Squid DAO’s mission is to be the ultimate fair launch project. Squid DAO launched leveraging the Nouns DAO auction mechanism, thereby enabling anyone to bid and participate in its initial offering, regardless of connections and status.
SQUID is a token that is designed to grow in value versus ETH. So as ETH grows in value, SQUID should grow in value even faster. Every SQUID is backed by at least 1 ETH. However, through the accumulation of income-generating assets in the Squid treasury and market determiners, SQUID can reach valuations well beyond that of ETH
The primary users in Squid DAO:
There are 2 main strategies for market participants:
Hibernating and Bonding
Hibernators stake their SQUID in return for more tokens;
Bonders provide LP tokens in exchange for discounted SQUID after a 5-day vesting period.
Further on the 2 strategies mentioned above, to participate in governance, you can lock your tokens to gain veSQUID, or purchase an NFT through auctions, or on the second-hand market.
Onboarding Squid Dao ($sSQUID) to Abracadabra would allow users to borrow against $sSQUID.
Abracadabra is a fast-growing multichain protocol that would make a strong partner with Squid DAO and its community. Right now, Squid DAO is bridging its $wsSQUID token across chains to make liquid staking and LPing more accessible for the masses - it is currently available in both Fantom and Avalanche. Abracadabra currently offers other ETH staking vaults, such as Yearn stETH. Squid DAO is important to hedge against the risks of other ETH staking services as well as naked ETH strategies (in particular, because of its decentralized nature Squid DAO utalises yield strategies to diversify earning potential of its treasury ETH) and will be an important addition to the DeFi space in general with its innovative approach to treasury management and partnership onboarding.
Squid DAO derives its uniqueness not only from a combination of Nouns DAO and OlympusDAO mechanics, but also from the deployment of the Ethereum in its treasury. Having one of the largest treasuries of Ethereum in DeFi, Squid DAO leverages this in 2 ways. Firstly, through investing in safe yield-bearing strategies, and secondly, by fostering mutually beneficial relationships and partnerships across the DeFi space…
Allow wsSQUID (wrapped staked $SQUID) as collateral with the same pool specifications as the first Cauldron for wMEMO (Maximum collateral ratio 30%, liquidation fee 12.5%, borrow fee 1.0%, interest 5.5%)
Just like wMEMO initial roll-out was designed as a test run to see the success of the cauldron and in the event of liquidations would the cauldron become “insolvent”.
It is recommended that the initial roll-out of an $wsSQUID cauldron be on that basis and a second cauldron be introduced based on the success of the initial launch.
SQUID/ETH Sushi LP (SLP) combined withETH/USD Chainlink
gain very high exposure as Abracadabra is highly used and users will notice is $wsSQUID is added (a sign of comfort from the skeptical and a vote of confidence that in an event of a liquidation we are very well placed to cover, sufficient LP depth)
$MIM is cross chain and is used a lot on Arbitrum (ETH L2), Fantom, AVAX and now on MoonRiver ($MOVR)
Squid DAO is quite new on mainnet - since October 29th, 2021. However, the risk can be considered to be mitigated to a great extent because of:
Staged rollout has been successful
TVL is close to 16,000 ETH (USD 64 Million as of writing)
The protocol has not undergone an audit however it’s a fork of Olympus so large portions of the code have been audited as they are unchanged
This is just a mini road map of what the team is currently working on:
Deploy 250 ETH to crvstETH to farm CRV, CVX, LDO
Harvest above rewards, and stake for voting.
Deploy 250 ETH to yvcrvstETH to lev up with MIM and farm Convex
Leverage this up with MIM. and depoly to crvMIM on Convex
Add Dashboard to current UI
Deploy weSQUID contracts
Add wsSQUID to UI
anySWAP Bridge wsSQUID to Arb, AVAX, BSC, ETH, FTM, MATIC is LIVE
LP on wsSQUID on AVAX
LP on wsSQUID on FTM
LP on wsSQUID on ARB
Revamp the website
veSQUID UI build
Deploy public GH Repos
SNOOP DAO nft auto royalty changed to 10% to SQUID MSig
Add Zap into Spawning (Bonds).
👷♂️ Deploy ETH to Liquity then LUSD to Pickle
Links and resources
Gitbook: Introduction - SQUID Dao
Squid DAO website: https://squid.xyz
Opensea Collection: https://opensea.io/collection/squiddao
Dune Analytics: https://dune.xyz/0xvisual/Squid-DAO
Genesis Deployer Wallet: 0x85277BD3D3273994Ce65FA1Bb9D0bf7Da0b1980b
Contracts & More Multisig Contract: 0x42e61987a5cba002880b3cc5c800952a5804a1c5
NFT Contract: 0x7136ca86129e178399b703932464df8872f9a57a
$SQUID Contract: 0x21ad647b8F4Fe333212e735bfC1F36B4941E6Ad2
$sSQUID Contract: 0x9d49bfc921f36448234b0efa67b5f91b3c691515
APY Distributor: 0x2d99d0b76168e315f2dc699bff8d47be30b3f9d7
$SLP (LP Token) Contract: 0xfad704847967d9067df7a60910399155fca43fe8
Treasury Wallet: 0x61d8a57b3919e9F4777C80b6CF1138962855d2Ca
Time Locked Treasury Manager: 0x8CFC7e4AFC370A159fc84157fcAd82A766C774bE
SQUID/ETH SLP Bond: 0x5ab2493d75cbccd0762417839c83ab6b567d2f71
WETH Bond: 0xd9cf92F1e3758EdE8bb47e37CAc7927dFbd54c12