Wrap-up — Week #24
Happy new week aboard the ship. In case you’ve been busy and missed some of the recent events, here is an opportunity to catch up on the AMA and the Community Call.
AMA with Morpheus Swap:
How did you get started with DeFi?
I started DeFi at the beginning of last year. I was working in a remote job when I started experimenting with DeFi so I could multitask pretty easily between these two. I quickly decided to build projects to contribute to the ecosystem and last September we launched MorpheusSwap.
Can you tell us a bit about the team behind Morpheus Swap?
I’m handling the global development and the operations management of the project. The rest of the team consists of a strategy advisor & business dev, a UI and Solidity developer and a team of community managers and moderators that have been working with us since the inception of Morpheus Swap.
How does Morpheus Swap position itself against the larger DEXs of the ecosystem?
Morpheus Swap is a decentralised exchange on Fantom that is giving back a large amount of the fees generated by the protocol back to the community. At first we were targeting niche tokens such as staked tokens but scaling volumes became harder as the AMM competition increased in the network. Our further development will be centred around our V3. We cannot communicate any details about it for the moment, but I can tell that LQDR will have a central role in it.
What is the origin of mLQDR, your wrapped version of LQDR?
Accumulation of LQDR is a first step towards our V3. Many wrappers already exist such as beLQDR for Beluga, cLQDR for Growth DeFi and even xLQDR fNFTs through Revest Finance. All of them have their own specificities and are accurately targeting their own market. So we proposed mLQDR following this will to target our own segment in the market by offering new possibilities for users that are seeking xLQDR yields on top of a liquid position.
What will be the specificity of mLQDR?
First, rewards for mLQDR stakers will be streamlined with wFTM tokens only. Doing so, users will keep the exposure of the fantom ecosystem granted by the traditional tokens distributed by the Liquid Driver Revenue Sharing Vault, while not having to spend time and gas fee to swap their rewards. Second, besides single staking, mLQDR holders will have the opportunity to stake mLQDR — LQDR LP tokens. Additional MORPH rewards will be emitted on top of the LP staking pool in order to incentivize a deep exit liquidity for mLQDR holders.
How do you plan to drive the demand for it?
At the beginning it will mainly be driven by incentive emissions. We have already started accumulating xLQDR through our treasury but our holding position is quite limited by the fact that we give 70% of our revenue back to the users. We cannot give you any further detail about our accumulation strategy because it will be part of our V3.
How do you intend to maintain the peg?
It will be mainly achieved with the combination of a Stablepool and high incentives on top of it. We are going to implement our own inhouse stablepool based on the Balancer contract that has been audited many times.
How will it benefit users?
Our LQDR wrapped product will allow users to benefit from the maximum timelock rewards of xLQDR associated with a liquid and tradable position. As well, mLQDR-LQDR LP stakers will benefit from higher rewards than traditional xLQDR holders — they will earn a mix of wFTM and MORPH emissions.
What will be the fee structure of mLQDR?
We have a capped fee of 7% applied on the yield generated, mainly to pay all of the gas fee implied when swapping the rewards. This fee structure is quite conservative by comparison with cLQDR that takes a 12% fee.
Are there any additional use cases planned for the launch of mLQDR?
Currently, there is not any specific use cases planned at launch. However, we could easily implement borrowing and lending for mLQDR because it will be an ERC-20 token.
Deck Talk summary
During the last episode of Fantom Unchained, Austin (aka FTM Alerts) emphasised how important a community is to a project in the crypto industry. According to him, both commitment and consistency (i.e. the action of sticking around) are the main attributes that define the robustness of a community.
In that sense, the robustness of the Liquid Driver’s community is one of the strongest on the Fantom network. The Discord server is highly active and the overall participation remains high. Though the Deck Talk attendance decreased when compared to the all time highs period of $LQDR, new community members are still coming up on stage to interact with the team, ask them questions about the development or sometimes raising concerns about certain topics.
Some other community members are willingly helping the project with threads, videos, proposals and even with some core development. Last week, “RnZ” ship fellows released a useful app that allows calculating the pending rewards associated with a xLQDR fNFT. The app is available here.
NFTs are distributed at the beginning of each month to every community member that has specific roles acquired by gaining ranks through Discord & Twitter interactions. New ranks will be added soon and therefore new NFTs will be prepared to be sent to our dedicated users.
New ways to collect experience points will be available soon as well to help the most diligent members access higher ranks and their associated NFTs.
mLQDR wrapped product — from Morpheus Swap
As part of the whitelisting process of xLQDR wrapper, Morpheus Swap has released a proposal to the Liquid Driver’s community. This one is currently being discussed in the #liquidao Discord channel of Liquid Driver’s server. This process is community driven so users are encouraged to drop their comments or concerns accordingly.
Business Development & Small-cap DEXs
Liquid Driver is currently the largest governance tokens holder of SpiritSwap. The same acquisition strategy could be implemented for new wrappers as soon as Beethoven x and SpookySwap release new models of their governance tokens.
The business development strategy is not limited to large cap DEXs. The team is open to any new developments with DEXs as long as they can bring TVL, competition and mutual value creation. Morpheus Swap is a good example of smaller DEXs that are willing to develop their market shares within the ecosystem along with Liquid Driver. As a reminder, not all of this partnership has been disclosed yet.
New asset onboarding on Hundred Finance
Discussions are currently being held in order to onboard $BOO, $MATICX, $sFTMx and $agEUR on Hundred Finance. As the largest veHND token holder, it is in the best interest of Liquid Driver to get those assets onboarded. Good quality assets being onboarded means more utility brought to the platform, and therefore more value created to Hundred Finance stakeholders. Hence, the Liquid Driver’s team strongly recommends the community members to participate in those discussions. The forums are available here.