29 June 2021
Λ L Ξ X / アレクサンダー.eth
It's farming szn. 👩🌾
- LP token deposits for farming are re-enabled in the user interface for a minimum of four weeks. This will allow us time to create and deploy Bonding V2.
- LP token withdrawals are re-enabled in the user interface but still will not return your full principle until Bonding V2 is deployed.
We removed Bonding Contract deposits in the user interface originally in the scenario that we would need to manually transfer back all of the funds. Now we are working on a migration method on Bonding V2, as well as a migration function on the user interface which will handle the token migration in an automated and scalable way.
Successful Manual Retrievals of Staked Liquidity
We were able to successfully retrieve coinsurf#2115's LP tokens manually. More info on the retrieval can be found here. Please let Λ L Ξ X / アレクサンダー.eth know if you need your LP tokens immediately before the Bonding V2 deployment. We have our community's best interests at top of mind.
DAO Operating Capital
This initial phase in the DAO's development is crucial to working out and iterating upon early modifications in scenarios (such as the manual retrieval of staked liquidity) in a safe and controlled manner. During this period, it should also be noted that the
raiseCapitalfunction will be used by the team to mint new uAD in order to build the treasury’s reserve and fund ongoing development.
On Wednesday 30 June, the team will be minting uCR (Credit tokens) to cover the Q3 operating budget as per the "Rapid Prototyping Period". The operating budget will be itemized and publicly announced on 1 July. Current Q3 OpEx estimates are at approximately $100,000.00, meaning that at present, the team may need to raise approximately
64,624.40018539uCR in capital:
100,000.00- (DAI, USDC and uAD) in the treasury balance.
The uCR system has built in limits for redemption per up-cycle (above 1.00 TWAP) which prevents abuse of over-redemption and sells from the team. This makes it formidable to push the TWAP below 1.00. The formula is listed on uCR Token Documentation
Due to these limits, it may take several weeks to fully realize uCR → uAD redemptions.
As a part of the "Rapid Prototyping Period", control of contracts using this function is currently one-sided and unrestricted – however, as the DAO development phase rollout continues and we exit the "Rapid Prototyping" and "Cool Off" periods, this will change to being an exclusively governance-based contract, to be used as seen fit exclusively by the community.
See the documentation pages https://dao.ubq.fi/treasury-module and https://dao.ubq.fi/governance-module to learn more.