August was an extremely exciting month, particularly the last day when DXdao launched the SWPR token, the first airdrop on Arbitrum One and any Ethereum Layer 2. The token launch comes after months of community discussion and just hours after Arbitrum One was fully opened and made permissionless.
The SWPR token is the governance token for Swapr. The token launch plan passed by DXdao included an airdrop to kickstart the SWPR community distribution by targeting active governance communities for 1inch, BanklessDAO, StakeDAO amongst others. The community is also discussing plans to launch SWPR liquidity mining campaigns, utilizing Swapr’s DIY farming platform. The campaigns are an opportunity for those interested in exploring Arbitrum One, which promises lower transaction costs while maintaining the security properties of Ethereum.
The SWPR airdrop and the liquidity farming campaigns are a prelude to the launch of the SWPR guild, which will govern Swapr into the future. The airdrop has led to an influx of new community members and kickstarted a whole bunch of interesting discussions about cross-chain ecosystems.
There were some issues with the initial DXvote deployment that affected Swapr and the SWPR token. Check out the article on the upcoming conversion process to the new SWPR. For the latest, head to DXdao’s discord and the #swpr-airdrop channel for all things SWPR.
Arbitrum One and DXvote deployment
The SWPR token was only one part of DXdao’s efforts on Arbitrum One. The expansion to a new chain — DXdao’s third base — also coincides with the first deployment of DXvote, a decentralized voting system. The contracts are modifications of the original DAOstack arc contracts but introduce DXD as the staking token for holographic consensus.
DXvote features an entirely new open-source front-end that many in the community see as the foundation for DXdao governance, from vesting to streaming payments and transparent financials. It’s also gaining momentum as a potential governance front-end for other DAOs.
DXvote deployment on Arbitrum One has been challenging as it’s still trying to build a robust version of the Ethereum mainnet infrastructure that many take for granted, like multi-sigs or block explorers with comprehensive transaction information. Still, the DXvote and SWPR token airdrop demonstrate how DXdao is leading the way in DAO governance, particularly as it relates to the multi-chain world.
DXD Buyback Update
A proposal was passed through DXdao governance in early August extending the DXD Buyback Program for an additional $1m of DXD purchases. Since the authorization, $850k worth of DXD has been purchased by DXdao over 23 orders at an average price of 0.162 DXD/WETH. 1564.7 DXD have been purchased so far over this period, culminating in a total of 5093.0 DXD throughout the Buyback Program thus far. This is equivalent to 10%(!) of the circulating supply of DXD, which currently leaves DXD with an annualized supply reduction of 45.61%.(!!).
Vigorous discussion has been held throughout the DXdao community surrounding the buybacks. Considering the goals of the initial buyback proposal and the 2499 ETH in the buyback reserve, the community is discussing further continuation of the program. Want to get involved in the discussion? Head over to the #📈│market-chatter channel on the DXdao Discord, or the Buyback Program DAOtalk thread.
The DXdao Social Highlights Program
The newly founded DXvoice squad has brought forth an initiative to “amplify the voices of the many”. The program encourages a greater quantity AND quality of community voices throughout DXdao socials — starting with Twitter. Anyone in the community is invited to share tweets, their own or otherwise, in the #✨│social-highlights channel on Discord for the potential to be highlighted on DXdao, Swapr, or Omen Twitter pages. Alongside the highlight, those who are selected will be shared within the DXdao Month in Review! Without further ado…
August Social Highlights:
- @RossNeilson_dev joins DXdao full-time!
- @IslandKiyo describes how Omen is “decentralisation done right”.
- @defi_airdrops highlights SWPR token, the first airdrop on the Arbitrum network!
Other fun initiatives:
- Vitalik Token Voting Thread — Vitalik Buterin put out an article surrounding decentralized governance and the dangers of “coin voting”. DXdao had the opportunity to share its transition to “Governance 2.0”, a hybrid of token and reputation voting.
- Community Calls — DXdao has been hosting bi-weekly community calls in the DXdao Discord. Attendees regularly receive POAP’s, exclusive AMA’s, special badges in the Discord, and with the introduction of the SWPR token — exclusive airdrop allocations! You can find the schedule for future community calls on DXdocs.
August Popular Forum Discussions
About DXdao: DXdao is a decentralized collective that builds and governs DeFi products. DXdao was spawned in May 2019 through a collaboration between Gnosis and DAOstack. Reputation (REP) is voting power in DXdao, and DXD is the financial token with a claim on profit from DXdao products.