Bi-Weekly Update #3: Mining & More!

GDAO Mining is live! With that, the deployment roadmap is complete and the team now shifts focus towards buildout of the core products in pursuit of the Governor vision.

Mine

• The GDAO Mine is live! Stake GDAO-ETH LP with a 4x boost or take advantage of Single Asset Staking through ETH, WBTC, USDC, LINK, AAVE, SNX, UNI, or YFI.
• There is roughly $600,000 Total Value Locked in the Mine.
• The Mine went live seven days ago, and APY remains consistently high! All assets have maintained a yield of over 100% per annum.
• The Mine will continue to run for just under six months. There is a linear distribution of one GDAO every block for a total of 1,200,000 blocks. That one GDAO is split across the nine supported assets (with a 4x weight boost to GDAO-ETH LP

Swap

• The LP Swap for LGE participants commenced on December 22, hours before the mines went live.
• Roughly 93% of all sLP tokens were swapped.
• Almost half of the LP generated from the LGE was held by participants and staked into the Mine.

Airdrop

• The airdrop continues to run without issue. Today represents day 13, meaning that claimants are eligible to receive 23% of their total claim (forfeiting the rest).
• So far, roughly 12,742 GDAO has been returned to Airdrop claimants.
• Additionally, roughly 74,930 GDAO has been forfeit. Half of that (37,465) was burned forever, and half has been pooled as rewards for those who wait the full 90 days.
• The burn represents roughly 1.25% of the total GDAO supply.

Website

• Ongoing improvements and rollouts have taken place over the past two weeks to support the Airdrop and Swap contracts.
• Anticipate further improvements and additions in the coming weeks!

Contract Development

• The Governator smart contract, which enables a seamless conversion of any ERC-20 token to its respective Uniswap LP token, has been created and is awaiting frontend integration.

Business Development

• A partnership was forged with [redacted] and will be announced very soon!

Treasury

• The treasury was deployed via Aragon and can be found here.
• The treasury currently holds roughly $14,000 worth of assets collected from 2% deposit fees from the mines.
• The treasury is governed by 9 members (soon 10) that represent contributors to Governor. Each member has an equally weighted vote, and over 50% must vote to move any capital from the treasury.
• Interactions through the treasury can only be taken as the faithful execution of proposals passed by GDAO holders (coming soon).

Governance

• Within the coming days, GDAO holders will be able to make proposals and cast votes through a snapshot voting system.

Internal Affairs

• A Strategy Plan has been crafted for Q1 2021 to guide the efforts of all team members.
• This plan emphasizes community expansion and evangelism, revenue generation, deployment of core products, and incentivization to GDAO holders (much of this is similarly outlined in the Roadmap).

Happy Holidays from the Governor Team! Thank you for your continued support as we build out Governor to be a truly unique, meaningful, and fruitful DAO.

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