Summary:
Redacted Protocol recently migrated its governance token BTRFLY from v1 to v2. This migration involved moving to a new token contract with added functionality.
On 7 March 2022, the BTRFLYv1:ETH pool was added to the gauge controller (vote; proposal).
Following the migration to BTRFLYv2, a BTRFLYv2:ETH pool was created.
This proposal is to add the BTRFLYv2:ETH pool to the Gauge controller to enable users to assign a gauge weight and mint CRV.
References/Useful links:
Website: https://www.redactedcartel.xyz/
Documentation: https://docs.redacted.finance/
Github Page: Redacted Protocol · GitHub
Communities:
- Twitter: https://twitter.com/redactedcartel
- Discord: [REDACTED]
Dune Analytics:
Historic Price:
- Redacted Cartel [OLD] Price in USD: BTRFLY Live Price Chart & News | CoinGecko (v1)
- Redacted Price in USD: BTRFLY Live Price Chart & News | CoinGecko (v2)
Protocol Description:
The Redacted ecosystem is a product suite of smart contracts empowering on-chain liquidity, governance, and cash flow for DeFi protocols. We’ve built two products inline with this mission so far: Hidden Hand and Pirex.
The Redacted protocol is the dApp centered around BTRFLY, which allows users to stake, earn incentives, and interact with governance proposals.
The Redacted Cartel is the DAO building out the Redacted ecosystem. The DAO consists of developers, writers, researchers, and more who are all focused on building out Redacted and extending its reach in DeFi.
Motivation:
Having adequate liquidity is important to reduce slippage and volatility. Because Redacted is deeply intertwined with Curve (through its significant CRV and CVX holdings) and because Curve factory pools are significantly more efficient than v2 type AMMs, Redacted is set on having the majority of its liquidity on Curve.
Redacted has a significant CVX and CRV position, therefore a gauge would enable Redacted to incentivise much needed BTRFLYv2:ETH Curve liquidity while allowing for higher volumes in the LP and also generating fees for veCRV holders.
Specifications:
- Governance: Provide current information on the protocol’s governance structure. Provide links to any admin and/or multisig addresses, and describe the powers afforded to these addresses. If there are plans to change the governance system in the future, please explain.
Redacted’s governance is currently off-chain using Snapshot. The multisig address is: 0xA52Fd396891E7A74b641a2Cb1A6999Fcf56B077e. Decisions relating to inflation, liquidity, partnership or DAO treasury go through a DAO vote, and then are executed by the multisig. On-chain governance will come at a later stage.
- Oracles: Does the protocol rely on external oracles? If so, provide details about the oracles and their implementation in the protocol.
No oracles are currently used.
- Audits: Provide links to audit reports and any relevant details about security practices.
Redacted v2 audit report: Omniscia Redacted Cartel Audit
Further details about security practices and audit reports for Hidden Hand and Pirex: Security Measures - Redacted
- Centralization vectors: Is there any component of the protocol that has centralization vectors? E.g. if only 1 dev manages the project, that is a centralized vector. If price oracles need to be updated by a bot, that is a centralized vector. If liquidations are done by the protocol, that is also a centralization vector.
One centralization vector is the 4 of 7 multisig which is authorised to mint BTRFLY tokens and has control of the treasury and multisig addresses.
- Market History: Has the asset observed severe volatility? In the case of stablecoins, has it depegged? In the case of an unpegged asset, have there been extreme price change events in the past? Provide specific information about the Curve pool: how long has it been active, TVL, historical volume?
Like many other DeFi 2.0 tokens, BTRFLY has experienced significant volatility since it launched in December 2021. However, Redacted is focused on bootstrapping diverse and deep liquidity in order to limit volatility and slippage. Treasury and LP diversification over time and the recent move away from rebases should help dampen volatility in the future.