Tech details and TLDR for Ideology post

Dracula Protocol
2 min readOct 13, 2020

--

Update from 10/14/20:

We are still under attack and are being permanently exploited and drained. We, therefore, propose to decrease current inflation in the next 5 hours significantly.
The new plan will start at 10/14/2020 18:00 UTC.
It will calculate Dracula Native APY so that most of the pools will be between 90–250%(mostly) of victims APY. As a result, the burn rate will increase significantly.
The deflation stage will start as planned initially — 10/16/2020 13:00 UTC.
We will enter the deflation phase in 2 days with somewhat less supply than 10 mln. Postponed mintage for residual 1–2 mln will be used later to attract new farmers and users, after audits and listings.
We do hope that Dracula Protocol community understands these measures and accepts them.
We’ll start burning 50% of our newly minted dev share at the beginning of this plan. Decreased inflation begins in several hours. Dev share at that moment — 688k DRC.
Be prepared.

Original post from 10/13/20:

TL;DR:

  • We have been attacked, exploited and dumped, we have found a defence.
  • In 3 days DRC becomes deflationary, pools will have less APY, than the target, but higher ROI due to deflation.
  • Tokenomics: minting to support 90% of victims APY, 5% goes to ETH/DRC, 50% newly minted dev fee burned every update
  • 50% of already minted dev fee will be spent: 25% on airdrop for supporters, and 25% for new users, 30 DRC per user
  • The next technical update will include several adapters from the community and Harvest Finance
  • Three more days to enjoy inflation, 200 DRC per block.
  • End of inflation 10/16/20 13:00 UTC +0 or once we hit 10mln cap.
  • Deferred SUSHI/LUA rewards in case Dracula Pools will receive them will be distributed in 6–12 months.

Tech details:

Starting from 10/13/20 21:00 UTC+0

Inflation will be set for 200 DRC per block.

This time we’ll try to stick to a more stable weight for pools.

After the end of the inflation stage(10/16/20 13:00 UTC+0). Or once 10 we hit 10mln total cap.

Total mintage becomes ~90% of the current price of DRC money inflow.

DRC/ETH will have 5% of mint in the early stage. Later 3%. These numbers may differ and be subject to governance.

SUSHI/LUA pool users will receive not only 90% from real APY of SUSHI/LUA but their remaining SUSHI/LUA as well in 3–6–12 months without any locks or requirements. We’ll work as a pool for this.

We are going to use a new metric instead of the current APY. The new one will take into account current inflation on a timeframe and divide future circulating supply by the current market cap and will show a much more relevant ROI metric.

Additionally, with help from the community, we have found elegant ways to get rid of arbitrage/front-run bots and we will implement them eventually.

*On the initial stage in some cases of significant DRC price growth, it may still mint some tokens, as pool updates are discrete. But on average it will be a deflationary system.

--

--

Responses (1)