DEXTF Newsletter #16
$DEXTF gets listed on a centralized exchange | Trading competition 100,000 $DEXTF in prizes | Investment migration tool | XTF2TTTDFI fund breakdown | US infrastructure bill
Hey Everyone,
Welcome to this week's edition of the DEXTF Newsletter!
You can follow the community conversations on Discord, Telegram, Twitter, and Reddit!
DEXTF updates
$DEXTF is now listed on a centralized exchange, Bitrue.
To celebrate our listing, we are running a mega trading competition.
The migration tool to fast track the transfer of your fund investments from V1 to V2 is now live!
Here is this week’s fund breakdown (XTF2TTTDFI) launched on DEXTF.
Note the “XTF2” which means that it’s a v2 fund token!
For those that want to dig into what’s DEXTF, this is a good start:
Also, DEXTF is hiring! If you think this is you, reach out to us. DMs are open.
Portfolio Metrics
[As of 12th August 2021].
Please refer to the DEXTF website for the latest APRs:
DEXTF/ETH is offering a 69% APR
XTF/DEXTF is offering a 46% APR
You can also earn $DEXTF by providing liquidity on Uniswap (29.6K tokens daily) or investing in any of the XTF funds (12K tokens daily)
Current TVL is US$ 3.05M* (refer to DeFi Pulse)
*calculation includes TVL v1 + TVL v2
You can invest by buying on Uniswap or on the DEXTF app
Here’s a quick guide on how to buy
Protocol Revenue
DEXTF has earned cumulatively US$ 68.3K in revenue since the Treasury started its asset allocation strategies. This has resulted in an additional buyback of 10700 $DEXTF, 2018 BPTUMAUSDC and accumulation of 1 $ETH.
To date, the cumulative amount of assets bought back by the Treasury are:
195148 $DEXTF
4547 B-UMA-USDC
15 $BAL
2.3 $ETH
Concept of the Week
⚖️ Why should crypto enthusiasts be concerned (or not) about the US infrastructure bill?
If you've been lurking around Crypto Twitter in the past 2 weeks, there's one thing that stood out from the renewed NFT zest: the US infrastructure bill.
You must be wondering what this has to do with crypto.
Let's break this policy move down into easy-to-understand bits.
The agenda of US president Joe Biden is to inject up to US$ 3.5 trillion to revive the US economy from the socio-economic devastations of the ongoing pandemic. The gigantic stimulus would virtually touch upon all aspects of life, including addressing climate change.
Disagreements over the destination of those funds prompted the creation of 2 bills:
Infrastructure Investment and Jobs Act
"Human Infrastructure" Act
Infrastructure Investment and Jobs Act
The Senate passed the Infrastructure Investment and Jobs Act worth US$ 1.2 trillion (initially US$ 2.3 trillion) with an overwhelming majority of 69-30, even as the budget reconciliation process was used. The bill is currently under discussion at the House of Representatives where we can expect further changes, especially around the all-in definition of crypto "broker" for tax collection purposes. An amendment to the bill before the Senate, unfortunately, didn't pass as it required unanimous consensus, despite a passionate Twitter appeal campaign to call up state Senators to ward off any objections.
The infrastructure bill results from a bipartisan (Democrats and Republicans) agreement over modernizing roads, bridges, public transport hubs, and expanding internet connections. Preventing further climate change also means redirecting funds towards creating new EV charging points and retrofit existing buses to be powered by electricity instead.
Ironically, by taking a contrarian view, this could result in one of the most bullish moves. The most significant economic powerhouse insists that taxing crypto infrastructure would sustainably provide revenue for real-world infrastructure in the region of US$28 billion over the next decade.
Furthermore, there's nothing new in governments applying taxes, duties, levies on stuff that works and that help millions of people in the world to solve century-old issues.
Jake Chervinsky, Compound Finance's General Counsel, illustrates the issue with a clear thread:
"Human Infrastructure" Act
The second bill worth US$ 3.5 trillion would touch on matters around child care, education, and rehabilitation into society for veterans and aid low-income families making less than US$ 400,000 to access better healthcare (less attractive to Republicans). The plan narrowly passed in the Senate with a 50-49 win on August 11th, 2021. Of course, as a Democratic-led proposal, the intention is for this to pass by leveraging the US$1.2 billion bipartisan bill.
Massive government spending usually means that another plan to shore up the funds to finance these initiatives is also drafted.
Here are where the critical issues emerge for the crypto industry as a whole. The US lawmakers' approach appears to be regulation by taxation.
Conclusions
In short, the Internal Revenue Service, the US tax collecting office, could impose a tax reporting burden on any American crypto enthusiast that has transacted on the blockchain. In fact, to fill out the tax forms, crypto "brokers", even if non-custodial, are required to collect customer data as part of KYC efforts that are pretty normal in TradFi. The issue is that in some instances there is no customer data to be collected as the transaction is one-directional such is the case for miners, stakers, and protocol developers.
This has led to a generalized fear in the US that crypto innovation will suffer a brain drain towards more crypto-friendly nations.
Singapore is positioning itself at the forefront to develop a vibrant, thriving, and safe crypto ecosystem.
Semper Fortis
DEXTF Team