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DefiDollar(DUSD) is a meta stablecoin index currently backed by Curve finance LP tokens.
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.
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:
- Team deposits 3mil (3% supply) DFD tokens in a contract.
- 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.
- At the end of the period, 3mil DFD and accumulated DUSD are put together in a y:z ratio Bal pool.
- 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.