Welcome to the third edition of Swerve.fi Newsletter 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.
New Swerve UI concept
tSWRV Multi-sig committee election
AMA with Jon Deere
Bot addition to discord.
SIP-16 & SIP-17
Tweet of the week
New Swerve UI concept
Loads of work has been happening behind the scene over the last two weeks and I am excited to share with you the first look on our personalized UI for Swerve Protocol.
A special thank you to Toms Amway, Enahudoba, Hoon Kim, GMSteuart the UI-Dev team that worked hard on getting this together because we can all agree that this looks pretty good!
tSWRV Multi-sig committee election
This committee would operate under the oversight of the core Treasury and will have no rights to mint tSWRV. The treasury would be responsible for minting tSWRV and the committee would be responsible for distribution of the minted tSWRV with terms/arrangements as they see fit. Of course, in the future the committee can take on more complicated roles and have more say in what gets prioritized in terms of grants, and which areas to focus their own budget own, so as it is, this is a serious role and comes with immense power and responsibility. The tSWRV committee would play a key role in aligning long term goals and vision of the project by the means of funding the steps that take us there.
From internal discussions and community nominations, we have compiled this final list of nominees that are up for vote. Next to them is an emoji, just as how we did for community multi-sig, please vote up the nominee you would like to see on the committee. Based on the previous vote, there will be 5 committee members and will hold the keys to the multi-sig.
Here’s a current list of the candidates:
Cast your vote in the #announcement channel of our discord server.
AMA with John Deere
As requested by the community, we added a new discord channel where anyone can go ahead and ask questions to Swerve aka John Deere. Here’s a highlight of the AMA.
Q: I loved the post on the Future of Swerve, lots of very good things! Does it mean Swerve will be working full time on it if he is paid for it?
Yes, as I mentioned in the post. When I launched Swerve, it was meant to be fully community owned/operated. After speaking with several active community members it became clear that even community projects need some kind of direction. In the early going, I’m hoping to take the reins on that until it comes to a point that Swerve can flourish on its own. I’m currently in the process of transitioning out of my day-to-day duties outside of Swerve. At that point, depending on where the treasury is at (Because I’d like to pay, at worst, grants out to contributors before giving myself a salary) I will look to propose a SIP that allows me to work on Swerve full-time.
Q: Who are the SWRV devs working on this project? Any idea when sETH:ETH pool will come online?
Swerve was originally built by just myself. Since launch many talented devs have been offering and providing help with design and implementation, namely: FairlyRarePepe, Andrew, Zokrates, GMSteuart, Enahudoba, and Toms Amway. Apologies to anyone I’ve missed as well! There are also a number of strong operational contributors: Chickenpie, Lex, Fahrenheit, Sabretooth, Cobra, Samantha, Deltatiger and our treasury multisig holders. The sETH:ETH pool will be our next and will come online shortly!
Q: what do you think of some of the other stable asset AMMs coming online (e.g SHELL, snowswap, etc)?
I think a lot of them have interesting properties. Given the tradeoff set I have yet to see an AMM design I’ve preferred to Swerve, outside of Curve hehe.
Q: When will the dev work on Sips will start?
Work for many of them has started. FairlyRarePepe has written Tswrv, pre-work for Seth-Weth is complete, etc. Once our treasury is a bit more robust I anticipate the work will pick up quickly. UX and visual designers have re-designed the UI. FEDs will soon be working on that.
Head over to the #ama-questions channel on our discord to read the full AMA and do not hesitate to ask your questions to the dev community.
SIP-16 & SIP 17
Some hefty decentralized governance happened over the last few weeks and we have debated two important arguments between community members. Here’s a snapshot of what has happened.
Starting with SIP-16: Incentives Token Holders, Reduce LPs Share, Slash Treasury
SIP-16 proposed pool structure is:
Trading Fee: 0.03%
Token Holders: 0.015%
The reasoning behind SIP-16 was to propose a two steps roadmap as followed:
1. Purely marketing focus in the short term to attract new community members, by incentivizing token holders with max commissions possible on the platform for a period of 3 months. Slash the treasury and dev efforts.
2. Focus on development and pools three months later. The short-term engagement generated by marketing would lead to a much larger treasury in future time frame.
SIP-16 was voted against by over 75% of the voters further strengthening the support toward development of the Swerve protocol.
SIP-17 aims to Direct 0.015% from Trading Fees to Treasury
As discussed in the governance channel, the current priority for Swerve Finance is to have a functional treasury capable of funding all short and medium term dev efforts. At present volumes and fraction of trading fee redirected to treasury (33%), it could be a while until the treasury fills up.
To counter this problem, this proposal seeks to increase the Admin Fee to be redirected to treasury from 0.01% to 0.015% (33% -> 50%) to ensure the treasury can get to healthier levels faster, thereby making development goals easier to attain.
The fee redirected to treasury will be gradually lowered once it has reached an optimum level. A cap for the treasury will also be set in a future proposal, which would pave the way for distributing rewards to veSWRV holders.
Trading fee: 0.03%
SIP-17 was voted in easily with almost an unanimous decision.
Let’s get building!
Bot addition to Discord
We now have a swerve price bot and a gas price bot added to the channel, you can see it under the role "Bots" on the right-hand side of this discord under the list of users. Look out for a FAQ bot that will be coming online very soon!
A Special thanks for @Danijel who very graciously wrote these bots for the swerve community.
Tweet of the week
This week’s tweet has to include the letter wrote by John Deere, where he gives his vision on the future of Swerve protocol. If you haven’t given it a read yet go ahead and follow the link below.
- 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:
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
Community Forum: https://gov.swerve.community/
Created by RedArctic