Weekly Update: Boosts, UI/UX, BizDev
This past week, all QUICK-paired vaults on QuickSwap were redeployed with the new boost system activated. For information about the new boost system please read: https://adamantfinance.gitbook.io/adamant-finance/guides/locking-addy-new.
Also for a list of all vaults that are utilizing ADDY boost rewards you can find them here: https://github.com/eepdev/vaults/blob/main/boosted_vaults.md
On July 20th we held a governance proposal asking should 50% of performance fee income be used to buyback ADDY to distribute to locked ADDY stakers?’
This proposal surpassed quorum with over 30% locked ADDY voting YES to using 50% of performance fees to perform ADDY Buybacks.
However, we did hear our loyal community members who have locked in the previous contract. So, instead of starting at the full maximum 50% of performance fees buybacks, the buyback amount will be based on the % staked in the new contract.
The # of ADDY locked in the new contract divided by the # of total ADDY locked divided by 2 will equal the % of performance fee income used for buybacks.
For example, currently 10% of locked ADDY is in the new contract. That means 5% of performance fee income will be used for the buyback program.
This buyback format will operate on a one month trial period. Buybacks will be randomized to avoid front running.
There is no specific ETA on the beginning of buybacks, but an announcement will be made at that time.
-322 users in total voted on the proposal.
-164k YES votes and 23k NO votes.
-Developer did not vote
-21 of the users that voted on the proposal participated in the presale, and 19 of them voted YES.
We have put together some wireframing and few mockups while we finalize our UI hire. By next week’s update, we should be able to provide more information regarding who will be handling the UI.
Marketing / Business Development
With our boost system maturing and our Certik Audit finishing soon (fingers crossed), the team has decided to pick up some of our marketing efforts beyond social media.
0xTracker.app is the first tracker that dissected Adamant’s code to bring users a tracking dashboard. Knowing that their site has a considerable amount of traffic for those who are already familiar with DeFi and yield farming, we decided to purchase a one month sponsorship + ad space on 0xTracker.app.
Tin.network is a similar tracker that also tracks Adamant. Using the similar mindset we have also decided to do a one month sponsorship + ad space.
We have also obtained some other partnerships and ad space that we will announce soon.
New Vaults This Week
We launched three new vaults this week:
PolyZap vaults were discontinued this week as they had adoption and their harvest timers presented significant issues.
Top Vaults This Week
These vaults currently hold the highest TVL.
- MAI/USDC (QiDao) — $22M
2. MAI/USDC (Dino) — $11M
3. USDT/USDC (Dino) — $7M
4. ibBTC/WBTC (Sushi)— $6M
5. QI/MAI (QiDao) — $5M
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