will also be subject to additional rewards on SpiritSwap! So hold on to these for some potentially juicy APR.
SquidOHMas Winds Down
Thank you once again to our friends at OlympusDAO as we wind down a successful 12 Days of SquidOHMas highlighted by 12 delectable NFTs and wider engagement with the Olympus community. One of our community members and Shillz, edo, did some calculations (thank you, edo!). We raised a total of 1346.13 OHM, or an average of 112.17 OHM per NFT. At current prices this equates to $48k per NFT (or 12.31 ETH) and $576k Total (147.75 ETH). SquidDAO will continue to explore partnership opportunities.
Onboarding Effort for wsSQUID as Collateral within Abracadabra and Rari
One of our Kraken, homme, has put in a ton of work over the last few days as he pushes to add to the utility of SQUID. Thus, he’s begun two processes with Abracadabra and Rari Protocol, both of which would ultimately allow wsSQUID to be used as collateral for borrowing stables. Of course, we need to balance utility with the negative effects of any liquidation cascades, but this is the sort of initiative that will continue to help differentiate us from other protocols.
As many of you know, the likelihood and speed at which these ideas can come to fruition are based on community support. We strongly encourage larvae to head to https://forum.abracadabra.money/t/proposal-onboard-wssquid-wrapped-squid-dao-staked-squid-as-collateral/1257/ and provide thoughtful support for this proposal. Please also engage with detractors constructively!
Bonding fees have officially been raised to 25% per snapshot vote
As previously publicized, we raised our bonding fee from 10% to 25% in accordance with a passed snapshot vote. As a result, when 1 SQUID is purchased through bonds, an additional 0.25 SQUID will be generated. Of this 0.25 SQUID, the dev team’s share will remain 0.05 SQUID, and the remaining 0.2 SQUID will be split 0.1 SQUID and 0.1 SQUID between veSQUID holders and NFT holders. Thus, this increase in fees will result in a 4x from bonding fees for veSQUID holders and NFT holders!
Proactive Bond Policy Update
Our newly enacted Policy team were hard at work with some publicised changes to bonding variables. However, the larger piece of news was announced in the Discord at https://discord.com/channels/899531896571187210/899600248836591637/922614613835669536. The summary is that the protocol intends to turn off the bond supply as price trades closer to RFV so as to ensure bonds are not being sold at below RFV (given the bonding discount). Variables were also set out for when the bonds would be turned back on, should they ever be turned off. Kudos to the team for proactively thinking about market conditions and sending out a clear message for the Shoal.
That’s a wrap for this week! We wish you and yours all the best for the upcoming holidays! Keep inking!
