State of the Reactor - July 15th, 2022
A recap of the latest State of the Reactor call, in which the Tokemak team provides project updates and fields questions from the community.
Visit the Pilot’s Dashboard on Notion, and add questions for the next State of the Reactor call.
- 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.
- 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.
- 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.”
- 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.