Weekly Digest 12th - 18th September. Happy Sunday everyone. Let's unwrap the week that was.

18 Sep 2022, 23:15

🗞️ Weekly Digest 12th - 18th September.🗞️ Happy Sunday everyone! Let's unwrap the week that was! 👻 This week's inSPIRIT distribution sent a total of 2,395,390 SPIRIT valued at $26,349.29. This is a combination of both V1 and V2 distributions. 💲 This week inSPIRIT holders received a total of $1577.50 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 $27,526.79 USD in rewards distributed. NOTE: This excludes vote fee rewards which vary depending on the gauge. 📛 FireSide For this week's fireside, we covered a few crucial misunderstandings among the community relating to 4 important processes surrounding the inSPIRIT reward program. Sid gave a presentation on the following - inSPIRIT weekly rewards - When to claim bribe rewards and how they work - When do you vote - When does distribution happen to each gauge? The purpose of V2 was not only to improve the tokenomics and internal workings of the SpiritSwap ecosystem but also to establish a self-efficient process within the ecosystem. By this we mean, that rather than the team calling distribution each week, everything is now automated. With this automation in place, the V1 status quo that had become gospel also became irrelevant as distributions and processes relating to gauge distribution & bribes inherently became asynchronous. Sid will update the V2 Gitbook with more information in the coming weeks along with information around how the community can call all crucial functions (if they so choose) along with how to automate the claim function for yourself (saving you the time and effort of doing it manually). Bug Fix’s / UI upgrades: As per the Fireside chat, one major update has happened this week. The countdown clock for inSPIRIT rewards has been updated for the claim alert to happen at Friday 00:00 UTC every week. This is due to the fact that this is the very latest distribution claims can be made. As mentioned claims can happen any time now, but certain claims can only be made every 24 hours. In the past, this was done by the development team. However, in an effort to make SpiritSwap as decentralized as possible, these claims and the times at which claims are called can be made by anyone at any time, meaning the countdown clock is now more of a guide rather than an objective distribution time as to when the latest distribution can happen. This should clear up any confusion among the community and allow for greater transparency. ⚖️ Governance: There is discussion among two separate development teams who wish to contribute further to SpiritSwap in a bid to continue decentralization. Over the coming weeks, it is expected for further proposals to be made to the DAO requesting for these developments to be accepted by the DAO, offering new features to SpiritSwap V2. This is exactly how SpiritSwap V2 was designed. To get more people involved and allow for a truly permissionless DEX to thrive. As the age-old adage goes “Two heads are better than one”. The DAO look forward to reviewing these proposals as much as these would-be development teams look forward to making their mark on the SpiritSwap protocol. Thats all for now folks, Enjoy the week ahead! Cheers @everyone , D3gEn :D3gEn1: