For our 22nd governance proposal for the WEPIXDAO we will vote on purchasing SOLID (Solidly) to vest as veNFT for 4 years. ICEDOGE and any remaining DEC will be sold from the treasury in the amount of ~$165 to fund this stake:
- A) YES
- B) NO
To vote simply send your WEPIX tokens with a memo to "wepix" on Hive-engine.com VOTE WAS PASSED UNANIMOUSLY AS EMERGENCY PROPOSAL IN VIP LOUNGE, DUE TO TIME SENSITIVITY
We will sell 20109.355 DEC + 600K ICEDOGE to fund this proposal- resulting in ~$165 of Fantom (FTM) which will be used to purchase the Solidly (SOLID) needed for staking veNFT.
Transaction ID here for SOLID buy
Transaction ID for create lock on veNFT
veNFT #12380 FTMScan address, showing proof of ownership and lock
Solidly is one of the newest projects to launch in DeFi, and it created a new evolution of the CurveFi "ve" model. In this "vote-escrow" system, SOLID tokens are locked up for a period of time in return for veNFT tokens representing your resulting voting power and share in the protocol. Using this veNFT you can cast votes on various pool "gauges" which will earn back rewards in the form of token emissions as well as pool bribes. Trading fees go towards the bribes which are claimed by the veNFT lockers voting on said pools.
The SOLID tokens will be locked for a period of 4 years, during which we will also receive the weekly token rebase rewards as per (3,3) game theory modeling. The token emissions tail off over time and decrease sharply after the 10th week or so, leaving a very limited supply to be accessible. Also since there is a new layer to this platform and contract design these veNFT tokens are transferrable, tradeable and more. There are already developers working on front ends to allow p2p collateralized lending using these veNFTs.
Weekly votes will be cast, depending on which pools are paying the highest token bribes. Currently that is going to be the MIM/USDC pool, a stablecoin pool which will also earn back USDC and MIM for WEPIXDAO, in addition to the SOLID emissions.
Long term this could potentially become one of the most important projects in crypto as CurveFi is already the top DeFi platform in the world by total value locked. Making a small investment that will compound early on was the most strategic investment idea I could concoct going forward- limiting both risk and exposure while giving a small piece of future growth potential.