Learn beneath to grasp extra about our rationale and methodology.
Why DVF not serves our Group and our Product
DVF was initially launched because the governance token for DeversiFi, which started as an orderbook DEX in June 2020. Designed to help governance and neighborhood incentives round this income mannequin, DVF has turn out to be much less related because the DeFi world advanced. Over the previous 4 years, DeversiFi pivoted to turn out to be rhino.fi, specializing in lightning-fast cross-chain bridging and deprioritizing the DEX. With most of rhino.fi’s operations now off-chain, the unique governance mechanism has turn out to be outdated. The present DVF holder base has little overlap with our current customers, and the governance mannequin, though promising in 2021, has confirmed ineffective throughout nearly all governance tokens.
This misalignment is obvious out there’s lack of response to DVF, regardless of rhino.fi’s large development within the final yr. Mixed with the present sluggish DeFi market situations and lack of investor confidence in new token launches, it turned evident that repurposing the DVF token wouldn’t be the best path ahead.
Given these concerns, rhino.fi has determined to supply holders the power to trade DVF for USDT. We consider that providing this token trade for USDT, 50% above the present market worth, is one of the simplest ways to reward the loyalty of our long-term token holders whereas permitting future flexibility to develop our development technique for rhino.fi.
Present State of DVF
On the time of this announcement (3pm UTC+1 seventh August, 2024), the DVF distribution was as follows:
60% held undistributed by DVF DAO27% held by rhino.fi Labs13% in public arms
One small airdrop was deployed in 2021 to customers of DeversiFi, which elevated the circulating provide and is included within the 13% of tokens presently circulating.
All the circulating provide of DVF shall be exchanged or burned through the declare window.
Methodology for Token Trade
To make sure equity and stop arbitrage buying and selling or front-running on this announcement, the rhino.fi workforce has taken the next steps:
Preliminary Snapshot: All holders as of 9am UTC+1 seventh August 2024 are eligible.Announcement: Communication shared to our total neighborhood throughout all channels. Liquidity Elimination: All liquidity throughout DVF markets eliminated consistent with the announcement (together with Bitfinex, rhino.fi, Uniswap, Syncswap). That is to make sure no arbitrage merchants may benefit on the expense of our neighborhood. Governance Proposal: Consistent with the announcement, a proposal was submitted to the DVF DAO. The proposal could be learn in full right here: In abstract, it suggests we:Burn all DVF held by the DAO.Convert ETH holdings to USDT, and switch all USDT to the trade contract, which is able to purchase DVF at $0.70 after which burn all DVF that it buys.Because the proposal will take 7 days to finish governance by means of the DAO, rhino.fi Labs has already funded the declare contract in anticipation of preliminary claims.Declare Website Reside: Claims shall be reside at 3pm UTC+1 on ninth August 2024 and stay open till ninth October 2024.
Dedication to the Future
We’re excited concerning the future and stay up for rising rhino.fi along with our customers and neighborhood. The USDT trade is a testomony to our dedication to our authentic token holders, guaranteeing their loyalty is rewarded. The rhino.fi workforce is devoted to making a product that delivers actual worth for our neighborhood at the moment and sooner or later.
For any questions or help, please attain out to our workforce.
Examine again on the ninth of August to say your USDT.
