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BTRFLY to DINERO Token Migration is Live
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Introducing superETH—an ETH LST for Optimism Superchain
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iETH is live on Ink
We’re excited to announce that iETH is now live on Ink—an Optimism Superchain. iETH is a native ETH LST built for the Ink ecosystem, enabling users to earn Ethereum staking rewards without leaving Ink. Starting today, users can:Mint iETH with ETH on Ink.Mint iETH from Ethereum mainnet.Coming soon:Participate in incentivized iETH liquidity pools.Use iETH across DeFi protocols on Ink.…and more ✍️iETH is designed to be the go-to ETH asset for the Ink ecosystem, offering best-in-class staking yie...

BTRFLY to DINERO Token Migration is Live
As part of the Redacted to Dinero rebrand, we’re doing a token migration to modernize the tokenomics and maintain consistent branding. Starting today, 7/22/24, this migration is live. You can begin the migration here. All DINERO contract addresses can be found here. ***Please double check URLs and stay safe from fake migration links.TLDRDINERO supply is 1,300,000,000 tokens.The exchange rate is 1 BTRFLY to 2,000 DINERO.rlBTRFLY is replaced with a simpler DINERO staking mechanism.Staking rewar...

Introducing superETH—an ETH LST for Optimism Superchain
Today we’re excited to launch superETH, an ETH LST built for the Optimism Superchain, launched in collaboration with Ink. superETH delivers DeFi’s highest ETH staking yield (~4% APR) to the Superchain’s expanding ecosystem, starting with Ink, Optimism, Base, and Mode. Note: As part of this launch, we’ve disabled minting of iETH and encourage iETH users to migrate to superETH. Details below.Why superETH?superETH is the evolution of iETH, Ink’s previous LST, upgraded to serve as a unified staki...


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For the first time ever, Convex users will be able to collateralize their vlCVX positions, allowing them to earn yield (i.e. bribes) and leverage their assets at the same time. This will be accomplished through a new technical collaboration with Tribe DAO and Redacted Cartel.
Pirex is a new incentives platform that we’re launching for vlCVX holders that introduces exotic liquidity for bribes and vote escrow tokens. It’s powered by a liquid marketplace for futures notes that provide fluidity, flexibility, and optionality on locked token rewards.
The premise: Users lock their CVX tokens in Pirex for pxCVX, a liquid wrapped CVX token, with a bit of a twist. Rather than a more traditional module in which the user stakes the liquid token for the underlying benefits of the locked mechanic, stakers of pxCVX get airdropped Bribe Futures Notes, or BFN for short. (1 BFN for each 1 vlCVX) at the time of staking.
The game is simple, let's say you think that the next round will yield $0.50 / vlCVX — as a BFN holder, your aim is to sell your futures note for more than this. For example, you may choose to offer your notes for more than $0.50 per vlCVX. If you're a counterparty who's bullish on the next round, and feel that it would yield $0.60 per vlCVX — you would fill orders priced less than $0.60/vlCVX. At the end of the round, users redeem their futures notes for the underlying bribe. Stakers of pxCVX can play the game, and those who opt out for the liquidity of vlCVX will get their bribes streamed to them in the form of cvxCRV using The Union.
Users of Pirex will be able to deposit their pxCVX into a Fuse pool and borrow a variety of assets against the collateral value. Under the hood, specifically for Fei’s Fuse pool, Pirex will be making use of a vault implementation based on the ERC-4626 standard — championed by Fei founder Joey Santoro — as its asset custody solution, and Fei’s Flywheel Core for managing reward distribution.
Here’s how the combination of ERC-4626 and Fei’s Flywheel Core work in practice: ERC-4626 Plugins allow yield bearing assets to be utilized in a Fuse pool without forfeiting rewards. Thus, pxCVX holders will be able to access leverage against their collateral while maintaining exposure to the underlying bribes. Fei’s Flywheel mechanism is the cherry on top, and will allow rewards to be easily distributed to depositors on Fuse — opening up opportunities for pxCVX to explore sophisticated leverage strategies.
To see a similar implementation in the wild, check out the Tribe Convex Pool, which allows users to borrow against their liquidity positions while still earning CVX, LDO, and CRV rewards.
Pirex will go live on ████ ██, ████. In the meantime users can stay up to date by monitoring the Pirex website, following Redacted on Twitter, and joining the community Discord.
For the first time ever, Convex users will be able to collateralize their vlCVX positions, allowing them to earn yield (i.e. bribes) and leverage their assets at the same time. This will be accomplished through a new technical collaboration with Tribe DAO and Redacted Cartel.
Pirex is a new incentives platform that we’re launching for vlCVX holders that introduces exotic liquidity for bribes and vote escrow tokens. It’s powered by a liquid marketplace for futures notes that provide fluidity, flexibility, and optionality on locked token rewards.
The premise: Users lock their CVX tokens in Pirex for pxCVX, a liquid wrapped CVX token, with a bit of a twist. Rather than a more traditional module in which the user stakes the liquid token for the underlying benefits of the locked mechanic, stakers of pxCVX get airdropped Bribe Futures Notes, or BFN for short. (1 BFN for each 1 vlCVX) at the time of staking.
The game is simple, let's say you think that the next round will yield $0.50 / vlCVX — as a BFN holder, your aim is to sell your futures note for more than this. For example, you may choose to offer your notes for more than $0.50 per vlCVX. If you're a counterparty who's bullish on the next round, and feel that it would yield $0.60 per vlCVX — you would fill orders priced less than $0.60/vlCVX. At the end of the round, users redeem their futures notes for the underlying bribe. Stakers of pxCVX can play the game, and those who opt out for the liquidity of vlCVX will get their bribes streamed to them in the form of cvxCRV using The Union.
Users of Pirex will be able to deposit their pxCVX into a Fuse pool and borrow a variety of assets against the collateral value. Under the hood, specifically for Fei’s Fuse pool, Pirex will be making use of a vault implementation based on the ERC-4626 standard — championed by Fei founder Joey Santoro — as its asset custody solution, and Fei’s Flywheel Core for managing reward distribution.
Here’s how the combination of ERC-4626 and Fei’s Flywheel Core work in practice: ERC-4626 Plugins allow yield bearing assets to be utilized in a Fuse pool without forfeiting rewards. Thus, pxCVX holders will be able to access leverage against their collateral while maintaining exposure to the underlying bribes. Fei’s Flywheel mechanism is the cherry on top, and will allow rewards to be easily distributed to depositors on Fuse — opening up opportunities for pxCVX to explore sophisticated leverage strategies.
To see a similar implementation in the wild, check out the Tribe Convex Pool, which allows users to borrow against their liquidity positions while still earning CVX, LDO, and CRV rewards.
Pirex will go live on ████ ██, ████. In the meantime users can stay up to date by monitoring the Pirex website, following Redacted on Twitter, and joining the community Discord.
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