A DeFi Degen’s Reaction to The Communist Manifesto
This paper is a reaction to the reading of The Community Manifesto (TCM) through the perspective of an individual that has studied and used Decentralized Finance (DeFi) extensively since approximately March 2020. This paper is not an endorsement of communism, nor is it a condemnation. It is simply a fountainhead of thoughts and the sharing of them.
Frozen Flare
Trust’n DemIt’s been a while since I wrote a piece so I decided to talk about trust, and the consequences of trusting without being present.To illust...
A DeFi Degen’s Reaction to The Communist Manifesto
This paper is a reaction to the reading of The Community Manifesto (TCM) through the perspective of an individual that has studied and used Decentralized Finance (DeFi) extensively since approximately March 2020. This paper is not an endorsement of communism, nor is it a condemnation. It is simply a fountainhead of thoughts and the sharing of them.
Frozen Flare
Trust’n DemIt’s been a while since I wrote a piece so I decided to talk about trust, and the consequences of trusting without being present.To illust...
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Chitcoin Sandwich — 3
Chitcoin Sandwiches are small token projects that I coded up and deployed.
This token was designed based on another project I have on hold while waiting on a ‘grant process’. However, it has deviated substantially since then. The idea here was to create a token that can convert between volatile and stable.
GPs were a unit of commerce for centuries, although they are rarely if ever, used now. This project hopes to kick-start this trend back into action.
Contract — 0x1D1ED961bD61D5899D8956B542ceA4728B579b1a
Contract — 0x2bf7ef4BC661d741B9871d4Fd8BF248460961172
Twitter — https://twitter.com/GoldPiecesToken
Telegram — https://t.me/+NWhf6hiMBTg1MDY1
$GP tokens are loosely pegged to the Ondo USDy token on Mantle.
The benefit of USDy is that it has a native yield baked into it. So any USDy in the forge will grow in value and cause the value of GPs to follow creating a misbalance for arbitrage.
Use of the GoldPieces Protocol adopts any risks inherent in the Ondo Protocol. To learn more about Ondo and USDy visit their documentation here. https://docs.ondo.finance/
$GPs are minted by visiting The Forge and using the forge() function with USDy. There is a small fee. The default fee is set to 1% for this. So if you bring 100 USDy, you will receive 99 GPs when you mint via the forge.
$GPs can be redeemed, 1 for 1, for any USDy in the forge using the smelt() function.
Fees/Bribes that are accumulated by the protocol lent veMVM and veCLEO will be used to promote arbitrage opportunities, which in turn promote more Fees/Bribes.
Any $GPs collected will be burnt. This will cause there to be more USDy in the system than $GPs in circulation.
Any $USDy collected will be used by the team to perform various actions:
pay for work done
pay for marketing
used in market-making
used to buy more $GPs to burn
used to exercise oMVM to veMVM
Earned oMVM and xCLEO will always be converted to veNFTs, unless the community deems otherwise.
100,000 GP tokens will be pre-minted and 50,000 GPs will be provided to a Liquidity Generation Event (LGE) on Graphene here (URL).
Each GP will trade both ways for ~2 USDy. This means that while the LGE is open, you can add to or reduce your exposure to GPs as you please.
Keep in mind there is a 0.4% execution fee on Graphene. So your tokens will be reduced by this amount. If you decide you want to obtain 100 GPs, you will be quoted ~201.2 USDy. Alternatively, if you decide you want to spend 200 USDy you will be quoted ~99.4GPs.
When the presale is fulfilled, or if there are deemed enough by the community of GPs holders, the sale will be closed.
40K USDy that is earned will be split evenly and added with the second 40K GPs and provided to a vAMM liquidity pool on Velocimeter Mantle, and a CL position (1–100USDy) on Cleopatra Dex.
1 GPs will start to trade at 2 USDy.
10k GPs will be used to mint oGP option tokens to use for bribing/boosting gauges. The 10K USDy can be used in various ways:
initial funding of the forge
used to buy GPs from the market to burn
used to exercise oGPs collected by the protocol
left in the treasury for future use
The benefit of the participation here will be that one can farm early, and participate in any price discovery pamps that occur.
The protocol owned veMVM and veCLEO will be used to vote on these pools to start emissions of oMVM and CLEO/xCLEO.
During this time, it is expected that GPs will trade at a volatile price as users speculate on the price and attempt to gain the farming benefits.
In order to turn on the Forge to allow for minting of more GPs we need to build a guild of sophisticated actors that can control the forge to make sure it doesn't overhead.
To become a Smith, you have to burn 100GPs. The benefits of this role are:
you can propose to turn on/off the forge
you can mint 1 GP per day for no extra cost above 1 USDy
you can propose a new rate for everyone else to use the forge
Changing the public rate and status of the Forge is done with a 3/10 on-chain vote that only coinsmiths can participate in. ie:
smith1 proposed a new rate between 0–2%
smith2 votes to accept this new rate
smith3 votes to accept this new rate and the rate is set.
The purpose of this is as GPs approach 1 USDY, it might make sense for the smiths to want to allow anyone to arb the GPs in higher quantities than their free 1 GP per day
If a coinsmith wants to change the address that has these permissions they can by calling a function to promote the new address to their role. Doing this will cause the new address to wait a day to be able to mint their 1 GP for no cost. So mint 1 before you promote if you want to.
The forge can be turned on after there are 10 smiths. They need to put it to a 3/10 on-chain vote. They can also later decide to turn off the forge with another 3/10 vote
If the price is higher than 1 USDy at this point there are 2 things to consider:
Buying here will most likely be granting an arb
For every USDy value above 1 that GP has in the liquidity pools, 1 USDy can be expected to enter The Forge and the total supply of GPs to increase
When the price of GPs returns to ~= 1USDy:
The CL position on Cleopatra will remain in the same 1–100 USDy range
The vAMM pool will remain
However, if the community deems it a good idea, the CL can be tightened, and the vAMM converted to a sAMM.
As GPs are burnt there should be another second pamp session by creating constant arb opportunities. All the while the protocol will be accumulating more and more voting power.
In the event that 1 GP remains below peg for more than 4 weeks, a snapshot vote can be put up to withdraw all LPs and disperse the USDy obtained evenly between all GP token holders
burn() — Anyone can burn any number of GPs held in their wallet. This will be used to burn GPs obtained by bribes.
mint() — Only the forge has the ability to mint more GPs.
changeBlacksmith() — This will allow the deploying address to grant another address the ability to call the following function.
setForge() — This function can only be called by the Blacksmith, and can only be called once. The GP token needs to know the forge cause it can call mint()
forge() — Calling this function will transfer any amount of USDy from the caller to the forge and mint them an equal amount GPs minus the forging fee.
smelt() — Calling this function will burn an amount of GPs held by the caller and transfer them an equal amount of USDy from the forge assuming there are enough USDy in the forge.
skimExcess() — This function allows the admin to take out any extra USDy inside. This extra is calculated as USDy in the forge minus GP total supply. This function will not be relevant for quite some time as a result of burning.
setRate() — This function allows the admin to change the rate to forge() for everyone between 0–5%
trainToSmith() — This function will burn 100 GPs from your wallet and give you the smith role
promoteApprentice() — This function can only be called by a smith and it changes the address that holds the smith role.
smithGP() — This function can only be called by a smith once per every 24 hours. It mints the smith 1GP for 1 USDy, with no mint cost
suggestRate()/acceptRate() — These functions allow 3 smiths to agree on a new cost for calling forge() between 0–2%
In the roadmap of GPs, there will be choose-your-own style adventures that cost GPs to start and give out a small reward for those who complete them.
These are fully on-chain and use a novel randomization model.
THESE ARE ENTERTAINMENT!
The first one will be The GoblinCave. An adventure to rescue a young lass from a goblin den. Users will make choices, have randomized outcomes, and either save her or die in the dark.
The second one will be Kobolds! An adventure filled with pesky kobolds and idiotic choices.
Since there was no traction for this, there are no real findings.
Chitcoin Sandwich — 3
Chitcoin Sandwiches are small token projects that I coded up and deployed.
This token was designed based on another project I have on hold while waiting on a ‘grant process’. However, it has deviated substantially since then. The idea here was to create a token that can convert between volatile and stable.
GPs were a unit of commerce for centuries, although they are rarely if ever, used now. This project hopes to kick-start this trend back into action.
Contract — 0x1D1ED961bD61D5899D8956B542ceA4728B579b1a
Contract — 0x2bf7ef4BC661d741B9871d4Fd8BF248460961172
Twitter — https://twitter.com/GoldPiecesToken
Telegram — https://t.me/+NWhf6hiMBTg1MDY1
$GP tokens are loosely pegged to the Ondo USDy token on Mantle.
The benefit of USDy is that it has a native yield baked into it. So any USDy in the forge will grow in value and cause the value of GPs to follow creating a misbalance for arbitrage.
Use of the GoldPieces Protocol adopts any risks inherent in the Ondo Protocol. To learn more about Ondo and USDy visit their documentation here. https://docs.ondo.finance/
$GPs are minted by visiting The Forge and using the forge() function with USDy. There is a small fee. The default fee is set to 1% for this. So if you bring 100 USDy, you will receive 99 GPs when you mint via the forge.
$GPs can be redeemed, 1 for 1, for any USDy in the forge using the smelt() function.
Fees/Bribes that are accumulated by the protocol lent veMVM and veCLEO will be used to promote arbitrage opportunities, which in turn promote more Fees/Bribes.
Any $GPs collected will be burnt. This will cause there to be more USDy in the system than $GPs in circulation.
Any $USDy collected will be used by the team to perform various actions:
pay for work done
pay for marketing
used in market-making
used to buy more $GPs to burn
used to exercise oMVM to veMVM
Earned oMVM and xCLEO will always be converted to veNFTs, unless the community deems otherwise.
100,000 GP tokens will be pre-minted and 50,000 GPs will be provided to a Liquidity Generation Event (LGE) on Graphene here (URL).
Each GP will trade both ways for ~2 USDy. This means that while the LGE is open, you can add to or reduce your exposure to GPs as you please.
Keep in mind there is a 0.4% execution fee on Graphene. So your tokens will be reduced by this amount. If you decide you want to obtain 100 GPs, you will be quoted ~201.2 USDy. Alternatively, if you decide you want to spend 200 USDy you will be quoted ~99.4GPs.
When the presale is fulfilled, or if there are deemed enough by the community of GPs holders, the sale will be closed.
40K USDy that is earned will be split evenly and added with the second 40K GPs and provided to a vAMM liquidity pool on Velocimeter Mantle, and a CL position (1–100USDy) on Cleopatra Dex.
1 GPs will start to trade at 2 USDy.
10k GPs will be used to mint oGP option tokens to use for bribing/boosting gauges. The 10K USDy can be used in various ways:
initial funding of the forge
used to buy GPs from the market to burn
used to exercise oGPs collected by the protocol
left in the treasury for future use
The benefit of the participation here will be that one can farm early, and participate in any price discovery pamps that occur.
The protocol owned veMVM and veCLEO will be used to vote on these pools to start emissions of oMVM and CLEO/xCLEO.
During this time, it is expected that GPs will trade at a volatile price as users speculate on the price and attempt to gain the farming benefits.
In order to turn on the Forge to allow for minting of more GPs we need to build a guild of sophisticated actors that can control the forge to make sure it doesn't overhead.
To become a Smith, you have to burn 100GPs. The benefits of this role are:
you can propose to turn on/off the forge
you can mint 1 GP per day for no extra cost above 1 USDy
you can propose a new rate for everyone else to use the forge
Changing the public rate and status of the Forge is done with a 3/10 on-chain vote that only coinsmiths can participate in. ie:
smith1 proposed a new rate between 0–2%
smith2 votes to accept this new rate
smith3 votes to accept this new rate and the rate is set.
The purpose of this is as GPs approach 1 USDY, it might make sense for the smiths to want to allow anyone to arb the GPs in higher quantities than their free 1 GP per day
If a coinsmith wants to change the address that has these permissions they can by calling a function to promote the new address to their role. Doing this will cause the new address to wait a day to be able to mint their 1 GP for no cost. So mint 1 before you promote if you want to.
The forge can be turned on after there are 10 smiths. They need to put it to a 3/10 on-chain vote. They can also later decide to turn off the forge with another 3/10 vote
If the price is higher than 1 USDy at this point there are 2 things to consider:
Buying here will most likely be granting an arb
For every USDy value above 1 that GP has in the liquidity pools, 1 USDy can be expected to enter The Forge and the total supply of GPs to increase
When the price of GPs returns to ~= 1USDy:
The CL position on Cleopatra will remain in the same 1–100 USDy range
The vAMM pool will remain
However, if the community deems it a good idea, the CL can be tightened, and the vAMM converted to a sAMM.
As GPs are burnt there should be another second pamp session by creating constant arb opportunities. All the while the protocol will be accumulating more and more voting power.
In the event that 1 GP remains below peg for more than 4 weeks, a snapshot vote can be put up to withdraw all LPs and disperse the USDy obtained evenly between all GP token holders
burn() — Anyone can burn any number of GPs held in their wallet. This will be used to burn GPs obtained by bribes.
mint() — Only the forge has the ability to mint more GPs.
changeBlacksmith() — This will allow the deploying address to grant another address the ability to call the following function.
setForge() — This function can only be called by the Blacksmith, and can only be called once. The GP token needs to know the forge cause it can call mint()
forge() — Calling this function will transfer any amount of USDy from the caller to the forge and mint them an equal amount GPs minus the forging fee.
smelt() — Calling this function will burn an amount of GPs held by the caller and transfer them an equal amount of USDy from the forge assuming there are enough USDy in the forge.
skimExcess() — This function allows the admin to take out any extra USDy inside. This extra is calculated as USDy in the forge minus GP total supply. This function will not be relevant for quite some time as a result of burning.
setRate() — This function allows the admin to change the rate to forge() for everyone between 0–5%
trainToSmith() — This function will burn 100 GPs from your wallet and give you the smith role
promoteApprentice() — This function can only be called by a smith and it changes the address that holds the smith role.
smithGP() — This function can only be called by a smith once per every 24 hours. It mints the smith 1GP for 1 USDy, with no mint cost
suggestRate()/acceptRate() — These functions allow 3 smiths to agree on a new cost for calling forge() between 0–2%
In the roadmap of GPs, there will be choose-your-own style adventures that cost GPs to start and give out a small reward for those who complete them.
These are fully on-chain and use a novel randomization model.
THESE ARE ENTERTAINMENT!
The first one will be The GoblinCave. An adventure to rescue a young lass from a goblin den. Users will make choices, have randomized outcomes, and either save her or die in the dark.
The second one will be Kobolds! An adventure filled with pesky kobolds and idiotic choices.
Since there was no traction for this, there are no real findings.
No activity yet