Dracula Protocol v2.1 was successfully launched on October 25th with a suite of new features, protocol mechanics and enhanced user experience. We now have a working base product native to Ethereum and a demonstrable application that will be instrumental in expanding our connections and future product offering. Although we‘re very positive about the future of ETH 2.0 DeFi, we’re well aware of the current barriers-to-entry of increasingly high gas fees, and how these fees make it difficult to onboard the average liquidity provider — our ultimate intended user. Our goal has always been to simplify the DeFi experience and provide a one-tool solution for novices and smaller liquidity providers. Although we have some adoption challenges to overcome, the release of v2.1 has already helped in opening new doors of opportunity.
For a recap of v2.1 improvements, see our launch article here: https://draculaprotocol.medium.com/?p=bc69be3384f9
Post Launch Update
Since v2.1 launch the development team and DAO has been working closely together on strategic planning for our growth phase.
For the past several weeks a series of meetings have been held with funds operating in the traditional finance sector. Our v2.1 release has allowed us to demonstrate our current solution and help visualize the conversation around future possibilities. These particular funds want a taste of DeFi/crypto exposure in their portfolios and have shown interest in Dracula as future users, stakeholders and seed investors.
The team is actively pursuing this, and there are a few potential partners interested in contributing TVL in order to bootstrap the protocol, and get the dev team funded to complete work on a strategic v3.0 roadmap & implementation.
Initial DAO Council
An initial DAO council has been formed which will act as a liaison between the larger DAO community and developers, and represent additional work-streams for marketing, communication, strategy and business analysis.
The DAO council is in its early stages but already consists of investors, community members and subject matter experts. The illustration below outlines Dracula’s DAO structure w/ the introduction of a DAO council. Future articles will go into more detail regarding this structure and related processes.
As promised, we’ve constructed a high level roadmap to outline some of the key areas of focus for the next two quarters. It’s important to note that the roadmap is fluid and subject to change based on our on-going activities. A more detailed & solidified roadmap for v3.0 will be released later this quarter.
New Snapshot Proposal
Is there a juicy ETH based victim adapter you want listed on Dracula Protocol right away -or- would you rather have the team focus resources on cross-chain implementations?
A snapshot proposal will be published this week for the purpose of understanding where our community stands on this topic and to help drive the conversations within our social channels.
Dracula Protocol is here for the long-term and we’ll pivot where necessary to achieve our long term goal of being a leader in simplified DeFi. We have many great ideas & plans to expand on Dracula’s product offerings, but also understand the current sentiment and adoption challenges around ETH gas fees.
Version 2.1 was a significant milestone for us, but still only the beginning of our journey. A dedicated DAO council will support the core development team in key areas and will help foster a robust DAO based community. Ongoing conversations with TradeFi funds have been very positive on multiple fronts, and could be the spark we need to accelerate towards a 3.0 release.
We like to thank our community for their relentless support,
About Dracula Protocol
Dracula Protocol is an Ethereum-based, fully automated yield aggregator that eliminates costly gas fees:
- Dracula drastically reduces gas fees by pooling together user yields. This enables Dracula to act on behalf of thousands of users simultaneously with just a single transaction. This single transaction fee is then distributed over thousands of users.
- Dracula boosts user yield by placing pools of yield in interest-bearing vaults. This typically results in an added 8–15% boost on top of user returns (Excluding a performance fee that is typical for any yield aggregator).
- Dracula automatically compounds user yield. Regular compounding leads to exponential returns over extended periods of time vs. linear returns.
- Dracula delivers your LP rewards to you in ETH, basically allowing anyone to earn pure ETH with any LP token without manual intervention.
- Dracula does *not* reward liquidity providers minting hyperinflationary tokens that supress price. DRC is non-inflationary with 100% of supply circulating. It is acquired from the markets directly whenever a user chooses DRC over ETH, and additionally through a 3.75% LP fee.
Get DRC: Sushiswap