DXdao Month in Review | August 2022
Swapr release plus DXstats overhaul
The Swapr squad did not take August off and was busy shipping a whole bunch of new features. A proposal to update the Swapr.eth ENS to Swapr Beta v15 passed on August 22nd. The release adds the 0x API to Swapr’s eco-router, meaning traders can come to Swapr’s front end and instantly get quotes from CoW protocol, Curve v2, Uniswap v3, 0x API — plus Swapr. There is also an expansion of the eco-bridge, which gives allows users to use Socket, Connext, Arbitrum or Omnibridge to bridge across Gnosis Chain, Polygon, Arbitrum One and Ethereum mainnet. Check out all of the new features in the release notes.
August also saw a major overhaul to DXstats.eth, with an ENS update proposal passing on August 7. Load times are improved considerably and there is also a new dashboard page for looking at Swapr across all three of its chains. There is also a new farming section to give Swapr users insight on where the freshest yields are. And on top of everything, it got a little beauty makeover. More in the release notes.
The Swapr team has also been teasing an exciting upcoming initiative. Swapr Expeditions is a series of on-chain tasks that users will be able to complete to win prizes and learn about Swapr in the process. Elsewhere in Swapr land, the community is discussing what to do about SWPR token emissions as it passes the one-year mark.
Nimi blazes a new incubation model for DXdao
DXdao was born to spread decentralization. So far this has meant contributors building decentralized products, like Swapr, Omen, Carrot and DXgov products. This has also taken the shape of venture investments through DXventures into such great projects as Opolis, Hats Finance and Karma.
In August, DXdao experimented with incubating decentralization with a $100k incubation grant that was awarded to Nimi. Nimi is a project born from DXdao contributors that were hacking away at ETH Amsterdam. The incubation grant gives DXdao a 10% stake and over the next six months, much of Nimi development will take place within DXdao ecosystem as it prepares to go off on its own.
Nimi is poised to create a new social layer to Web3, built on ENS profiles. The team has lots of exciting plans ahead and DXdao is eager to see if this new incubation model could serve as an example to other aspiring teams aiming to build decentralized products.
DXD Buyback program updated; DXD Token WG launched
Meanwhile, August continued to be a busy month for DXD with a couple of key proposals passed:
- DXD Buyback Extension #9 — extends buyback program under previous parameters for 107 ETH, which will deplete the ETH in the buyback reserve
- Authorize $500k of DXD buybacks with new parameters — this proposal authorizes buybacks to continue once the ETH in the buyback reserve is depleted. Since these buys would come from the general treasury, this proposal includes new parameters to govern the purchases.
- Raise the DXD/ETH LP on Swapr mainnet to 0.5% — this proposal takes advantage of Swapr’s governance features and hopes to make LPing on Swapr more attractive for DXD holders. The DXD/WETH LP fee on Swapr Gnosis Chain was raised to 0.6% in April, which yielded higher fees and higher APR. This mainnet proposal is hoping higher fees will help LPs offset impermanent loss.
- Establish DXD Token Working Group — this proposal aims to drive the community forward to a long-term solution to DXD value accrual. The first call was last Thursday, and calls will be every other week. DXdao community members, especially DXD holders, are invited to participate and have their voices heard.
Other fun initiatives:
- Nimi Incubation Grant: DXdao embarked on a new venture with Nimi, finalist of the ETH Amsterdam hackathon, a web3 social media Nimi will now be incubated by DXdao.
- Operation Decentralization: DXdao launched a podcast that will play a vital role in helping to spread the word about the importance of decentralization for both individuals and projects alike.
- Hoprnet moves $500k in liquidity to Swapr: DXdao and Hoprnet have a long shared history in the space and this was further strengthened when the Hopr community voted to move $500k in liquidity to the HOPR-xDAI pool on Swapr Gnosis Chain.
- DAOs, Governance 2.0, and how 30 contributors are building multiple DeFi products: Representing DXdao, John Kelleher took a deep dive into topics relevant to buidlers in the web3 space with Governance and Operations front and center.
Social highlights for August
- With Brink on board, Hopr followed suit and joined the Infinite team as a co-organizer.
- @o_ponle discovered Swapr on Arbitrum and this led to others discovering our Arbitrum gem.
- Like the rest of us, @d_eleye can’t wait for the world to understand what DXdao brings to the table for Decentralization ;)
- After listening to the DXdao team spill about our censorship resistant front-ends, @wc49358 jumped the web2 ship into the IPFS world.
- @0xVenky declared “there izz no reason to use any other DEXright now!” That’s right people, Swapr for Life!
August Popular Forum Discussions
About DXdao: DXdao is a decentralized collective that builds, owns, and governs DeFi and governance products. Reputation (REP) is voting power in DXdao, and DXD is the financial token with a claim on profit from DXdao products.
DXdao products include Omen (prediction markets), Carrot (programmable incentives), DXgov (governance framework), and Swapr (governance-enabled AMM). DXdao believes in governance and decentralization.