April Wrap-up

Ahoy Pirates

Another month spent aboard the ship with the fellas. In case you’ve been busy lately, here is an opportunity to catch up on the recent developments.

New partnership — Stader Labs

Stader Labs is a cross-chain protocol that allows liquid staking for the native token of a given Proof of Stake chain. Proof of Stake (PoS) is a consensus mechanism that requires network participants to stake their tokens in a validator node to secure the network. Stakers are rewarded with the transaction fees paid out by the network users. However, their position remains illiquid.

On Stader, users can stake $FTM to receive $sFTMX, a tradable token that accrues the staking rewards of the Fantom network. This project will benefit the entire Fantom ecosystem as it favours decentralization and can potentially unlock up to 2 billion staked $FTM. Many use cases will follow, including stablecoin minting ($MAI, $cUSD, $fUSD) that will flow into the network.

The first step of the partnership was to incentivize the Beethoven X (sFTMX — FTM) pool with $LQDR emissions. Other incentives will follow for Stader with the release of Shadow Farms on SpookySwap and SpiritSwap.

New product — slinSPIRIT

$linSPIRIT is our wrapped product that takes $SPIRIT as an input. Users forgo their voting power against a liquid token — $linSPIRIT — that can be staked in our pool to earn boosted platform fees from SpiritSwap. In the back-end Liquid Driver locks $SPIRIT and gets the inSPIRIT voting power.

$slinSPIRIT is an interest-bearing token that auto-compounds the $SPIRIT rewards of the staked $linSPIRIT into more $linSPIRIT. Therefore, $slinSPIRIT appreciates against $SPIRIT over time while securing inSPIRIT voting power to Liquid Driver. Following the launch we partnered with Market.xyz to allow users to deposit $slinSPIRIT and borrow $MAI against it. $MAI is a CDP (Collateralized Debt Position) stablecoin issued by QiDAO.

With these new use cases, users can Swap, Stake & Earn, Auto-compound and Leverage their $linSPIRIT positions. The underlying idea is to create an ecosystem around $linSPIRIT in order to accelerate our inSPIRIT acquisition and strengthen the peg of $linSPIRIT.

LIP 009 — inSPIRIT voting power acquisition policy

inSPIRIT voting power is a strategic tool that has not unveiled its full potential. Within the next coming weeks, xLQDR holders will be able to vote on-chain and control $SPIRIT emissions. xLQDR holders will be able to move incentives freely on SpiritSwap in order to build their own strategies on top of the Shadow Farms as well as getting bribe proceeds as passive income.

To prepare this transition, we have submitted to a community vote the new allocation of 8% of SpiritSwap revenue towards the $linSPIRIT Single Staking pool. The purpose of this was to double the APR of the $linSPIRIT Single Staking rewards and ultimately ramp-up our inSPIRIT holding position. We are now holding 31% of the total inSPIRIT supply.

Pixel Pirates NFT collection — A community driven project

The Pixel Pirate NFT collection was an autonomous community driven project led by Hoeem, a well known fellow pirate. This project is not an official Liquid Driver launch and constitutes a milestone in the Shadow DAO constitution.

The minting process is innovative because it locks 1 cLQDR inside each NFT. cLQDR is an interest bearing token that appreciates against LQDR over time. Hence the NFTs intrinsic values grow over time. Pixel Pirate NFT holders can delete their NFT to unlock the cLQDR inside it, making the other NFTs of the collection even scarcer.

The first batch of the collection was sold out within less than 24 hours.

Shadow DAO

The Shadow DAO is intended to be a transitory structure to move step-by-step from the current organisation to the LiquiDAO. The framework and task forces could gradually evolve as the Shadow DAO proves itself out. The main function will be the Treasury Committee which will consist of 4 core members elected by Dr Liquid and 3 community members. The functions of the Shadow DAO will include, but not be limited to:

1 — Treasury : This task force is the most sensitive one. Participants will have to show an advanced level of DeFi, Economics and investment decisions skills.

2 — NFT : This task has already been experimented through a dedicated channel in the Discord and proved itself out for the moment.

3 — Documentation : Any simplification or any useful translation (Chinese, Indian, French, Spanish and other popular languages) can be submitted by the taskforce.

4 — Education : Communication in any form can be submitted regarding several topics such as Liquid Driver utility, wrapped product strategy, new partnerships explanation and much, much more. Posts can take the form of articles, threads, videos or infographics on a wide range of social networks like Twitter, YouTube, Reddit, Medium and various other channels of communication.

Other

  • Dr Liquid was under the Fantom Community Spotlight. The portrait interview can be found here
  • We have closed an OTC swap deal with Growth DeFi : 13,150 $GRO <> 6,650 $LQDR resulting in a 50% discount.
  • We have acquired 1,000,000 $BEETS that we have staked to secure voting power over $BEETS emissions.
  • Beluga created $beLQDR, a xLQDR wrapper. $beLQDR is transferable but unlike $cLQDR,$ beLQDR is pegged 1:1 to $LQDR. In addition, staking rewards combine xLQDR APR with a share in the Beluga $LQDR vault. LQDR wars are just getting started.
  • Our wrapped products ($LinSpirit and $LiHND) successfully kept their peg during the stress test implied by the great sell-off event that happened at the end of April.

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