Herein we propose a full rebrand and product development pivot of the YF Link protocol to Varen Decentralized Finance
Varen, or Varenne originally, was considered the dark horse in trotter racing. Always coming up from behind, before eventually going on to become a legendary racing horse. This is our thesis: build quietly, focus on a long term sustainable ecosystem, and dedicate to building high quality code, immersive user experience, and accessible information to push the defi user experience and user value forward. Our vision for Varen is to be an Ethereum-based multi-chain DeFi hub, with a focus on bringing multi-chain services to retail DeFi users.
The full visual overview of the new branding can be seen here.
Varen Development Phases
We have defined the development phases over the next few weeks and months as follows. Please note that these phases do overlap.
Phase 0 - Token migration
We are currently in the midst of our migration and will remain so for as long as there’s $YFL out there that needs to be swapped to $VRN. There are active VRN/ETH and VRN/USDC pools on the Varen (Linkswap) DEX.
Phase 1 - Rebrand, liquidity mining, gov vault
In this phase we execute a full rebrand of our DEX, websites and communications channels as defined in the previous section. We will begin actively pushing our rebrand to Coingecko, Coinmarketcap, DeFiPulse and other important integrations.
We also launch new reward pools to build up the liquidity necessary for a healthy DEX and subsequent development phases. The reward pools planned are as of now, but not limited to:
We will also redeploy our governance vault with staking rewards from the Varen DEX protocol fee and additional rewards.
Phase 2 - Multi-chain DeFi hub (bridges + AMM)
Building on our earlier successful integrations of the Ren and Secret Network bridges, we continue this path by building a user friendly bridge ‘aggregator’-type interface that leverages Ren bridge technology into a multi-chain bridge on top of an AMM as a method of moving liquidity from Ethereum to destinations like the Bitcoin network, Dogecoin, Binance Smart Chain, Polygon (Matic), Fantom, Solana, Avalanche and others. The goal here is to create a place where DeFi chain hoppers can come and bridge to and from many common L1 or L2 chains, and support that process with DEX liquidity.
Phase 3 - VRN Staking 2.0
In the third phase we bring together what we’ve built with a product directing additional protocol revenue to stakers participating in protocol governance. The product in development would bring new optimizations for capital efficiency in DEXes. Specific details around this product will be released as product development matures. Additionally, in expansion of our partnerships where we host vetting projects as a part of our ecosystem, we are exploring expanding this partner program. Currently we are in discussions with a large upcoming project, who are looking to launch this year exclusively hosted on Varen Suite. We are still working out how the two projects create synergistic value and incentives, but as we look to build a multi-chain, multi-services defi hub and ecosystem, we welcome this form of partnership and look to continue expanding with high quality vetted partners.
Core team discretion and community council
To ensure flexibility and agility, the core team requests discretion to execute the vision articulated in this proposal, with regular input from the community as guidance. We will be supporting a proposal to instate a community council to this end that will interface with the core team to represent community input into product and business development.
A detailed proposal for the operation of this council will follow, as well as further updates to the functioning of governance moving forward. Community member Ad Astra is taking the lead in this. As part of this initiative, members of the community as well as professional advisors will form a council for project advisory board and community oversight.
Additionally, the team will be hiring a secretary for the DAO. This will be a paid role and will involve tracking all transactions in and out for the treasury multi-sig and dev fund wallet, and these tracking sheets will be fully accessible at all times to the community council for audit or questions. We will also be publishing an expenses report, which will be accessible to the public but will include less information than the version accessible to the community council in order to respect the privacy of vendors, contractors and other partners.
With a core team driving product development, we would like to continue operating with an ethos of community-driven decentralized governance, and we hope the open and engaged methods at Varen can create a balance between streamlined business initiatives and community participation. In addition to the product development of the Varen team, we plan to continue operating with DAO-supported high quality community initiatives, such as a bounty-program to leverage and organize community resources to perform project-wide goal-oriented tasks.
Core team reserves the right to pivot the above strategy as market conditions and development schedules need.
There are 39,888 $VRN tokens currently sitting in treasury to be allocated to development of the Varen protocol and will be allocated as such after passage of this proposal. The community voted to add these tokens to the treasury with the intent to support the growth of the protocol for years to come. The tokens allocated to liquidity mining & staking rewards are for partnerships and strategic liquidity plays as they arise over the foreseeable future, and will only be allocated as such when attached to a clear purpose and always safeguarding the health and resiliency of the protocol.
- Liquidity mining & staking rewards: 32,000
- Dev fund: 1,444
- Treasury: 4,000
- Core team allocation 1,444:
– 1,244 tokens or 311 per member vested monthly from June 2021 to Jan 2022
– Retroactive payout as compensation for 2 core team members of 100 tokens each for work from Nov 2020 - May 2021
This vote will be the first vote with VRN. Until the VRN Staking Vault is relaunched, we’ll use unstaked VRN for the vote. The quorum is calculated by 20% of the migrated VRN at the block when the vote is created.
Approve this proposal. Core team executes this proposal ie. the vision, rebrand, phases, discretion and funding allocation
Reject this proposal. Nothing happens