Redacted Files #15
Welcome everyone to Redacted Files. Today we’ll cover the new Hidden Hand markets from Timeless and Camelot, round 14 of rlBTRFLY distribution, and Pirex GMX.
Things have been busy at Redacted the past few weeks, and the contents that follow show some fruits of the labor. Let's jump in.
Hidden Hand
Timeless Market now Live (BUNNI PROTOCOL)
Join us in welcoming the brand new partner Timeless Finance to Hidden Hand.
Bunni is a “Liquidity Engine” for projects to easily access Uniswap V3, developed by Timeless. Despite Uniswap being the leader in the space as far as TVL and overall volume, most liquidity providers lose money to provide the service. Swap fees are not enough to offset the risks, such as Impermanent Loss. This makes it difficult to get deposits into the pool and bootstrap liquidity. Some methods like native token incentives have proven less than ideal, as they generally attract mercenary liquidity that disappears the second the incentives stop, giving the pool a false sense of stability and size, hurting the token in the long run.
Instead of a project creating a pool and just depositing liquidity themselves, they would create a Bunni token contract for the desired pool. This contract would serve as a gateway for the project and the community to provide liquidity into the Uni pool from the Timeless frontend. Instead of multiple deposits from individuals, staking thru the contract would effectively be combining everyone's deposit into one powerful position. LPs can thus feel more comfortable as they have a managed position on V3 capturing the volume and fees, instead of less productive positions on V2s set it and forget user experience.
Now that users have deposited into their subsequent pool, they receive fungible ERC-20 BUNNI-LP tokens instead of the Uni-LP NFT they would normally receive for their position. These can be staked back to the platform in pools to receive even more rewards.
How to acquire LIT (Liquidity Incentive Token)
Pools are incentivized with oLIT (a call option token) for rewards. This token is accumulated as rewards are paid out for LPs. It then allows users to buy LIT at a discount from market price. oLIT holders can trade those, and the equal value of them in ETH, to gain the total value in LIT tokens. Interested parties can also acquire LIT from Balancer at the undiscounted market value.
Holders can then deposit LIT into Balancer (20WETH-80LIT BPT) to receive veLIT to unlock the ability to vote for gauges and direct the oLIT rewards to their desired pools.
LIT and Hidden Hand
Here is where Hidden Hand joins the conversation, and adds to it by providing a marketplace for holders of veLIT to be bribed to vote for a desired gauge, effectively increasing the amount and value of oLIT rewards the pool receives. This helps to expand the Redacted Protocol into UniV3 incentivization and the benefits that lie within.
Taking the path of RFF to voting on the RIP, the community had an opportunity to take part and voice opinions. We are happy to report that the vote passed with 100% of voters in favor of incorporating Bunni into Hidden Hand.
Camelot
After successfully launching pxGMX with Camelot on Pirex, the teams have been hard at work designing more implementations for the partnership, and the next target was creating a Hidden Hand market for the protocols xGRAIL token.
GRAIL and xGRAIL
xGRAIL represents staked GRAIL, and is a non-transferable escrowed governance token. The value of 1 xGRAiL is equal to 1 GRAIL. GRAIL is earned through farming by creating a staked position, or by a user navigating to the Exchange on the Camelot app.
Applying gauges to direct token rewards was always part of the plan for Camelot, and the team at Redacted feel as though this is the perfect use case for Hidden Hand to shine. By creating a bribe platform for votes of xGRAIL holders to be incentivised. Core Team member Never launched a RFF creating the new Hidden Hand market. This would allow for the expansion into Arbitrum liquidity incentivization by bribing the holders of xGRAIL to vote for gauges directing rewards to the desired pools, increasing the value of LPing into said pools, as well as increasing the depth of liquidity. All good things. Not to forget to mention that this adds to Redacteds’ exposure to Arbitrum. Keep an eye out as this proposal is being sent to Snapshot soon.
To keep tabs on the real time activity on the incentives, follow the Hidden Hand Bot on Twitter to have it delivered to your Twitter feed.
Aura
Aura has been bribing their gauges lots lately on the platform, and it has been said to have an effect on Aura and Balancer. Check out the Tweet by Redacted main account and follow the link to get the latest news in the Defiant article included. It's nice to see the reach that Hidden Hand is continuing to have and how the tools actually help drive value to the protocols that participate. Balancer's TVL surges 20% in 2 weeks to over $2B. Probably nothing to do with the upcoming and highly anticipated LSD market.
Full article by Owen Fernau (HERE)
Pirex Updates
GMX
More progress has been made with Pirex GMX. As was the case with CVX, this is a slow and steady climb up the ranks as people begin to realize the benefits of using Pirex to maximize their bags. Deposit to unlock auto-compounding your yield, the ability to get liquidity against your staked token and illiquid rewards, and the ability to manage your multiplier points.
To stay on top of all the metrics, check out Funky’s very informative Dune Dashboard on Pirex, now including all the new important Pirex GMX stats like the amount of tokens deposited, TVL, autocompounder deposits and Redacted fees earned among others.
Convex
The CVX locked into Pirex is at an ATH, with over 2.7M CVX in the protocol with a value of $16.7M. We are pleased to report that the peg is still stable and the returns are more. Also covered 0xSami covers how the day starts as he shares his morning routine.
rlBTRFLY
The 14th round of claims are now LIVE and ready to claim at redacted.finance/claim. The yield has been steady, and this round saw a return of $4.62 per BTRFLY held. Make sure to claim your rewards and re-lock the BTRFLY to continue to receive a share of the Redacted profit. Stats for rlBTRFLY at the time of writing is 143,900 V2 BTRFLY locked into rlBTRFLY with 81% of the total supply currently locked back into the protocol. What a great time to be in BTRFLY.
Community Call for 02/24/23
TIn case you missed the latest Community Call, head over to Redacted Official YouTube and catch up. This week's guest is Dakoda from the Timeless team. He joins us to talk about the products Timeless and Bunni. This is a great overview of the project and answers some important questions. The second half of the call covers all of the updates from the Core Team and covers Hidden Hand, Pirex and the much anticipated Dinero. Follow the link and get caught up on all things Redacted. Please join us at the next call in the Discord on 03/10/23 at 3:00pm UTC, because as you all know, the leaky ones don't get posted….. See you there.
Redacted Intern
Say hello to our new Redacted Intern. One could safely say he is bullish Redacted and the suite of products built here. Big shout out to 0xMolecul on designing the dope pfp for the Redacted Intern Twitter account. He looks wise.
Redacted Wiretap Ep#10
The latest episode of Redacted Wiretap is live. This episode is a Redacted Recap with fellow core team members Figgy and Magnus where they cover all the latest news happening at Redacted. Topics covered are the new markets to Hidden Hand, Governance Proposals and Community and Protocol Updates. Keep your eyes out for a new Pirex Tutorial video in the works starting off with pxGMX. Soon™ The Redacted Wiretap is available on the popular platforms.
Dinero
Soon™
Important Links - 🐛♻🦋
Snapshot
Contributors: EthHunter, Molecul, Kolten
“Time Flies In BTRFLY”