Tokebase Dispatch: Edition 5 - November 30, 2022

by Kadesh

News and Editorials

Crypto's Bakumatsu: How the U.S. Strong-Armed DeFi

Crypto’s Bakumatsu: How the U.S. Strong-Armed DeFi
With looming regulatory changes on the horizon as the US flexes its power, crypto stands at a pivotal moment.

GHOST08 wrote about the strategic path DeFi and crypto at large must tread despite its technological edge, while navigating the high seas that the powers-that-be have mapped for centuries.

AMM Analysis

State of the Reactor: AMM Analysis - November 11, 2022
In this special State of the Reactor event, the Tokemak team presented an “AMM Analysis” that breaks down the profitability of liquidity deployments on Uniswap v2, Balancer 80/20, and Curve v2 in various scenarios.

The team presented an AMM analysis that breaks down the profitability of liquidity deployments on Uniswap v2, Balancer 80/20, and Curve v2.

  • The team found that the ideal strategy is to optimize for low volatility periods and reduce risk during high volatility periods in order to minimize loss and maximize return.
  • Gas prices will impact these results, but Curve is working on optimizations, and L2s will reduce the effects of gas fees.
  • Additional DEXs will be considered if they offer a competitive advantage over existing options. Some integrations with other DEXs have already been built; however, they will not be used if they are unprofitable for the system.

accTOKE Launch

State of the Reactor: accTOKE - November 29, 2022
The team discussed what to expect from the upcoming accTOKE launch, including reward mechanics and locking Cycles.

The Tokemak team prepped Pilots for the launch of accTOKE with this State of the Reactor call.

  • Reward Logic Changes: The new logic will basically balance out the most efficient allocation of votes as determined by the underlying performance of the Reactor and what the LDs might actually vote for.
  • accTOKE Caps: The caps for accTOKE will be increased gradually by one million per Cycle. Cycle 241 kicked things off with the initial cap of one million locked TOKE.
  • accTOKE Rewards: Rewards in WETH can be claimed in each Cycle – not only at the end of the scheduled lock Cycle. The team has also provided an option to unwrap the WETH while claiming.
  • Security Audit: A security audit from Halborn showed no cause for concerns.

Cycle Movements and Dev Updates

Nov 2: Cycle 236 -> 237 rollover complete. Details on front-end, design updates,  back-end, comms, and strategy activity were shared.

Nov 9: Cycle 237 -> 238 rollover complete. No design update. Front-end, back-end, comms, and strategy updates were provided.

Nov 11: The team reduced liquidity deployments by 30% due to current market volatility (only out of an abundance of caution) and the ongoing FTX situation.

Nov 16: Cycle 238 -> 239 rollover complete. Front-end, back-end, comms, and strategy updates were provided on accTOKE refinements, as well as Tokemak V2.

Nov 23: Cycle 239 -> 240 rollover complete. No major front-end updates. Back-end updates focused on reward claiming and LP migration contracts.

General Updates for All Pilots

Nov 3: Please welcome Loblolly, this month’s new Captain! Loblolly is a Tokebase contributor, and is well-known for the development of the Toke Wars dashboard.

Nov 11: Pilots were warned of scammers impersonating Tokemak on Twitter and hosting a fake copy of the Tokemak app that attempted to trick users into interacting with malicious contracts.

Nov 30: The long-awaited accTOKE launched! The Tokemak team published an announcement article on Medium.

All Systems Go for accTOKE and Rewards Logic Update
accTOKE and New Reward Logic Launch Wednesday, Nov 30th
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