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DefiDollar(DUSD) is a meta stablecoin index currently backed by Curve finance LP tokens.

Interconnected Investos

DefiDollar ($DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It aims to provide a safe and stable way for users to hold their assets. In the shorter term, $DUSD is a stablecoin optimized for peg safety, yield and diversification. Just recently, we shared our vision, roadmap and DFD — the DefiDollar Governance token and details around the retroactive token distribution.

Introducing the DFD Liquidity Mining

We have been working on a new mechanism to ensure a balanced and healthy distribution of the $DFD token.

TL;DR

Honest farmers need to deposit $DUSD to participate in the initial liquidity distribution. $DUSD can be minted with DAI, USDC, USDT, TUSD, yCRV and yUSD from our app. This is not a token sale! At the end of the 4 day period (TGE), $DUSD will be auto-converted into an equal number of balancer pool tokens (BPT) that have exposure to both the contributed $DUSD and a proportional share in the pool of 3mil DFD tokens (3% of the token supply). The BPTs will also be auto-staked. The staked BPTs will unlock linearly over a month and will farm an additional 1mil DFD during this period.
Additional distribution details will accompany the ILMO launch blog with participation instructions.

The mechanism ensures the following:

• No gas wars to participate
• Parity in DFD mined irrespective of when you contribute DUSD.
• Everyone starts DFD farming simultaneously, no action required after the initial contribution

So let’s dive deeper into the mechanics of the ILMO:

The DefiDollar team will be launching the liquidity mining of the DFD token via a genesis ceremony that will start on Oct 30, 2020–1400 UTC. The ceremony will be the following sequence of events:

1. Team deposits 3mil (3% supply) DFD tokens in a contract.
2. Users can make a claim on the 3% initial supply by depositing $DUSD in the same contract. This will remain live for 4 days and will end on Nov 3, 2020–1600 UTC. This is a new approach to liquidity mining. The team does not receive any funds contributed during the ILMO.
3. At the end of the period, 3mil DFD and accumulated DUSD are put together in a y:z ratio Bal pool.
4. The contributed amount of DUSD will determine the weights of the genesis pool. %weight (y) for DFD in the Bal pool will be a function of DUSD collected determined as follows.