NEWOsletter
April 18, 2022 Edition
Contributors: 0xAkina, Mitch, Molecularity, Ultimatepro, AMBERZ.S, Contentooo
Introduction
April has been a great month thus far for New Order. The H2O token generation event (TGE) has been set, Redacted has launched the Hidden Hand marketplace, and the veNEWO proposal has passed with the most votes the DAO has ever seen. Additionally, DeFi basecamp is underway and as more partners are finalized, more details will be provided to the community. April is going to be full of exciting developments with respect to community events, DeFi basecamp, and incubates. Stay tuned.
Defi Base Camp
Last week marked the kick off of the Defi Base Camp accelerator. At Base Camp Deep Dive last week, the founders of each team met with the New Order core team members Marek, Eden, Alex, Mike, and Amber to practice pitches, clarify value propositions, and prepare for the Speed Mentoring session for this week. Each Base Camp team has unique product and associated launch plans. The New Order team went in depth into each team’s operations and gave feedback from different perspectives, including go-to-market, customer discovery, user experience, regulatory landscape, and technical details. Examining the different aspects of the product help the teams understand the priority and feasibility of each moving part. For example, for building a marketplace, it is important to lay out the logic of hard & easy side, supply & demand side, which informs go-to-market strategy. This week, the teams are going to meet mentors from a variety of backgrounds to see how their skill sets can accelerate the growth for the teams. DeFi basecamp has kicked off and DAO contributors will soon have the opportunity to lend a hand, join here to stay up to date on how you can get involved.
Projects
Redacted
April 11th brought the much anticipated announcement that Hidden Hand, [Redacted]’s bribes marketplace for veTokens, was being deployed to mainnet. The soft launch featured partners, Frax, Ribbon, and Balancer, all of whom are employing a vote-escrow token model for the governance of their respective protocols. By on-boarding to Hidden Hand, these protocols create a secondary market for their native veTokens, and the cartel will begin to accumulate fees, which will be split 50/50 between BTRFLY holders who elect to lock into rlBTRFLY (a feature that will be rolling out shortly), and the cartel treasury (accruing value to the BTRFLY token). A twitter spaces event was hosted on April 12th featuring guest speakers from Frax, Ribbon and Balancer, and a recording of the event can be listened to here.
The Cartel’s developer team has taken a measured approach to rolling out Hidden Hand, and to great effect, so far. The soft launch of the bribes marketplace has gone off without a hitch, and new protocol partners are expected to be on-boarded as more features are deployed. This past weekend, the first set of bribes were posted to the marketplace, with Vesta Finance posting a bribe to incentivize token holders to vote for the Curve VST:FRAX pool. Users who vote accordingly in the upcoming Frax gauge vote will be eligible to claim some of those sweet, sweet VSTA rewards.
Hidden Hand is just one of the key features and services deployed as a part of the [Redacted] V2 rollout. Pirex, the Revenue locked/Governance locked tokenomics overhaul, and other features are anticipated to be shipping soon. Keep your eyes open for upcoming announcements! Anyone claiming that there’s no more innovation happening in DeFi these days, must not have had a run-in with the Cartel (yet).
H2O
Great news for the ecosystems of New Order, Ocean Protocol, and Reflexer. The most important is that the date for the TGE of PSDN has been set, which will take place on April 27th. We will announce targeted airdrops and incentives for liquidity providers in the coming days. It is important to remember that $NEWO holders will receive 4% of the total $PSDN supply and will be distributed in 4 different phases. The first phase will include an airdrop of 1% of supply to whoever has $NEWO staked in the Vaults (both single stakes and NEWO-USDC LP), while the other 3% are for veNEWO holders only (which is coming soon). 11% of the total supply is instead destined for the New Order treasury. Also, we formalized the partnership with DataX, a decentralized data finance protocol, building financial infrastructure on datasets. H20 will serve as a medium of exchange for DataX products built in the Ocean protocol. DataX's purpose will be to create markets for datasets by making them de-facto liquid assets. DataX has two products available currently; TradeX, a DEX that will allow users to buy and sell their datasets using any ERC-20 token, and StakeX, which will enable users to stake their tokens in data pools, allowing them to earn swaps fees and staking rewards. As we approach the launch date of H2O more exciting insights will be shared. Stay tuned.
OptyFi
OptyFi is moving towards their goal of the optimization of all decentralized assets, including NFTs, and in the process, making them accessible to all. Thanks to OptyFi’s team of proven strategists, users will be able to gain exposure to the NFT market without being experts in the field. There will be several NFT vaults; the first to be developed will have the themes chosen by the OptyFi team, and the community will select all of the subsequent vaults. Users will also have the option to gain exposure in blue chips such as CryptoPunks or increase the level of risk with not-so-hyped projects. The NFT vaults are certainly a long-term play, and for this reason, the capital deposited will be locked for a year. Despite this, OptyFi will create a secondary liquid market, perhaps a pool on PUNK-ETH on Sushiswap in which you can sell your tokens. Additionally we are excited to report to you all that OptyFi is now live on Polygon. As OptyFi continues to develop and build out their platform, expect a great quarter.
Governance Snapshot Votes
The current proposal up on Snapshot is a Q2 budget proposal, which will be a total $300k USD over 3 months (Q2) for SubDAO Leads, and Contributors. This will be funded by the $NEWO held in the protocol treasury. Sub DAO leads will be paid on a quarterly basis Contributors will be paid on a monthly basis, or at the end of the project, whichever is longer. The vote is still live until 19th of April. You can vote here!
To further increase the utility of NEWO we proposed the introduction of a locking system that distributes protocol perks in favor of token holders with conviction rather than simply the number of tokens held. We acknowledge the value add of the “ve” system, though it needs to be tailored to New Order’s tokenomics and protocol mechanics to bring the largest utility to the NEWO token. This mechanic would allow users with the most conviction to steer incubation engagements and protocol changes. This proposal was passed with the most votes the DAO has seen, with more than 18 million $NEWO in participation!
Conclusion
The purpose of New Order is to incubate the development of new and critical decentralized financial projects. Besides all of the in-house incubated protocols, creating a Basecamp Evaluation Committee is necessary to help launch 30-40 projects per year. If you want to keep up to date or are interested in contributing to the development of our Decentralized Venture DAO, we invite you to follow our social channels. Please feel free to ask them on Discord if you have any questions.
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