December Development Update

Liquid Driver
5 min readDec 14, 2022

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Life on the Mississippi by Mark Twain, 1883

Ahoy Pirates!

The year 2022 is coming to an end, and the development is ramping up as we begin the cross-chain expansion. LQDR is now ready for deployment — both Optimism, and BNB Chain. Exciting times ahead.

New Shadow Farms— SpookySwap

The first batch of SpookySwap Shadow Farms have been released. On SpookySwap the Shadow Farm strategy is the following:

  • SpookySwap LP tokens deposited in the Shadow Farm vaults are staked in the SpookySwap farms.
  • $BOO tokens farmed are swapped for $xBOO, the interest-bearing version of $BOO that accrues the swap fees of the DEX.
  • $xBOO tokens are staked into the SpookySwap single sided pools to earn partners’ governance tokens.
  • The strategy has been optimized to automatically stake $xBOO tokens into the most profitable partner pools.

Cross-Chain Launch — by the end of December

LiquidDriver’s deployment on Optimism and BNB is planned to happen before the end of December. The contracts will be deployed simultaneously on Optimism and on BNB Chain in coordination with the launch of THENA in order to start increasing our veTHE holding position from day 1.

Optimism Development — Velodrome Strategy

The $VELO acquisition had to be carried out with the $FRAX proceeds we had accumulated in the treasury during the bribing deal we had last year with Frax Finance to help them scale their liquidity on Fantom.

Due to a low level of $FRAX liquidity on Fantom, we had to pause the $VELO acquisition until the recent deployment of Frax Ferry, Frax’s native bridge. The bridging infrastructure has just been rolled out and, as a result, we will now be able to start the $VELO acquisition. We will be dollar cost averaging our market purchase in accordance with our risk management policy.

In parallel to the acquisition, LiquidDriver will open some regular farms on top of Velodrome. Users will be able to leverage their liquidity position on Optimism with some $LQDR rewards. On the back-end, the $VELO farmed will be locked as veVELO in order to scale our governance power over Velodrome’s emissions. Our voting power will be used to incentivize $LQDR emissions on Optimism. Once LiquidDriver has reached the top 5 to 10 veVELO holders, a portion of the farming rewards will be streamed to the revenue sharing vault to incentivize xLQDR locking.

Optimism Development — Hundred Finance Strategy

On the 1st of December Hundred Finance stopped its $HND incentives program on every chain expected Optimism and Gnosis. Hundred Finance notably seeks to scale its operations on Optimism following the approval of a 300,000 $OP grant. The grant will be dedicated to incentivize their stablecoin markets.

As the main veHND token holder, we had to adapt our strategy accordingly:

  • The single sided boosted pools have been depleted on LiquidDriver. Conversely, new boosted pools will be opened on Optimism as soon as LiquidDriver is deployed on Optimism.
  • The liHND contract will be deployed on Optimism to enable liHND holders to access a portion of the revenue generated by our single sided boosted pools.
  • The liHND minter has been closed on Fantom until further notice. Our dominant position allows us to be the only protocol to access the maximum farming boost on Hundred Finance. As a result, we decided to keep $LQDR emissions for further purposes.
  • The deployment of the Shadow Farm strategy using the Hundred Finance’s Optimism pools is currently being studied.

BNB Chain Development — THENA Strategy

As a launch partner, LiquidDriver will receive a veTHE airdrop. We managed to secure 1.2% of the initial $THE supply, securing us the top10 veTHE spot among holders at inception. In exchange, we agreed to open some regular farms on top of core pools (i.e. $BTC-$BNB, $ETH-$BNB, $BUSD-$BNB) in order to help THENA to increase its liquidity and offer the best trading experience possible for its users from the start.

The veTHE acquisition strategy is quite similar to the one being adopted with Velodrome: LiquidDriver will incentivize $LQDR liquidity on THENA thanks to its veTHE holding position. Then, $THE rewards being farmed on the back-end by our regular farms will be compounded into more veTHE, taking advantage of the high emissions following THENA’s launch. Once we have reached and consolidated our position as a top veTHE holder, the farming rewards will be gradually streamlined towards the revenue sharing vault to incentivize xLQDR locking.

BNB Chain Development — THE/veTHE Airdrop to xLQDR Holders

As part of our deal with THENA, xLQDR holders will be airdropped a mix of $THE/veTHE tokens. The main purpose is to engage as many users as possible in their venture.

We have submitted a list of 1,524 wallets eligible for the airdrop, based on the following criteria:

  • At least 100 xLQDR
  • At least 1 year of lock left
  • Position locked since: 175 days 20 hrs ago (Jun-21–2022 03:26:02 PM +UTC)

Gitcoin Grants

LiquidDriver’s Gitcoin Grants application has been reviewed and accepted by the Fantom Foundation. The Gitcoin grant process uses Quadratic Funding (QF) that prioritizes the amount of participants over the amount pledged, in order to favor projects backed by engaged communities. The first voting round is held starting from the 12th of December until January 2nd, 2023.

Despite having ample runway, we are asking for you to support LiquidDriver. The proceeds will be used to support our development on Fantom.

Here is a guide on how to pick and donate to projects you want to support.

Donate using this link. Your support is appreciated.

Make sure to join the active pirate community on Discord and elsewhere.

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