0xAcidDAO - Weekly Roundup
#2 Edition - May 2nd, 2023
Welcome back to Lab Scoop fellow ACID scientists! 👨🔬
I am excited once again to present you with the latest updates within our community & 0xAcidDAO related.😉 So, without further ado, let's dive right in.
“最大的胜利是不需要战斗的胜利。”
“The greatest victory is that which requires no battle.”
― Sun Tzu, The Art of War
Project Updates
Introducing LSDoge - The Meme Coin To Rule Them All
"Unleashing the potential of memes with the perks of LSD real-yield returns."
Our community has proposed the creation of LSDoge, a new meme token backed by LSD assets from the 0xAcidDAO’s Treasury. This token aims to raise awareness and deliver real returns to its holders, combining the influence of memes with the benefits of good-old LSD returns.🎉
By holding LSDoge, ‘‘users become guardian dogs of the Ethereum network’’, earning juicy ETH returns through 0xAcid farming strategies. Few things to note per the initial proposal (which is still in discussion):
#LSDoge will have a fixed total supply token with infinite deflation.
A fair distribution.
No core team allocations, and
No fundraising.
The token's entire supply is divided as follows:
69% can be exchanged using ACID holdings, 30% will be airdropped to eligible addresses with ARB, and the remaining 1% will be used for the initial LP.
LSDOge Highlights:
Launch LSDoge, backed by LSD assets from the ACID Treasury, providing ETH node returns.
ACID can be exchanged for $LSDoge through bonding—limited to 2000 ACID per user. Over 1000 $ACID tokens were burned in the process.🤑
LSD basic returns from the Treasury (yield from frxETH, stETH, wstETH, etc.) will be distributed as LSDoge dividends. Current wETH APR ~180%!🤗
Basic LSD returns for sACID will be discontinued, while bond income dividends will still be maintained.
By providing LP, users receive transfer tax dividends from LSDoge (8% transfer tax, with 3% allocated to LPs).
Key Benefits:
A significant decrease in ACID circulation as a result of large amounts of ACID being exchanged for LSDoge.
Increased backing value of ACID due to reduced circulation.
Staked Acid will avoid infinite devaluation after exchanging for LSDoge, which features deflationary mechanics and a transfer tax.
An additional 3% from the transfer tax is added back to 0xAcidDAO’s treasury.
Join the discussion in our Discord and read more here.
We are excited to share more good news!👏
0xAcid Partners with StaFi
Introducing rETH Token Bonding on Arbitrum!
We are proud to announce our partnership with StaFi, integrating rETH and bringing cross-chain bonds to the Arbitrum network. This collaboration further expands our DeFi integrations, providing you with yet another opportunity to optimize your rETH yields.
We are poised to maximize our exposure in the LSD narrative—we won’t stop folks!
Here's a quick rundown of the steps to get started:
Mint rETH by visiting the StaFi app: https://app.stafi.io/rtoken/stake/ETH
Bond your rETH to receive $ACID on the 0xAcid platform: https://0xacid.com/app/stake
Stake your $ACID tokens here: https://0xacid.com/app/market
Above all, we are excited about any new partnership, and we are thrilled to meet innovative & experienced teams so we can push forward our vision and mission!
Current Stats — Market Performance
Trading Volume & Market Cap
The average trading volume for $ACID on both Uniswap and Cametot DEXs has reached an impressive ~$413k. Our team remains dedicated to continuous progress and to delivering outstanding results.
In a span of just 10 days, our market capitalization has increased by $500k! As the saying goes, "Slow and steady wins the race." Our consistent growth is a testament to the strength of our project and community.
But what’s more impressive to us is the commitment of our members. Almost 5% more $ACID staked & locked. You can have a look at more interesting stuff in our Dune Dashboard. ☟
Treasury
Ethereum Shanghai Update was successful, so congratulations to Ethereum for a significant milestone achieved first and foremost. As for 0xAcid’s performance, the treasury keeps farming, distributing ETH node rewards to our lovely LSDoge stakers.
LSD—Market News
Some notable events caught my attention and thought to share them with your fam!
Lido's pumping pattern and distribution phase ratio may not be reliable but Lido remains the #1 stop when it comes to LSDs. Have a look at a projected market share by our folks at Delphi Digital. Quite interesting at the very least.
Redacted introduced a new overcollateralized decentralized stablecoin $DINERO, backed by Ethereum block space, incentivizing damage liquidity and building out liquidity on Curve using $CVX in their treasury.
Read this thread if you want to read more about it:
https://twitter.com/0xMughal/status/1644032602356215808?s=20
UnshETH is building an index of LSDs to decentralize the value of the stack.
You can listen to the recap here. We came in around minute 41!💣
Pendle and Flashstake are involved in trading yield and have created a marketplace for yield tokens, allowing users to get yield upfront and speculate on the price of yield tokens.
We like hard-working teams and always support those!
Shapella Upgrade Recap: Despite expectations of a bearish or neutral impact, the Shapella upgrade resulted in bullish outcomes for both BTC and our beloved ETH. Markets can be unpredictable, with sentiment swinging to extremes ahead of certain events. Nevertheless, the marathon of ETH to $10k continues…💌
Market Positioning ahead of an event is more important than the event itself. A general strategy should be adhered to as bullish news often leads to selling rather than buying. We all know the ‘‘echo bubble manifestation’’. It suggests that crypto follows 4-year cycles with a pattern similar to the 2018 bear market in 2019. Personally, I expect a similar pattern in 2023, with the market pumping into June and selling into May. Crypto is a reflexive asset class after all. The bulls are to be back!🐂
📽️ Community Corner 📽️
We’ll be releasing more updates soon but,
Aura Finance will be helping to deepen liquidity for the ACID-ETH pool on Arb.
We’d like to highlight some community members and their contributions towards 0xAcidDAO. They are the heart 💓 of our project:
@Flowslikeosmo with a nice thread once again, explaining the difference in the real returns that 0xAcidDAO provides, in terms of other protocols offering ~4% only. Enjoy it:
https://twitter.com/Flowslikeosmo/status/1648688811482939393?s=20
@FungiAlpha doesn’t and most likely won’t stop with his posts! That’s why we love him! Once again he provides a good recap of current events on his lovely threads on Twitter:
https://twitter.com/FungiAlpha/status/1648620411465400326?s=20
A shoutout to @Tanaka_L2, for delivering our latest proposal which is up for discussion for $LSDoge along with covering the latest events. Read it here:
https://twitter.com/Tanaka_L2/status/1648703890844712963?s=20
@lionel_tlse mentions $LSDoge as well for our French community! Thank you kindly, its nice to know we have some love in lovely France! 🙇
https://twitter.com/lionel_tlse/status/1648593925232361472?s=20
We’d love to cover more and more each week, so we’ll come with another plan to showcase our community members that share the same love we have for 0xAcidDAO.
That’s all for today ACID lovers! See you on the next piece!
Don’t forget to join or check the official links of 0xAcidDAO:
📚Documents
💾Dune Dashboard
🖥️Website
🐤Twitter
💬Discord
🏹Telegram
💣Substack
Curated by Chrom ( Writer/Editor for 0xAcid )