DEXTF Newsletter #19
NFT giveaway | Single sided staking | Mega August recap thread | What are DAOs?
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
We did an NFT giveaway campaign to celebrate the launch of our three major initiatives.
Our single-sided staking contract a-la-AAVE went live!
Here is a detailed thread compiling highlights from the month of August!
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 2nd September 2021].
Please refer to the DEXTF website for the latest APRs:
DEXTF/ETH is offering a 65% APR
XTF/DEXTF is offering a 39% 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$2,900,000
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$97,184 in revenue since the Treasury started
To date, the cumulative amount of assets bought back by the Treasury are:
153015 $DEXTF
21.05 $BAL
1.4649 $ETH
1232 $UMA
6227 $USDC
1287 $USDT
Concept of the Week
⚖️ What are DAOs?
A DAO is a Decentralized Autonomous Organization that runs itself through a baked-in code-based rulebook and is controlled by its members.
Today, DAOs are thought to be the most practical and efficient way of organizing a group of people to achieve an objective.
Tokens coordinate voters, DAOs coordinate and execute transactions.
DAOs objectives can be:
increase participation (https://medium.com/impossiblefinance/the-impossible-dao-85dc558a6efb)
incubator
advocacy (https://gov.yearn.finance/t/yip-63-fund-builder-first-legal-activism-dao/11280)
online creators (https://creators.mirror.xyz/862A5rBtKX3BC8eEircDnGwPIJJTJ33hn-MvnukByPc)
purchasing NFTs (https://blog.niftex.com/nft-dao/)
Traditional companies are owned by shareholders that would delegate the daily operations of the business to a management team (usually externally hired). DAOs are owned by the community. Decisions are made through votes. Votes are executed by the smart contract.
At first impression, the automation and the efficiency of it all appear rather dry and robotic, however, DAOs are still made up of people that have different backgrounds and mentalities.
What could possibly shape the general direction in a consistent way through time?
Culture. Here is an interesting piece explaining why that is.
Many projects in crypto today have a governance token, which can be used by the holder to sway votes on proposals written by the team to change certain parameters. However, as the rulebook on how these decisions will be implemented is not baked into the code of the smart contract, the same governance token projects are not DAOs.
In other words, if a proposal passes, the implementation of the outcome is automated.
The main advantage of DAOs is that once the smart contract with the rules is live no one can change them without being noticed. Naturally, DAOs will live on the most secure blockchains, which today we can find in Ethereum, as the consensus is sufficiently distributed for organizations (group of people) to trust the network.
https://coinmarketcap.com/view/dao/
A key reason why project would want to form DAOs is the higher degree of decentralization. This is true especially when large treasuries are involved or a large and passionate community that wants to increase participation.
What if DAOs were the ultimate state to which any project tends to transform itself into if they were serious about their decentralization commitments?
Since "The DAO" in 2016, hundreds of DAOs have sprung up and many more are emerging in a little more than 5 years.
The level of interest has been on the rise with people calling for use of DAOs in government. Politicians are effectively middlemen, representing the community at large to execute on proposals that emerge from discussions with the community.
Through DAOs, the members make the decisions in real-time over what needs to be done to increase value for the DAO.
To accelerate growth in this space, Syndicate DAO is developing useful tools empowering other DAOs in matters involving decentralized investing, decentralized social networking and legal frameworks.
https://syndicate.mirror.xyz/BYU6CUG4k4hRx7HMviApYAxpEpIhe-mMDhzyBy580tU
Semper Fortis
DEXTF Team