State of the Reactor - July 15th, 2022

A recap of the latest State of the Reactor call, where the Tokemak team provides project updates and fields questions from the community.

State of the Reactor - July 15th, 2022

Visit the Pilot’s Dashboard on Notion, and add questions for the next State of the Reactor call.

Key Takeaways

  • The new landing page for Tokemak.xyz is live!
  • Deployment changes this week are minimal for volatile assets.
  • FRAX is being migrated from the Frax 3CRV Pool to the Frax BasePool on Curve. At this time, $5mm FRAX has migrated. This also reduces USDT exposure on 3CRV.
  • Frax’s largest source of liquidity for FXS is their Sushiswap Pool, which is 100% owned by Tokemak. This is a large source of revenue (~$40k/month). Revenue is under-reported on the weekly updates.
  • Liquidity Wizard teases that the pricer mechanic will allow for interesting expansion potential.
  • C.o.R.E.3 winners are engaged, and the team should have updates soon.
  • Bruno will be producing a report with a holistic view of the treasury, including treasury-owned TOKE.
  • A revenue buffer will allow the protocol to recycle emissions to support price and further incentivize liquidity.

Comms Update

  • A new Weekly Roundup event will be used to give general team updates.
  • Leaky Sundays will transition to casual team chat in Discord.
  • The weekly CAPCOM calls have led to insightful conversations with the team and Captains.

Dev Update

  • Working through DEX integrations including Maverick, Balancer, and FraxSwap
  • V2 manager contracts are being developed, and audits for new contracts are in progress.
  • Frontend pen-test ongoing.
  • Minor rewards contract changes may impact integrators. Check the dev-feed channel in Discord for more information.

Responses to Community Questions:

  • Tokemak is very difficult to fork due to much of the logic of managing the two pools of PCA and POA capital being off-chain.
  • Centralized exchange listings are not a high priority, but the team is pursuing them.
  • V2 tokenomics will introduce more native demand for TOKE.
  • Sushi LP rewards won’t end anytime soon – the migration of liquidity will depend on the demand on the new Curve pool.
  • We will utilize StakeDAO liquid lockers to increase our Curve governance power, and eliminate a large portion of emissions. This will cause revenue to outpace emissions.
  • Denominating revenue in TOKE is the most logical option, but the team is open to exploring denominating revenue in ETH – however, this may have legal implications.
  • Internalizing revenue and allowing it to have a positive impact on TOKE is important to the protocol mechanics.
  • Current revenue statistics are “very attractive.”

Exaverse

  • There is a small team building Exa, which will be a gamified NFT project that ties back to Tokemak.
  • The Genesis Pilot’s collection is coming along, with mint expected in the Fall.
  • Competition in the GameFi industry is fierce, so the team wants to put together a compelling original project that utilizes the Tokemak contracts.
  • Exaverse will encourage co-authored lore-crafting and world-building.
  • accTOKE and the Tokemak v2 mechanics will be integrated with Exa.
  • Testnet contracts have been deployed and material progress has been made.
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