Learn beneath to know extra about our rationale and methodology.
Why DVF now not serves our Neighborhood and our Product
DVF was initially launched because the governance token for DeversiFi, which started as an orderbook DEX in June 2020. Designed to assist governance and neighborhood incentives round this income mannequin, DVF has grow to be much less related because the DeFi world developed. Over the previous 4 years, DeversiFi pivoted to grow to be rhino.fi, specializing in lightning-fast cross-chain bridging and deprioritizing the DEX. With most of rhino.fi’s operations now off-chain, the unique governance mechanism has grow to be outdated. The present DVF holder base has little overlap with our current customers, and the governance mannequin, though promising in 2021, has confirmed ineffective throughout virtually all governance tokens.
This misalignment is clear available in the market’s lack of response to DVF, regardless of rhino.fi’s large development within the final 12 months. Mixed with the present sluggish DeFi market situations and lack of investor confidence in new token launches, it grew to become evident that repurposing the DVF token wouldn’t be the best path ahead.
Given these issues, rhino.fi has determined to supply holders the flexibility to change DVF for USDT. We consider that providing this token change for USDT, 50% above the present market worth, is one of the best ways to reward the loyalty of our long-term token holders whereas permitting future flexibility to develop our development technique for rhino.fi.
Present State of DVF
On the time of this announcement (3pm UTC+1 seventh August, 2024), the DVF distribution was as follows:
60% held undistributed by DVF DAO27% held by rhino.fi Labs13% in public fingers
One small airdrop was deployed in 2021 to customers of DeversiFi, which elevated the circulating provide and is included within the 13% of tokens presently circulating.Â
All the circulating provide of DVF shall be exchanged or burned in the course of the declare window.
Methodology for Token Change
To make sure equity and stop arbitrage buying and selling or front-running on this announcement, the rhino.fi crew has taken the next steps:
Preliminary Snapshot: All holders as of 9am UTC+1 seventh August 2024 are eligible.Announcement: Communication shared to our whole neighborhood throughout all channels. Liquidity Elimination: All liquidity throughout DVF markets eliminated according to the announcement (together with Bitfinex, rhino.fi, Uniswap, Syncswap). That is to make sure no arbitrage merchants may gain advantage on the expense of our neighborhood. Governance Proposal: Consistent with the announcement, a proposal was submitted to the DVF DAO. The proposal may be learn in full right here: In abstract, it suggests we:Burn all DVF held by the DAO.Convert ETH holdings to USDT, and switch all USDT to the change contract, which can purchase DVF at $0.70 after which burn all DVF that it buys.Because the proposal will take 7 days to finish governance by means of the DAO, rhino.fi Labs has already funded the declare contract in anticipation of preliminary claims.Declare Web site Reside: Claims shall be reside at 3pm UTC+1 on ninth August 2024 and stay open till ninth October 2024.
Dedication to the Future
We’re excited in regards to the future and stay up for rising rhino.fi along with our customers and neighborhood. The USDT change is a testomony to our dedication to our unique token holders, guaranteeing their loyalty is rewarded. The rhino.fi crew is devoted to making a product that delivers actual worth for our neighborhood at this time and sooner or later.
For any questions or assist, please attain out to our crew.
Test again on the ninth of August to assert your USDT.
