Abracadabra is proud to announce its Q1 roadmap, highlighting major advancements and future loans that the community has put together for the protocol. Let’s dive into each of these topics and see what they mean for our protocol!
In this quarter, Abracadabra launched its first PoF (Protocol Owned Farm) which has already shown great success, proving the strength of the platform to utilize idle capital of the treasury and maximizing these returns. A total of $1,000,000 USDT has been used in a custom deployed 0% fee cauldron, resulting in impressive returns of 32% APY.
The community is closely monitoring the results and exploring ways to utilize the remaining idle treasury to obtain even more yield.
The success of this initial deployment, underscores the potential of PoF to generate profitable returns for the protocol and its treasury.
A new level of efficiency has been achieved for these previously idle treasury assets. Expect further advancements in PoF in the following quarter.
Many users are wondering what the next assets listed as collateral on Abracadabra will be, so here is a list of collateral that the protocol is expecting to launch in Q1:
GMX Ecosystem Cauldrons: Many exciting projects are being built on top of GLP, and they are all waiting for a leverage engine! Read more down below!
Yearn’s Tricrypto Vault: Leverage up the best Tricrypto yield on the market!
Magic APE: Abracadabra’s in house auto compounder for staked APE tokens!
DEX LP Tokens: We are looking into expanding the Degenbox strategies to Camelot, Solidly and Velodrome LP tokens!
We are going to have a more in depth look at each of these collaterals closer to launch, so stay tuned!
Another major milestone for Abracadabra is the integration with IPFS. The community deployed and maintains an instance of the open source Abracadabra front end on the distributed peer-to-peer file network known as the Interplanetary File System (IPFS). By hosting the protocol on a distributed peer-to-peer network, Abracadabra is able to offer its users greater censorship resistance and a more secure infrastructure. This is just the first step towards strengthening decentralization, and the Abracadabra community is dedicated to continuing this journey.
The community has ambitious plans which include full on chain governance of the protocol within 2023.
Through the use of on-chain governance, the community aims to give users greater control over the future development and direction of the protocol. While the current governance structure is efficient and adequate, a full on chain structure will introduce a new level of control towards the token.
Abracadabra is set to unveil a new suite of products, targeting the GMX ecosystem. These products will provide users of the GMX protocol with innovative tools to maximize their profits. With the first product release, users will be able to experience a new level of automated yield generation and fees that are unrivalled in the market.
Our protocol is excited to see the positive impact these products will have on the GMX community.
In the past months, thanks to new and innovative business models, Abracadabra has managed to steeply reduce its emissions, without compromising the liquidity for $MIM.
As of November, the protocol was emitting approximately 311,380,608 SPELL per week, in order to have the same (if not lower) liquidity levels that we are currently maintaining.
The following graph shows how balanced the MIM-3Crv Pool on Curve is (i.e the percentage of $MIM compared to 3Crv tokens).
Note: The Blue line is the percentage of MIM tokens, the yellow line is 3crv (DAI, USDT and USDC)
The current situation is achieved emitting 84,742,166 SPELL per week, reducing dilution for each token holder, immensely.
A good way of visualising the emissions reduction compared to liquidity in the pool is with the following two graphs:
Thanks to this, the cost of emitting $MIM for the protocol has been reduced as well, allowing the listing of numerous types of collateral! Expect this reduction to continue and be adjusted over the next few weeks!
This emissions reduction will be met with a revamping in tokenomics, that is likely to come in Q2! Stay tuned Wizards!
Abracadabra has been making major strides in partnering with innovative projects in the ecosystem.
Stay tuned for a forthcoming in-depth look at these exciting partnerships.
As always, Abracadabra welcomes the opportunity to work with like-minded builders. If you’re interested in integrating the Abracadabra leverage engine into your project, or boosting the utility of $MIM, do not hesitate to reach out to our community of DAO contributors on Discord or submit a proposal on the forum for $SPELL holders to discuss and vote on.
Abracadabra contributors are always working to make the platform the best it can be. Behind the scenes, the community has been hard at work on a revamp of the UI. Valuable feedback has been collected from the forums and discord on what can be improved in V2.
A major overhaul of the UI is in the works and will be rolled out in multiple phases to ensure a seamless transition for users. The first phase will focus on improving the flow of the dApp and making it easier for users to have an overview of all cauldrons of the Abracadabra ecosystem. This will be a significant step towards enhancing the user experience and meeting the demands of the community.