Redacted Files #24
Welcome to the latest edition of the Redacted Files. Today we cover the updates and news in the Redacted ecosystem. From Hidden Hand V2 and Pirex, to governance. Let’s jump in.
Pirex Update
Good news everybody. The pxETH Whitepaper is imminent! Keep your eyes peeled for an announcement in the coming days. The vibe behind the scenes has been a buzz of activity and coordination. From the devs doing things and the team making content and connections to utilize the new kid on the LSD scene.
Trust us, it's going to be a big deal.
Pirex Convex
With the reshuffle of Convex staking due to a few notable events in the space, there were two main outcomes. The 1st was holders relocking their CVX themselves into the Convex contract. The other, and more interesting thing to note is that a big portion ended up locked in Pirex. With a total of over 2.9M CVX valued at over $10M in the platform, this makes Pirex the most popular place in the market to lock in your CVX. Why settle for just regular vanilla CVX when you can unlock its true potential with Pirex
pxBTRFLY
On the px/apxBTRFLY front, the milestone of $1M in TVL is getting closer every day, solidifying the use case for the “set and forget” option for your BTRFLY. The following chart demonstrates the number of reward distributions after which you should consider relocking your rlBTRFLY earnings to maximize efficiency. Please note the following graph was made by a member in the Discord server and is for informational purposes only. It does however explain when it's beneficial to switch to pxBTRFLY in terms of gas savings. Please consider your own situation when making decisions with your BTRFLY bags.
rlBTRFLY
Claims for the 25th round of rlBTRFLY distributions are live. Claim your rewards and relock BTRFLY at redacted.finance/claim or the Pirex Vaults for px/apxBTRFLY to use the “set and forget” strategy.
Now for some updates on the rlBTRFLY metrics to date. 94+% of V1 BTRFLY has been merged. One has to think that the holders of the remainder have most likely forgotten they own it. Of the migrated V2 tokens, 78% are locked into rlBTRFLY representing over $27M of value or one of Koltens mansions at today's prices. Bullish indeed
HH V2 Update
Things are running smoothly and users are enjoying the new additions. One of the new, useful features added to HHV2 is the calendar. This lays out the voting intervals for all the current bribing protocols, making it easy to see the cadence at a quick glance, or a reminder of what's coming down the pipe. Head over to hiddenhand.finance and check out the new look, features and most important, bribes today on the new and improved Hidden Hand V2
Another new implementation to Hidden Hand is the ability to view its stats and a brief overview along side the Redacted treasury tab, Pirex and the BTRFLY token on Defillama.com This page is a good resource to check the important stats for the health and activity of the Redacted product suite so head over and try it out.
Partner Updates
Aura
With the latest upgrade to Hidden Hand, Aura announced that voting incentives are now live and supported on Arbitrum. To add as well, Auras governance proposal AIP-39 went to vote and passed, now allowing them to deploy on Polygons zkEVM. The team has already launched on the Polygon PoS chain, and is a great step towards users seeing improvements on efficiency on both bribing gauges and claiming rewards.
Governance
Recycling unclaimed Hidden Hand Rewards
There has been a post made in the Commonwealth that proposes a change to the timeframe in which rewards on Hidden Hand can be claimed. The proposal was made to address the leftover unclaimed tokens in the Hidden Hand contract. From V1 alone, there are $2.5m in unclaimed bribes. The proposal sets out to re-use these unclaimed rewards on the same gauges they came from originally if left unclaimed for 90 days. Read the post on Commonwealth to get caught up and share your opinion on the potential upcoming change. Don't forget to vote when the time comes.
Community Call
Another great Community Call in the books. The team covered all the relevant updates to the products being built and upgraded, as well as some community focused things to look forward to. If you missed it live, catch up with the recording posted on the Redacted YouTube channel. See you for the crickets at the next one.
Important Links - 🐛♻🦋
Contributors: EthHunter, Figgy, Kolten
“Time Flies in Dinero”