Welcome to the fourth edition of Swerve.fi Newsletter, for the week ending November 1st, discussing all things related to the Swerve ecosystem. Our aim with this newsletter is to keep the Swerve and crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates.
Summary
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CALL IN TO LOCK
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Community Built Roadmap
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Elected tSWRV Multi-sig committee
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Passed SIP-17
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Bot addition to discord
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Tweet of the week
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FAQ
Call In To Lock | Quorum Reduction Vote
In adopting Curve’s governance model, it was overlooked that, given the veSWRV dynamics of lock-to-boost-and-forget, it would become hard to consistently reach the high 15%/30% quorum requirement because vote-swaying and quorum-reaching amounts of tokens were not directed to team and investors.
As is, we struggle to reach quorum on simple votes and will not be able to mobilize the 30% quorum on a regular basis going forward. This will be exacerbated going forward due to the dynamic of a higher proportion of vote-locked SWRV being forgotten.
Thus, we hope to reach the 30% quorum required THIS ONCE for in order to change those quorum amounts to more manageable ones which allow us to be more nimble, 9%/3%.
If you have SWRV, we ask that you vote-lock today or tonight, so long as it’s before the proposal goes live on Monday Oct, 26th morning PST . We also ask that all those who already have veSWRV vote on this proposal and vote early! The earlier you vote, the more potent your vote becomes.
This is a call for all those who have previously farmed and vote-locked SWRV in order to boost in the past to please show support to a true community-driven project. We understand that gas isn’t free, and we humbly ask for your help.
Once quorum is lowered, we will seek to immediately enact some of the (currently 30% quorum) governance votes that we have been holding back on, as well as others:
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4 ownership votes to enact treasury multisig
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tSWRV
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Gauge Weight Update
From there we will begin to implement new pools and generally innovate at a much faster pace. Please encourage anyone you know who has farmed and boosted SWRV to take a minute to vote and help the Swerve Community
We are already trending towards a successful vote. The Swerve dashboard, which recently implemented governance stats, is showing a strong uptrend in locked SWRV. Let’s go team! :fire:
Locked and Loaded
Community Roadmap
One of the main request form the community was the clarification of a roadmap. A place where users will be able to track the development of Swerve with a quick glance. Thanks to Chickenpie347 we now have an official community built roadmap. We are now able to track tasks one by one in Notion by following the link below. The notion page will be updated accordingly.
Swerve Community Roadmap: https://www.notion.so/90c2d217b5214b5b8688b5881c8595b7?v=77c3916e07074a569296face1dc347fe
Elected tSWRV Multi-sig committee
We are happy to announce the winners of the tSWRV Committee vote. As per to vote-count here are the results: tSWRV Committee
Swerve
Mr Fahrenheit
cobracore
zokrates
Fairly Rare Pepe
Passed SIP-17
Introduced last week, SIP-17 was successfully passed on the DAO.
New Specs:
Trading fee:
0.03%
Treasury:0.015%
LPs:0.015%
DAO vote: https://swervefi.eth.link/dao/#/dao/vote/parameter/4
SIP-17 https://snapshot.page/#/swerve/proposal/QmXRJgtnhyzAZChWr1sXKF1VnmYc7FaBBq9zv9nidogc9S
Bot addition to Discord
Danijel strikes again. After last weeks addition of the price bot, we are equipped with a new #faq-bot. He has graciously dev'ed it for the Swerve community.
To use it, type !faq followed by the question number or alias. e.g. !faq boost, and the faq-bot will return a detailed answer on how boosts work in swerve.
This is especially useful for the common questions that new members of the community have, and instead of typing the same answers again and again, feel free to use the faq-bot to answer those questions.
Here is the list of aliases and questions the faq bot can answer currently. https://discordapp.com/channels/751609290002923580/768301890097250366/768382126218805249
If you are interested in adding new Answers to the faq bot, use https://github.com/dgornjakovic/swerve-faq#how-to-add-a-new-questionanswer
Tweet of the week
FAQ
- How does the Boost work?
Boost is a reward gaming mechanism where LPs can increase their rewards in proportion to other LPs who have not Boosted. It is more of a protection against dilution of rewards. If nobody boosts, everyone gets the base rate APY. If most users don't boost and some do, the boosters would get more rewards and the rewards for non-boosters would be reduced in proportion. If everyone boosts to max levels, everyone would get the base rate APY.
- How does governance work?
Currently all the governance-related discussions take place in Discord. The proposals suggested by the community are put up for an off-chain voting solution on https://snapshot.page/#/swerve
Off-chain voting does not cost anything, and anyone is free to create proposals, although it is recommended to discuss it with the community first. Off-chain votes are used to gauge the readiness and acceptance of the community towards proposals, and the votes are made by using SWRV held in wallets. Off-chain proposals can be discussed in the numbered discussion channel in SIPS where the SIP number corresponds to the proposal.
Proposals that pass in the off-chain votes would be formalised on the official on-chain DAO which actually costs gas fees to vote and relies on Voting Power (veSWRV) instead of SWRV. Voting Power is attained by locking SWRV tokens in the DAO. The DAO proposals can be accessed at: https://bafybeiaudy7h3gh2355hbpc5rrmx6n5s6ttwxphfeuxbsa5dkqojqhnnsi.ipfs.dweb.link/dao/
All off-chain voting proposals that pass would eventually be put up for vote on DAO for finality and implementation.
- Still more questions?
You can find more information concerning frequently asked questions here on our official discord page:
https://discord.com/channels/751609290002923580/752427193870844017
Do not forget that this is a community-built protocol. It is not often that you have the chance to get involved in promising blockchain projects, and this is one of those opportunities. “You can't sit back on the couch and then complain when dinner is served. Get on in the kitchen and help out!” Come and get involved in the discussion. Join us on our discord and telegram!
Swerve Protocol: https://swerve.fi/
Swerve DAO: http://ipfs2.swerve.fi/dao/#/dao/
Snapshot Voting: https://snapshot.page/#/swerve
Discord: https://discord.com/invite/vkhw8Av
Telegram: https://t.me/swervefi
Twitter: https://twitter.com/SwerveFinance
Community Forum: https://gov.swerve.community/
Created by RedArctic
