Dracula protocols first day update.
The Dracula protocol had an amazing start. Value locked has peaked on $10mln and $2mln trading volume in less than 20 hours after the start. We are extremely grateful to the community for such a huge support.
Addressing inflation:
As a result of communication with the community, inflation growth from Total Value locked was decreased by 2 times as much as the portion of the DRC/ETH pool increased by 25%. It may change even further, in case the community decides so.
We recalibrated minting weights for pools so that pools that bring less value(high liquidity and low APY pools) received less DRC tokens.
We updated web UI so that the Drain function become more clear for everyone. Now every pool has an information tab with the full dollar value of tokens that are free for the drain.
Our long term vision of the project:
Our goals and aims remain the same, deliver a tool for yield farming with the best APYs on the market for each possible pair and build a token with more price stability and value long term than on most of Defi tokens.
Next to come:
- Community voting for next projects and pools to add as supported by Dracula Protocol. We will launch voting in Telegram for the next vampire target.
- Today we will additionally increase the weight of DRC/ETH pool for first weeks and rebalance in general weights for pools.
- Launching separate Governance token with limited supply, where DRC token will serve as a core pool with burn/long term lock stacking of DRC token. This token will receive a portion of realized ETH/token rewards for possible DAO / profit share distribution.
- Launching smart contracts for community-governed inflation and pool weight distribution.
- Even though Dracula protocol worked smoothly and we received nice reviews from community developers, we still lacking public audits and increase audit bounty to 15 ETH for 2 first auditors, 10 ETH and 5 ETH for first and second accordingly.
