$DRC and dracula.sucks launched less than 4.5 days ago. Since then, the protocol has reached an important milestone: $100,000,000 total value locked.
How’s your week been?
Before we get into some exciting updates for everyone, some thanks are in order. We owe a debt of gratitude to our community and everyone outside of it who have contributed to our growth and supported us along the way. We literally could not have done without you, and we look forward to continuing our progress. This is the very beginning.
That said, we recognize that, sometimes, it takes a few sets of eyes to get something absolutely right. We are excited by our community’s passion to see this project succeed and hear all of your concerns about inflation. In truth, we did not anticipate this pace of growth and adoption. Our original plan simply did not account for all that we have accomplished in this time period.
We have a three-part proposed solution for the community’s consideration:
1)Instituting a temporary increase in weight of DRC/ETH pool to 45% from 30%.
2)Reworking total inflation to reduce it significantly. The original plan called for 100 DRC per block at $5 million TVL, moving to 500 DRC per block at $150million TVL. We propose replacing this plan with a steadier, two-tiered system:
In the first tier, when the TVL is at $5million, there will be 100 DRC per block. When the TVL reaches $100million, it will move to 250DRC per block.
In the second tier, when the TVL goes up from $100million to $500million, it will move from 250DRC per block to 500DRC per block. After $500mln TVL it remains 500DRC.
This will significantly reduce inflation and ensures overall stability.
3)To address the potential for IL in the current DRC/ETH pool: we propose creating a DRC pool that receives rewards in DRC. This will allow individuals to hold DRC without exposure to IL. The initial mint from this pool will be low as it’s an experiment.
While we believe these proposals will solve many of the issues we currently face. The community will have the ultimate say as to whether we incorporate all, some, or none of these proposals.
Transparency and plans
Additionally, in the interest of disclosure and openness to the community, we have some additional news to share. We have been contacted by several CEX exchanges about possible listings. Exciting, we know. However, we’ve decided to postpone any listings until mentioned about changes in DRC relative inflation. The last thing anyone wants is for a CEX listing to lead to a pump and dump on retail investors. It could just lead to unnecessary consequences; the potential for harm (at this stage) is too great. And it’s against our ethics.
Please see below for some more future plans with more specific ETAs:
Today: Changes 1 and 2 mentioned in the proposal
Tomorrow: We will add 6 new Sushiswap pools and 3 new Luaswap pools.
Tomorrow(probably): we will create another medium post regarding audits in DeFi and it’s quality.
2–3 days: Adding Harvest Finance F-pools + DRC staking pool
During the whole next week — Adding at least 3–5 new farming targets
10 days: Smart contract with weight recalibration
10–20 days: Fully working decentralized governance 🎃
Just one more thing:
We understand that currently, we are exploiting the DeFi ecosystem. The more our TVL increases, the more we sell our victims. We would simply say that we are entirely aware of this effect and that we have plans to eventually decrease it for a little bit.
But, for right now, we are just baby vampires. Our vampiric state is in its very early stages. There isn’t much we can do about it at this very moment. Eventually, we will evolve, and we and our victims can coexist.
Keep draining out there.