Making WAVES, COW Farms, & Intro to Squads Protocol

MAR 30, 2022 • 5 Min Read

Joo Kian + 2 others

DISCLOSURE: DELPHI VENTURES HAS INVESTED IN RON, SOL, AND COWSWAP. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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Chart of The Day: USDN Making WAVES
  • WAVES was created in Russia by Ukrainian-born Alexander Ivanov. Ever since the Russian-Ukraine war started, WAVES started gaining traction as Russia’s monetary systems broke down from the Ruble crash and removal from SWIFT.
  • Given the ability of US Sanctions to possibly restrict USDC/USDT for Russian holders, money flocked to USDN, a decentralized algorithmic stablecoin. Similar to the LUNA-UST relationship, WAVES-USDN works in the same way where $1 worth of WAVES can be used to mint 1 USDN, and 1 USDN can redeem $1 worth of WAVES.
  • WAVES has performed exceptionally well, growing from $15 to $45 since the year started, representing a 200% gain. This was led by USDN’s supply mint, which locked up more WAVES as it grew. Since the war started, USDN supply grew from 469M to 819M, which translates to 75% growth.
  • USDN can be staked in Neutrino, which now provides 8.41% APR. Rewards come from payments for the generation of new blocks and transaction fees on the Waves Platform via staking the WAVES that are used to mint USDN. Alternatively, you can deposit in Vires.Finance, a money market in Waves, which gives ~16% APR on USDN. Vires surprisingly gives excellent yields on USDC/USDT at 20% APY.
  • To make the ecosystem more attractive and friendly to EVM users, they recently announced that the Waves will be moving to support EVM, expected to start this coming spring.

Airdrops, Triple Rewards & Auto-Compounding Vaults
[Excerpt from our Mar. 29 Yield Insights]

CowSwap Balancer Farm

  • CoW Protocol is a fully permissionless trading protocol that leverages Batch Auctions as its price-finding mechanism. Trades can be settled via underlying on-chain AMMs directly or via DEX Aggregators, depending on which pool/oath offers the best price. It is thus essentially acting as a DEX Aggregator of the DEX Aggregators. In addition to that, before finding the best price for a trade from available on-chain liquidity, CoW Protocol first seeks a coincidence of wants within the existing batch to offer an even better price than any pool can. Learn more about it here and from our report, “Moove Over MEV Milkers, Here Comes CowSwap.”
  • Yield calculations can be found here and here. To access Ethereum, you’ll need to configure your MetaMask to run Ethereum’s Mainnet.
  • Bridge: You can use Synapse Protocol to bridge assets over to Ethereum. Ethereum uses ETH for gas.
  • CIP-5: The passing of this proposal allows VCOW holders to swap VCOW for COW tokens directly on CowSwap.
  • Note: This only applies to vested VCOW tokens. If your VCOW tokens are unvested, you will need to wait until they become available for you to swap them into COW tokens.
  • Utility: Enjoy fee discounts when trading on any CoW Protocol Interfaces (CowSwap, Balancer, etc.). The program has a system for multiple tiers to ensure that discounts can be offered to almost everyone:
  • Tier 1: 1,000 COW Discount: 5%
  • Tier 2: 10,000 COW Discount: 10%
  • Tier 3: 100,000 COW Discount: 20%
  • Tier 4: 1,000,000 COW Discount: 40%
  • Note: You do not need to stake COW tokens. Each time you make a trade, CowSwap will check that you indeed hold x amount of COW tokens, will then apply the corresponding discount to the trade you are about to place.

  • EmissionsOut of a total of 1 Billion COW tokens, 44.4% is allocated towards the Cow DAO treasury. This allocation will be in the hands of the community which could be used to incentivize solvers, traders and integrations.
  • On Ethereum: COW & BAL rewards are fixed over 12 weeks, GNO rewards might be adjusted on a weekly basis. On a weekly basis, each pool is rewarded with 30K COW, 200 BAL and 30 GNO.
  • On Gnosis Chain: COW & SWPR rewards are fixed over 12 weeks. Over 12 weeks, there will be 240K COW (20K per week), 350K SWPR and 64 GNO rewards.
  • For more, Delphi members can see our latest Yield Insights here.

Web3 is Frictionless Collaboration: Stepan Simkin, Co-Founder & CEO of Squads Protocol
[Excerpt from Delphi Podcast]
  • For more, you can see our latest Delphi Podcast releases here.
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Joo Kian + 2 others