[Redacted] Files #4

Welcome Redactoooors to a Special Edition of the [REDACTED] Files: the Pirex Edition!

May 18, 2022

This week we take a look into the much anticipated Pirex project and interview the co-founder KP, an integral cog in the machine that is [REDACTED]. We ask for his take on the upcoming release of the protocol and about the community as well. Let's jump in!

Pirex extends vlCVX, the governance token from Convex, adding value to ecosystem stakeholders without taking full ownership of their precious CVX. Normally on Convex, CVX must be locked as vlCVX over a 17 weeks period to participate in voting. A long time to be stuck, but it also is the most efficient way to acquire voting power.

Pirex allows users to deposit and convert their CVX tokens into a liquid vlCVX synthetic: pxCVX.If they want, Pirex users will be able to redeem their CVX back by burning pxCVX, or they could enjoy higher annual yield (in the form of CVX) by letting their assets be auto-compounded in the Union-Pirex vault. In addition to allowing users access to their CVX and higher yield, users will be able to collateralize their pxCVX, mint tokens secured by their future yield, and more!

Pirex Interview with KP

With: EthHunter

What do you do at the Cartel?

I write the majority of [REDACTED]’s recent smart contracts.

What brought you here?

This past summer there were lots of Olympus forks. [REDACTED] was one of the few that wanted to utilize their treasury in a novel and valuable manner. It wasn’t just another “reserve currency” that sat idly on its treasury. I liked that there was a vision and a plan to generate more value for users such as deploying the assets in yield generating strategies. Sami and the team were delivering and I wanted to take part.

How would you describe what the Pirex platform is?

Pirex wants to be a toolbox for CVX holders and allow them to get more out of their assets. At a minimum, we want to give you the same benefits that you would get if you were to lock your CVX directly with Convex. One important thing to note is that we’re not trying to displace Convex, we just want to offer users the functionality that we would want ourselves (e.g. the ability to sell the locked asset (pxCVX), which isn’t possible with vlCVX).

Whats in the Pipeline for Pirex

First off, and most important, launch is in the next few weeks! We are currently waiting for audits to pass and come back. As we all know, security is of the utmost importance. Just look at the latest hacks in the ecosystem for your examples. At [REDACTED], we have always made a serious effort when it comes to security. We are going above and beyond to create a best in class platform that is safe for the users first and foremost.

Pirex will have a strong foundation in order to have other protocols build on top of it. That's where the fun really begins. There is a bright future of in house applications launching on top of Pirex as well to increase utility and future revenue. Also, having the user experience be seamless. We’d like to provide users with a similar experience to Venmo, where users receive a full set of benefits (in that case of Venmo, that would be fee-less transfers) and don’t have to worry about all the technical things that are happening under the hood for it to all execute correctly. In summary, we want to create a great user experience and allow them to focus on what’s most important to them.

How close are we to being able to use all the features of Pirex?

As with most new projects, Pirex will be launched in phases. We chose to name the phases by “difficulty” similar to how they have them in video-games: easy, normal and hard - Pirex will be rolling out in that order.

To keep things simple and easy for users to digest, we’ll share what’s coming in easy mode first. The details for the remaining phases will be shared soon, as they are subject to change based on feedback and observations made after the initial launch.

EASY (initial launch)

Deposited CVX goes directly into an auto compounding vault co-operated by our partners the Union (Lllama Airforce). Users will receive uCVX (vault shares) which they can redeem for pxCVX at any time.
User rewards from bribes are auto-compounded into more CVX - and, based on the models created by our strategy team, users will see a higher annual yield by depositing with Pirex than with Convex.
Users will be able to collateralize their shares and borrow against them. Besides the ability to leverage their assets, another major benefit is that users will still be earning rewards.

How does this bring value for BTRFLY holders?

In addition to the protocol fees (yes, there are fees, but Pirex’s job will be to make them unnoticeable to the everyday user), there are a number of strategies that we’ll be employing in order to generate revenue for rlBTRFLY holders. One of the strategies that we’re implementing first will generate profit for the protocol and allow us to maintain the price peg between pxCVX and CVX.

What kind of ecosystem support does it have?

We’re grateful to be working with some of the brightest and most reputable actors in the Convex community and DeFi space. Shoutout to Fei’s Joey for helping us with protocol design, Alunara/Benny/Chadalds for reviewing our code and brainstorming how to provide more value to users, and every other person who has played a role in getting Pirex to where it is today.

If you could choose something in the future roadmap to happen now, what would it be?

I wish we could just launch everything we have built and get it all ironed out right now! The real fun and value is what we will build on top of the protocol after. We already have ideas for apps that we can build which will add even more value to our users.

What's your favorite part here at the [REDACTED] Cartel?

The people. Everyone is super open minded, works really hard, and friendly. While the projects we’re building are great, I think what’s exceptional is the team we have in place.

Thanks for your time KP and keep up all the good work!

Optimism Airdrop!

Although not directly related to [REDACTED], we are all part of the greater ecosystem. Optimism is airdropping their native token, with over 250k addresses eligible. Check your availability for the drop HERE

This is a giant step forward in the effort to scale Ethereum, and Optimism is an EVM equivalent solution, blending the lines between L1 and L2. Plus, Optimism is now officially the first of the most anticipated L2s (Starknet, Arbitrum, Optimism and zkSync) to launch a token. This has been hyped in the crypto space as a possible catalyst to L2 szn, so fill your bags and get ready for an affordable world on Ethereum!

Hidden Hand now supports bribes for Tokemak's C.o.R.E. 3

The days are starting to get exciting! The much anticipated C.o.R.E. 3 has started for Tokemak to fire up the latest rounds of Reactors. We’d also like to highlight that BTRFLY is part of C.o.R.E.3, where Redacted will compete against over 50 other projects, all vying for only five Reactor spots. Projects will receive votes from users who have deposited TOKE and the top five most highly voted protocols at the end of the event will have Reactors created. So, vote for us!

Voting starts on May 3rd, so head over to Hidden Hand to take part in the latest bribe marketplace offerings and peek at all the bribes from the various protocols. Also an option is to just vote directly on the Tokemak website, as even those who don't know Hidden Hand exists, qualify for bribes after the event finishes.

More details on what this means for Redacted and Tokemak's communities here

“Time flies in BTRFLY”