Dracula Protocol V2 is LIVE!

Dracula Protocol V2 is now LIVE!

Visit our new website at v2.dracula.sucks. Our mainnet contract addresses can be found on our Gitbook which includes extensive information for both new and returning Dracula Protocol users.

What does V2 mean for Dracula Protocol?

Tokenomics:

With the launch of V2, the total DRC supply has now been officially capped and will no longer be inflationary. You can view the DRC supply metrics on Etherscan.

The Dracula Improvement Proposal (DIP-01) vote on Snapshot decided to incentivize one liquidity provider (LP) pool on Uniswap. Liquidity providers for this pool are able to stake through our interface to earn 6% of each drain, in ETH, instead of the originally planned 3%. Adding an additional incentivized pool at a later date is under consideration.

New Interface:

Our new website is meant to improve the user experience for both new and existing DeFi users. Currently, our interface allows you to stake your liquidity provider (LP) tokens through Dracula to start auto-compounding your yields in ETH. Going forward, we plan to allow 1 tx deposits into our victim pools, although this feature is not available at this time.

Staking:

DRC staking is now live in V2! Stake DRC to earn ETH which comes from a portion of our ‘drain’ every 24 hours. A ‘drain’ is where rewards accrued from underlying platforms are harvested, sold for ETH, and deposited into an interest-earning strategy. The APRs vary and are dependent on the Total Value Locked (TVL) and APRs of the underlying victims.

Victims:

A ‘victim’ is an underlying platform that Dracula Protocol is able to harvest and sell rewards from. Dracula Protocol V2 will launch with several victims, although we are in the process of adding more. The current victims are as follows:

  • DODO
  • SushiSwap
  • LuaSwap
  • Pickle

NOTE: All APRs will take 24 to 48 hours to update and reflect accurate metrics due to our drain mechanism. Please be patient when evaluating returns.

Migration:

For all users currently deposited in Dracula Protocol V1, we ask that you unstake and migrate to Dracula Protocol V2 manually. The withdrawal fee of 1% for the DRC staking pools has been disabled for this migration and V1 will now be phased out. There will be no auto-migration tools so that our core team can focus on adding new victims and features for V2.

Documentation:

We have launched a comprehensive Gitbook that covers all aspects of Dracula Protocol V2. This documentation includes general DeFi knowledge, instructions for depositing and withdrawing, tokenomics, frequently asked questions, and much more! Current translations being completed are Spanish, Chinese, Japanese, and French.

Future Plans:

The Dracula Team has worked relentlessly over these last few months to ensure the success of Dracula Protocol V2. Going forward, we are planning on adding new victims, improving the decentralization and automation of Dracula Protocol, and exploring new features, such as cross-chain farming. The Dracula Team will release an official roadmap in the following days and will post it on our Gitbook, along with an announcement. We will also be releasing details regarding our partnerships and collaborations after this article.

We would like to thank the community for their unconditional support since our genesis. We couldn’t have done it without you! In addition, we would like to specifically thank these community members for their contributions:

  • Ray Raspberry for their exceptional contributions to our documentation.
  • Groove for their relentless scouting of potential victims.
  • Hansi for their exceptional marketing and promotional efforts.
  • Patrick McDonald for their incredible help moderating our Telegram.
  • Dave Jones for their helpful articles and infographics.
  • Gary & Johnny Crypto for their help running our subreddit.
  • Ferklish & Rubb for their pig-themed antics!
  • All other community members! If we listed everyone, this article would be way too long!

We would also like to welcome @mdzor to our official team as a full-stack developer! With a solid core team, an amazing community, and bright future ahead, Dracula Protocol V2 aims to be a core tool in decentralized finance for years to come. Details regarding partnerships and collaborations will follow shortly.

Welcome to Dracula Protocol V2!

More About Dracula Protocol:

Dracula Protocol V2 is a universal DeFi adapter that streamlines yield-farming by automatically collecting underlying reward tokens on an on-going 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

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