EtherealDAO IVO IS LIVE
As described in the prior article, the EtherealDAO IVO is now live. The validator will be going live at 00:00 UTC July 1st 2023, and rewards will begin accruing for staked XRD at 01:00 UTC July 1st. Snapshots will be taken each hour until January 1s 2024t 00:00 UTC. You may proceed to delegate with the Olympia desktop wallet to the IVO validator address:
rv1qtyutcs2thaqa4dq2m95yllhuqmms75x2yena3huh6758pfdhjkrsrvqvu3
For more specific instructions on how to delegate to a Radix Validator, a helpful video can be found here:
https://www.youtube.com/watch?v=Ae1EdcBGpSs
For further clarity regarding tokenomics, we hereby declare the total supply of the $REAL token to be 100M. 20M of which are reserved for the IVO airdrop, and 80M of which are going to be fully in autonomous control of the DAO governance. The token will be divisible with 18 decimal places, just like the native token of the network, XRD.
Out of the 20M pledged for the IVO, 4M of which will be airdropped as $REAL, and 16M will be airdropped as $unREAL. The conversion method of $unREAL to $REAL will need to be approved by the DAO, but currently we propose the following method to be available:
Lockup TriLP (TLP) tokens with underlying $REAL, at time of lockup, in no less than X, for each X/4 in $unREAL that the user wants to begin vesting. They will be locked for the duration of 6 months, unlocking linearly. If the user wishes to end the vesting prematurely, they may do so, at the cost of burning the unvested $REAL tokens (and all of the $unREAL).
The TLP tokens in question are LP tokens of a special Balancer-style weighted pool that the Ethereal protocol will be operating. They are weighted, 90% $REAL, 10% $EUSD, 10% EXRD (XRD in the form of Ethereal validator Liquid Staking Unit). The pool (composed of a 90/10 REAL/EUXLP with ‘EUX’, 50/50 EUSD/EXRD managed pool) is “special,” to use Uniswap V4 terminology, because it has pre-swap and post-swap hooks that check if the exchange rate between $EUSD and XRD LSU on the open market is within the peg tolerance range. If not, it uses (if possible) the pegging mechanics described within the EtherealUSD Litepaper to move the price back within the range of tolerance, which is a protocol parameter under DAO governance. The proceeds from this arbitrage are moved into the EtherealDAO treasury, and may be directly changed into protocol owned liquidity in the Tri Pool.
We will be releasing more information about the TriPool and the DAO architecture in the following weeks.
As for the launch plans:
- Upon ratification of a DAO constitution by the token holders, which will be a collaborative community effort in the coming weeks, the IVO staking rewards and the non-IVO reserved $REAL supply will be moved into the protocol treasury.
- The $REAL supply needed to facilitate the conversion of the $unREAL tokens, will also be moved then. Which means, that we have no way of guaranteeing that the above $unREAL conversion method will be the one available (or the only one available), as it is all down to a token holder vote.
- The IVO’s second airdrop reserved supply of $REAL shall be kept in a timelock contract until the end of the IVO
As a reminder, Initial Validator Offerings (IVOs) are a new fundraising mechanism that allow delegators to divert staking rewards towards a project of their choice and receive project utility tokens in return. Please consider any legal and/or tax implications relevant to your jurisdiction before participating.
