DefiDollar Launches DFD Token with Retro Rewards and Liquidity Mining DeFi Rate

DefiDollar – a stablecoin aggregator – have announced liquidity mining and retroactive rewards for the launch of their native governance token $DFD.

Announcing the next chapter of DefiDollar, which encompasses our vision, roadmap, and the retroactive liquidity 🌊 mining program.

— DefiDollar (@defidollar) October 7, 2020

DeFiDollar ($DUSD) is a stable asset-backed by an index of stablecoins. $DUSD is a hedge against volatility and provides portfolio risk diversification. Since $DUSD is made up of a changing basket of stablecoins, it’s also easy to plug-in other DeFi building blocks into $DUSD.

DefiDollar has been live since August 27 and in its short existence, it’s already gone through multiple upgrades.

  • Launched with the sUSD pool & DUSD staking
  • Launched a fork on Swerve — Swervy swDUSD to test yPool integration
  • Introduced the yUSD integration while deprecating the sUSD peak & DUSD staking

DFD Utility

The DFD token is used to govern the protocol, with DFD holders being able to finetune various reward parameters, decide on protocol income distribution, and more! The token also serves as the ultimate backstop against volatility,  similar to the role MKR serves in Maker. In exchange for staking DFD, LPs earn protocol fees and with this new liquidity mining program, DFD!

Token Allocation and Liquidity Mining

The total supply of DFD is 100,000,000 tokens distributed as follows:

  • Community Incentives: 56%
  • Core Team/Future Hires/Advisors: 23%
  • Investors: 11%
  • Future Strategic Reserve: 10%

The community allocation will be utilized in 3 phases –  retroactive distribution, token launch event, and the incentivized liquidity mining program.

The retroactive distribution will reward users who held or staked $DUSD starting on September 4, 2020 1630 UTC. Holders and stakers of $swDUSD ($DUSD on who were active on September 22 1600 UTC, will also receive $DFD.

If you were not an early user of DefiDollar, you can earn $DFD by doing any of the following:

  • Provide liquidity to $DUSD<>$USDC Balancer Pool
  • Provide liquidity to DUSD <> ETH Uniswap Pool
  • Own wallets that have traded $DUSD  from the above pools

The launch of DFD signals the next chapter for the nascent stablecoin aggregator, one praised for its ability to tap into the Curve ecosystem and other stablecoin AMMs that come to the table. With projects like Shell Protocol popping up, it’s apparent the stablecoin ecosystem is as hot as ever, for better or for worse. With APYs cooling back down, it will be interesting to see where DFD lands in the wider DeFi token ecosystem, as protocol fees are directly correlated to TVL.

To stay up with DefiDollar, follow them on Twitter.

The post DefiDollar Launches DFD Token with Retro Rewards and Liquidity Mining appeared first on DeFi Rate.

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