For the first time since its inception, Dracula Protocol is consorting with one of its victims! Previously, Dracula Protocol has been seen as incompatible with the DeFi protocols that it harvests due to the constant sell pressure of their native token, such as SUSHI. Although this is still relatively accurate, we found that there are still opportunities for synergies between us and other projects.
Going forward, Dracula Protocol will now exclusively use Sushi when selling victim rewards for ETH. This decision will ensure that all swap fees from our drain are now given to xSUSHI holders and will help strengthen the Sushi community.
We are also ensuring that 2% of the drain that would normally go to the developer fund in ETH is now being given in SUSHI. This SUSHI will then be staked for xSUSHI, where the Dracula team will now earn part of its revenue from Sushi fees. The Dracula team has also committed to engaging in governance proposals on behalf of its users with this xSUSHI, which is an important milestone for delegated governance in DeFi.
Going forward, Dracula Protocol hopes to become a platform capable of retaining governance rights on behalf of its users in order to maximize efficiency and increase the likelihood of reaching quorum. Dracula Protocol is capable of doing this for any of its underlying victims and will expand this initiative as more victims are added.
In return, Sushi has granted Dracula Protocol with a small developer’s fund, which will be deposited in the gas fund. Sushi has also committed to allowing Dracula to have Sushi as a victim.
We would like to use this announcement as an opportunity for all of the platforms that we have listed as a victim to reach out. We would love to find a way to help make our more platform synergistic with all of the platforms that we drain.
More About Dracula Protocol:
Dracula Protocol V2 is a universal DeFi adapter that streamlines yield-farming by automatically collecting underlying reward tokens on an ongoing basis, selling the tokens for ETH, and investing the ETH into an interest-accruing strategy.
Dracula Protocol on Twitter: https://twitter.com/DraculaProtocol
Dracula Protocol on Discord: https://discord.gg/Qc6HRcKMpm
More About Sushi:
The Sushi protocol realigns incentives for network participants by introducing revenue-sharing & community-driven network effects to the popular AMM model.
Sushi on Twitter: https://twitter.com/SushiSwap
Sushi on Discord: https://discord.gg/NVPXN4e