Degens Digest 1st August - 7th August. Happy Sunday everyone . Fresh month fresh start Spirit token is up 8.
07 Aug 2022, 18:00
Degens Digest 1st August - 7th August.
Happy Sunday everyone ! Fresh month fresh start Spirit token is up 8.9 % since this time last week, the sun is shining and conditions are looking great for our upcoming V2 launch. Let's crack on with this week's Degens Digest.
👻 inSPIRIT:
This week's inSPIRIT distribution sent a total of 543,567 SPIRIT valued at $9,927 at the time of writing this.
💰 Bribes:
This week inSPIRIT holders received a total of $8,850 USD in bribes.
💸 Combined value to inSPIRIT holders:
Taking bribes + weekly distribution into account, the current USD value for inSPIRIT holders this week has totaled $18,777 USD in rewards distributed.
🔥 Fireside with SOULLY:
For this week's fireside with SOULLY, we engaged a DAO decision related AMA with GumBall protocol relating to their recent announcement in our commonwealth forum, of their intentions to make a proposal to the DAO. The proposal in full can be found via the following link.
If you missed it, you can catch up on the recording via our Youtube channel , A full catch up link will be posted shortly.
Spirit Swap - YouTube
👷 V2:
As you all know, we hit a snag on the final deployment of V2 public beta which we were hoping to have out last week. The issue came whereby we were under the impression that a required 3rd party integration of a master router was complete, however with this being out of our control, we were told last minute that the integration was not complete, with the 3rd party unable to provide us with a concrete deadline. Although this completely blind sided us, we spent the better part of 2 days looking for an alternative where we managed to find 2 potential solutions. These solutions are being worked on in tandem by the developer team, with whatever solution passing QA tests first being the option we will go with in order to expedite V2 public beta launch.
With this said, to prove our intentions to launch at earliest convenience are legitimate, Heesh re routed 10% of emissions from the Master Chef contract to the V2 gauge proxy contract yesterday, meaning as of next distribution (Wednesday 5PM PST) these emissions will no longer be fed to V1, but rather V2 gauges.
✍️ NOTE
This update does come with a condition. During the public beta period, gauges from both V1 & V2 farms will need to be voted on. This process will need to continue throughout the transition period / public beta period (likely be 2 weeks,if there are no issues). Once the public beta period is over and all emissions are directed to V2, V1 contracts will be redundant and inSPIRIT holders can continue to vote on V2 gauges in their entirety just like you have been accustomed to doing with V1.
If you are unsure about what any of this means, please ask our friendly Mod / Admin team.
Further to this, it's important to note that due to limited emissions (10%) being dedicated to V2 for the public beta period, we logically expect that only 10% of liquidity to flow over from V1 - V2. This means V2 will only be collecting 10% of fees from router transactions which in short means the new fee structure that we feel will revolutionize the inSPIRIT ecosystem will only be running at about 10% efficiency. What we want to stress here is, please be patient, think of the public beta as a reveal and taste test of what to expect once we open the flood gates and fully incentivize our new AMM.
Looking forward to celebrating with you all on the big day!
Cheers @everyone
D3gEn