Learn beneath to grasp extra about our rationale and methodology.
Why DVF now not serves our Neighborhood and our Product
DVF was initially launched because the governance token for DeversiFi, which started as an orderbook DEX in June 2020. Designed to help governance and neighborhood incentives round this income mannequin, DVF has change into much less related because the DeFi world advanced. Over the previous 4 years, DeversiFi pivoted to change into rhino.fi, specializing in lightning-fast cross-chain bridging and deprioritizing the DEX. With most of rhino.fi’s operations now off-chain, the unique governance mechanism has change into outdated. The present DVF holder base has little overlap with our current customers, and the governance mannequin, though promising in 2021, has confirmed ineffective throughout virtually all governance tokens.
This misalignment is obvious available in the market’s lack of response to DVF, regardless of rhino.fi’s super development within the final yr. Mixed with the present sluggish DeFi market circumstances and lack of investor confidence in new token launches, it grew to become evident that repurposing the DVF token wouldn’t be the best path ahead.
Given these concerns, rhino.fi has determined to supply holders the power to change DVF for USDT. We imagine that providing this token change for USDT, 50% above the present market worth, is one of the simplest ways to reward the loyalty of our long-term token holders whereas permitting future flexibility to develop our development technique for rhino.fi.
Present State of DVF
On the time of this announcement (3pm UTC+1 seventh August, 2024), the DVF distribution was as follows:
60% held undistributed by DVF DAO
27% held by rhino.fi Labs
13% in public arms
One small airdrop was deployed in 2021 to customers of DeversiFi, which elevated the circulating provide and is included within the 13% of tokens presently circulating.Â
The entire circulating provide of DVF can be exchanged or burned in the course of the declare window.
Methodology for Token Alternate
To make sure equity and forestall arbitrage buying and selling or front-running on this announcement, the rhino.fi crew has taken the next steps:
All Holders: All holders as of 9am UTC+1 seventh August (on chain and on exchanges) are in a position to redeem their DVF for USDT. All customers ought to withdraw/bridge to Ethereum L1 and go to our declare from ninth August.
Announcement: Communication shared to our whole neighborhood throughout all channels.Â
Liquidity Elimination: All liquidity throughout DVF markets eliminated consistent with the announcement (together with Bitfinex, rhino.fi, Uniswap, Syncswap). That is to make sure no arbitrage merchants may gain advantage on the expense of our neighborhood.Â
Governance Proposal: In step with the announcement, a proposal was submitted to the DVF DAO. The proposal will be learn in full right here: In abstract, it suggests we:
Burn all DVF held by the DAO.
Convert ETH holdings to USDT, and switch all USDT to the change contract, which is able to purchase DVF at $0.70 after which burn all DVF that it buys.
Because the proposal will take 7 days to finish governance by the DAO, rhino.fi Labs has already funded the declare contract in anticipation of preliminary claims.
Declare Web site Reside: Claims can be dwell at 3pm UTC+1 on ninth August 2024 and stay open till ninth October 2024.
Dedication to the Future
We’re excited in regards to the future and stay up for rising rhino.fi along with our customers and neighborhood. The USDT change is a testomony to our dedication to our authentic token holders, making certain their loyalty is rewarded. The rhino.fi crew is devoted to making a product that delivers actual worth for our neighborhood right this moment and sooner or later.
For any questions or help, please attain out to our crew.
Verify again on the ninth of August to assert your USDT.
