[HIP-2] Whitelisting LiquidDriver (Arbitrum/Fantom/Moonriver)

This proposal is to vote for the request to whitelist LiquidDriver in Hundred (HND) “Whitelist” contract, allowing Liquid Driver to participate in locking HND permanently, allowing liquidity farming pools and future veHND related benefits to regular users.

Background

• LiquidDriver is the first liquidity mining dApp providing liquidity-as-a-service in the Fantom ecosystem.
• LiquidDriver aims to bring its users more utility, rewards, and long-term benefits through its native token, LQDR, and ultimately become the leading liquidity-on-demand platform for dApps on the Fantom Opera Mainnet.
• One of LiquidDriver’s key services is to support and help projects which adopt veToken tokenomics (Curve’s veCRV model) and enable regular DeFi users to boost yield and - farming rewards at the same time.
• LiquidDriver has successfully been whitelisted by SpiritSwap to participate in locking SPIRIT permanently. SpiritSwap is a blue-chip DEX protocol on the Fantom Opera Mainnet with a $350m TVL (as of 1/19/2022) which recently moved to a gauge voting model based off veCRV.

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Abstract

• LiquidDriver allows users to lock HND through its own smart contracts to HND’s smart contract permanently while issuing the wrapped counterparty token, called liHND, at a 1:1 ratio.
• With liHND, users give up their voting power to LiquidDriver to benefit from:

1. A liquid position that can be swapped back in any other token using a DEX.
2. Two strategies to earn yield: Staking liHND to earn boosted yield from veHND or providing liquidity for liHND/HND pool to earn LQDR.

• LiquidDriver will open a liHND/HND stable-pool on BEETHOVEN-X to create liquidity and keep a strong 1:1 peg.
• LiquidDriver will set-up a liHND/HND LP farm to incentivise liquidity.
• LiquidDriver is keen to open multiple hTokens single-farming pools to drive additional TVL and diversify our revenue.
• xLQDR holders will benefit from additional revenue.

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Benefits to Hundred Finance

• Strong buying pressure on HND token. Since more HND has been permanently locked through LiquidDriver, the amount of HND in the market is reduced, and each individual vault’s (hUSDC, hMIM, hFrax etc) APY is increased. Accordingly, more users supply for lending, more users borrow assets through HND - and there is more protocol revenue (in the future) for HND, thus more HND permanently locked. This feedback loop directly benefits the HND founding team and veHND holders, as revenue increases and value of HND is increased.

• Existing vault users and new vault users can join the LiquidDriver swapper vault in our dashboard and farm there to access vault farming, all while getting the liHND benefits described above. All TVL makes its way into HND and makes the HND vault farming more accessible and profitable for regular users. This benefits both existing HND holders and xLQDR holders.

• Liquidity will be incentivised to Hundred Finance through LQDR distribution: hTokens single-farm LPs will be able to deposit their LP tokens in our farms to claim LQDR emissions. The proceeds can then be vested in xLQDR to earn a share in our sharing revenue vault that stands for a proxy for the FTM ecosystem.

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Tokenomics of LQDR

LQDR Function:

• Native token of LiquidDriver.
• Governance token for voting and making new proposals for the protocol.

Key points:

• xLQDR is a vested version of LQDR.
• xLQDR holders receive daily rewards from the Revenue-Share Vault.
• Total locked LQDR: 66%

Note and resources:

• Whitelisting LiquidDriver is supported by the Hundreds Finance core team.
• A snapshot proposal will be submitted soon to our DAO to start acquiring HND token.
• https://docs.liquiddriver.finance/
• https://www.liquiddriver.finance/

Please cast your vote:

1. YES, whitelist LiquidDriver
2. NO, do not whitelist LiquidDriver