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Dracula ProtocolDracula Protocolby0x7Fb7e28B8bbbA6A0C28c8Ac6a522C2FEFe44ee960x7Fb7…ee96

Upgraded Fundamental changes in drain

Voting ended about 5 years agoSucceeded

The community voted in this change for DRC with https://snapshot.page/#/dracula/proposal/QmXyNV11kxNvSwCPyoCfpNxMMdeqgu4JRtbXc8TKQyEvkU

~40-60% of ETH rewards go into liquidity with a 50% buyback. The rest goes for the same buyback-burn. ~5% of ETH rewards for the DRC pool. DRC pool with DRC rewards.

I propose a refinement. 40% of eth goes into buying back DRC. 60% of eth goes to the feasting pool. No eth goes to the liquidity lock. Drc is rewarded for staking in victim pools. Drc is rewarded for staking in eth/drc hoarding pool. Eth is rewarded for staking in DRC/eth feasting pool

Rational: We have two scenarios. Either we throw drc+ eth directly on top of the liquidity pool using simply the protocol, or we leverage the community to provide liquidity. Now, if we do not provide rewards that are adequate, the community will go back to manually farming their tokens. This is the worst case scenario. Drc has narrow margins over manually farming. Those margins are generated by gas harvesting costs being mitigated for the community. If our TVL drops, DRC is dead. On the other hand, if we leverage the community by allowing the community to fight over rewards, we not only retain our victim assets, but we also pump the price of drc, as people buy drc to get lp tokens to get a stake of the free eth for themselves.

As vampires, we simply cannot let this blood go to waste. And make no mistake. Taking eth, and buying drc and putting that into the protocol to provide liquidity is letting blood go to waste. It makes it harder for buying power to push drc up, it does not incentivize people to buy, and it creates competition against existing people who are providing liquidity in the DRC/eth pool. Fresh blood should go to the members who actually went and got the blood. The protocol lives or dies by the victim pools. Not the size of the drc/eth pool.

Off-Chain Vote

Yes
0 0%
No
758K 100%
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Timeline

Nov 02, 2020Proposal created
Nov 03, 2020Proposal vote started
Nov 10, 2020Proposal vote ended
Oct 26, 2023Proposal updated