4 min read · Feb 11, 2022
--
Since our launch on 21 January, 0xDAO successfully acquired the largest share of veNFT from Andre Cronje’s new protocol, Solidly.
Phase 1 of our strategy was a clear success, with 0xDAO amassing US$4 billion in TVL in only a matter of hours. Although the influx in TVL to 0xDAO was gone as quickly as it arrived, it set the scene for what was to come. A new wave of users experienced Fantom DeFi for the first time, and Fantom’s total TVL remains up 63% from where it was a month ago.
Since the snapshot date, we have been working behind the scenes on Phase 2 of our strategy — to make 0xDAO the platform of choice for users of Andre’s new Solidly platform. You can read more about Solidly here.
Our intention from the outset was to preserve long-term value for the Fantom ecosystem — and today we are staying true to that commitment. With that, we are excited to announce our upcoming liquidity hub for Solidly — built for the Fantom ecosystem, by top Fantom developers.
Similar to Convex for Curve on Ethereum, 0xDAO’s aim is to become THE yield hub for Solidly on Fantom. Partners joining 0xDAO will be long-term stakeholders in the ecosystem’s future. This means that users of 0xDAO — including protocols partners, liquidity providers and OXD token holders — will be able to maximise their rewards of SOLID through 0xDAO’s simple and easy-to-use platform.
0xDAO is a coalition of the leading protocols on Fantom. We aim to pool our collective resources for the greater good of Fantom and are looking for partners that share our long-term commitment to the ecosystem’s sustained growth and development.
To incentivise strong support from ecosystem projects at launch, we are offering a comprehensive partnership plan. Projects who deposit their veNFT with OxDAO prior to launch will receive:
- Solidly trading fees.
- Bribe rewards.
- Non-dilutive oxSOLID (fractionalized representation of 0xDAO’s SOLID lock).
- SOLID emissions shared from protocol LPs.
- OXD emissions.
In addition, we want for our launch partners to be aligned with 0xDAO — for our success to be your success. In order to help ensure that partners retain maximum voting power while simultaneously driving cash flows, we offer the following proposal:
- Whenever partners deposit their veNFT, they automatically receive a proportional amount of oxSOLID. Because of the way Solidly’s rebase mechanism works, this position will never be diluted, as 0xDAO automatically converts rebased SOLID into oxSOLID proportional to the partners’s lock amount.
- On top of this, partners will also earn OXD token emissions proportional to how much of the oxSOLID total supply they hold. Since vlOXD receives bribes and controls 0xDAO’s voting, this means that to maintain their share of OXD emissions — and in turn their governance control and bribe share — partners should 1) continue to lock their SOLID rewards for oxSOLID and 2) lock their OXD for vlOXD.
- This is a mutally beneficial outcome: the partner maintains voting power, bribe revenue, and also receives protocol fee sharing, while 0xDAO grows our SOLID lock, further increasing voting power and bribe/fee revenue for partners 🤝.
By offering our launch partners and their users a direct stake in 0xDAO we can provide better incentives for long-term value creation than offered by passive partnership models. Instead of being incentivised to sell their OXD, our partners will benefit from revenue generation; providing motivation for our partners to take on an active role to support the protocol and better aligning us with the goals of Solidly itself.
Another key differentiator is that the team at 0xDAO maintains its 0% team allocation, guaranteeing greater incentive shares for our partners. Since our team is made up of developers from existing Fantom protocols, we already have sufficient motivation to support and expand 0xDAO to drive growth in the broader Fantom ecosystem. What is good for 0xDAO is good for its member protocols.
Finally, we want for our partners to feel confident in what they are getting when they deposit their NFT with us. Thus, we will not require veNFT locks until after the core protocol has launched, and partners have been given a chance to evaluate 0xDAO’s smart contracts for themselves.
OXD token holders are our partners and as such, should be entitled to a share of all future protocol revenues of 0xDAO. Soon, OXD holders will be able to burn their OXD for oxSOLID, which can be staked on 0xDAO.
oxSOLID stakers can then earn the following (as mentioned above for partners), including:
- Boosted SOLID emissions from LPs (equating to 10% of emissions).
- Bribes (optimised by 0xDAO to give you maximum returns).
- OXD emissions (which can be locked and used for on-chain governance and voting).
- Solidly protocol fees.
- Benefit from Solidly veSOLID rebases.
Furthermore, OXD holders who burn their OXD for oxSOLID prior to launch will receive the same treatment as partner protocols, and will be eligible for any and all bonuses. When we say that the community and OXD holders are our partners in this, we mean it.
Members of 0xDAO will be participating in a text AMA hosted by Beefy Finance on Friday February 11th at 6PM (UTC) to clarify any questions.
Finally, we wouldn’t be here without the immense support shown by our community and ecosystem partners. Far from just being another DAO, we’ve taken it upon ourselves to deliver a viable long-term play on Fantom. We are also staying true to our original motivations, 0% team allocation and fair launch are important to demonstrate our positive-sum approach to building for the benefit of the ecosystem, together under the 0xDAO umbrella.
Stay tuned for more details relating to our launch partners over the coming days!
XD
Twitter: https://twitter.com/0xDAO_fi
Discord: https://discord.gg/0xdao
