Today, DeFi Girls’ LP/Yield generation will begin under the management of Studio Nova. In aiming to maximize effective yield while targeting trusted/well-established pairs with noteable liquidity, the following LP Pairs have been selected for yield generation across 100% of the received token supply;
50% — Low Risk
30% — Mid Risk
20% — Elevated Risk
(Note that percentage splits are approximate — due to the nature of auto-balancing Gamma Pools and pair weighting, some figures will be off. Depending on the performance of individual tokens and their rebalancing targets, this effect will likely increase over time.)
All pairs will be created using a narrow Gamma Farming strategy via QuickSwap, and all yield/farming rewards will be converted to wETH for user claims.
Rewards will be distributed monthly via smart contract, within the first 7 days of each month. An alert will be posted here (and via Nova) when rewards are ready to claim. Rewards will reset each month — with any unclaimed rewards being compounded into LP. Any DeFi Girls NFTs which are burned to the dead address or otherwise unretrievable will also have their rewards compounded into LP.
Rewards are to be split into 6765 Shares, with shares being allocated based on DeFi Girls NFT Holdings on a 1:1 basis. Note that any required network fees (such as gas tokens used for launching any contracts/compounding positions) will be taken before any reward distribution. In basic terms, each DeFi Girls NFT entitles its owner to 1/6765th of the total rewards generated.
Holdings will be determined via snapshot, and distributed via the Polygon PoS Network. As a note, holders will require a small holding of MATIC to use as a gas token to claim any due rewards. MATIC may be off-ramped to the Polygon network via any major CEX, or via Polygon’s bridging service at https://wallet.polygon.technology/polygon/bridge/deposit.
Rewards will be claimable from https://novadao.io, with the first round of rewards due no later than November 7th.
Studio Nova will receive and retain 700 DeFi Girls NFTs, while Nova DAO will receive and retain 600 DeFi Girls NFTs, which may only be used for reward claims for a minimum period of 12 months. Beyond this time, any received DeFi Girls NFTs may only be sold at a maximum amount of 2 NFTs per day, unless otherwise agreed by Studio Nova/Nova DAO, and DeFi Girls DAO.
As a note, while there is currently no limit on eligible NFTs, it has been proposed to lock out any NFTs which do not pay the suggested creator fees of 10% via any NFT platforms. In this case, a user may unlock their NFT for reward claims by covering any due fees owed to the DeFi Girls DAO. As such, we would advise caution in ensuring that any creators fees are covered when trading any DeFi Girls NFTs via any marketplaces.
An additional proposal has been made to begin automating the DeFi Girls Twitter account under Studio Nova; with tweets noting current LP positions, and overall pending rewards value. This will be discussed over the upcoming weeks, with any announcements to be made via any relevant DeFi Girls/Studio Nova channels.
Finally, it has been decided that for a minimum of three rewards cycles, all LP positions will be manually managed, alongside rewards being manually compounded/distributed via smart contract. At this point, all contracts/rewards and otherwise may be fully automated (at the behest of Studio Nova & DeFi Girls DAO).
All contracts, and LP Positions will be managed, and fully visible via the following dedicated DeFi Girls yield wallet: 0xc5F69c697633a095D8E994F8921836720a6dca87.
A full copy of the binding contract agreement between Studio Nova and DeFi Girls DAO follows.
SMART CONTRACT DEVELOPMENT SERVICES AGREEMENT
This Services Agreement (“Agreement”) is made and entered into on 01/10/2023, (“Effective Date”) by and between:
Studio Nova, a Limited Liability Company in Ireland, hereinafter referred to as “Studio Nova,” and DeFi Girls, a Decentralized Autonomous Organization, hereinafter referred to as “DeFi Girls.”
WHEREAS, DeFi Girls desires to engage the services of Studio Nova for the development of smart contracts and management of liquidity pool (LP) positions and rewards for the DeFi Girls NFT project.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:
1. SCOPE OF SERVICES
1.1 Smart Contract Development: Studio Nova shall develop smart contracts necessary for the DeFi Girls NFT project, including but not limited to contracts for LP management and revenue distribution based on NFT ownership. Studio Nova shall provide detailed specifications of the smart contracts and their functions to DeFi Girls.
1.2 Liquidity Pool Management: Studio Nova shall manage the LP position, including optimizing rewards by adding and removing liquidity as necessary to optimize for maximum yield returns. Studio Nova will provide monthly performance reports, including performance metrics and key performance indicators (KPIs), to DeFi Girls.
1.3 Reward Distribution: Studio Nova shall facilitate the distribution of fees and yield rewards to DeFi Girls NFT holders in accordance with the terms described in this Agreement. Such distribution of rewards may be on a chain other than Ethereum, depending on gas costs, and liquidated into single tokens for claiming at Studio Nova’s discretion. Studio Nova shall provide a clear breakdown of the distribution process and the calculations used.
2.1 Payment: In consideration for the services rendered under this Agreement, DeFi Girls shall provide Studio Nova with 1300 DeFi Girl NFTs delivered to the blockchain address specified by Studio Nova no later than 10 days after signing this Agreement. Studio Nova may retain 700 of such DeFi Girls NFTs and distribute 600 of such DeFi Girls NFTs to Nova DAO. Payment terms for any additional expenses shall be agreed upon by both parties.
2.2 Yield Rewards: Studio Nova shall be entitled to approximately 20% of the yield rewards generated by the LP based on its holdings of DeFi Girls NFTs, which shall be non-dilutable.
2.3 Sales of NFTs: For no less than 12 months after the Effective Date, Studio Nova and its assigns, including Nova DAO, shall not sell DeFi Girls NFTs without the express written consent of DeFi Girls (“Holding Period”) and after the Holding Period shall sell no more than 2 DeFi Girls NFTs per day unless the parties otherwise agree in writing.
3. RESPONSIBILITIES AND WARRANTIES
3.1 DeFi Girls Warranties: DeFi Girls represents and warrants that they shall be responsible for complying with all applicable Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and requirements for DeFi Girls NFT holders to claim yield rewards from the Studio Nova smart contracts. DeFi Girls further warrants that they shall indemnify and hold Studio Nova harmless from any liabilities or legal consequences arising from any failure to implement KYC/AML compliance for DeFi Girls NFT holders by DeFi Girls.
4. LIABILITY DISCLAIMER
4.1 Limitation of Liability: Studio Nova shall not be liable to DeFi Girls, its agents, or NFT holders for any direct, indirect, incidental, special, consequential, or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses, resulting from: The operation or use of the DeFi Girls NFT project. Any changes, errors, interruptions, or termination of the DeFi Girls NFT project. Any breach of security or loss of data related to the DeFi Girls NFT project. Any actions or omissions of NFT holders or third parties. Any circumstances beyond Studio Nova’s reasonable control, including force majeure events.
4.2 No Warranty: Studio Nova makes no warranties, express or implied, regarding the DeFi Girls NFT project, including, but not limited to, the suitability, reliability, availability, accuracy, or fitness for a particular purpose of the project. DeFi Girls acknowledges that the project is provided “as is” and “as available” without warranty of any kind.
4.3 Indemnification: DeFi Girls shall indemnify and hold Studio Nova, its agents, and employees harmless from any claims, losses, damages, liabilities, costs, and expenses (including reasonable attorney’s fees) arising out of or related to the LP management, including from impermanent loss, and the use of the DeFi Girls NFT project, including any claims brought by NFT holders or third parties.
4.4 Acknowledgement: DeFi Girls acknowledges that the operation and use of blockchain-based projects, including NFTs and smart contracts, carry inherent risks, and Studio Nova shall not be liable for any adverse consequences arising from the use of the DeFi Girls NFT project.
4.5 No Liability Transfer: The liability disclaimer herein extends to any claims against Studio Nova, whether directly or indirectly related to the DeFi Girls NFT project, and shall not be construed as an attempt to transfer liability to any other party, including DeFi Girls or NFT holders.
4.6 Legal Consultation: DeFi Girls is encouraged to seek independent legal counsel to assess the risks associated with the DeFi Girls NFT project and this Agreement.
5. TERMINATION AND EXIT STRATEGY
5.1 Term: This Agreement shall commence on the Effective Date and shall continue until terminated by either party upon written notice within 7 days. Termination terms and exit strategy shall be as agreed upon by both parties, and shall be effective upon delivery of the termination notice via Telegram or email.
6. FORCE MAJEURE
6.1 Force Majeure: Neither party shall be liable for any failure or delay in performing its obligations under this Agreement due to circumstances beyond its reasonable control.
7.1 Confidential Information: Both parties acknowledge that, in the course of performing their obligations under this Agreement, they may have access to and become acquainted with confidential and proprietary information of the other party, including but not limited to technical, financial, operational, and business information (“Confidential Information”).
7.2 Obligations: Each party agrees to: Treat all Confidential Information as strictly confidential and not disclose it to any third party, except as expressly permitted by this Agreement or with the prior written consent of the disclosing party. Use the Confidential Information only for the purpose of fulfilling their obligations under this Agreement. Take all reasonable measures to protect confidentiality and prevent the unauthorized use or disclosure of Confidential Information, including implementing and maintaining adequate security measures.
7.3 Exceptions: The obligations of confidentiality shall not apply to information that: Is or becomes publicly available through no fault of the receiving party. Was in the receiving party’s possession without confidentiality obligations prior to its disclosure by the disclosing party. Is independently developed by the receiving party without reference to the Confidential Information. Is required to be disclosed by applicable law or regulation, provided that the receiving party promptly notifies the disclosing party to allow for any protective or confidential treatment of the information.
7.4 Permitted Disclosure: Either party may disclose Confidential Information to its employees, contractors, and agents who have a legitimate need to know the information for the purpose of this Agreement, provided that such individuals are bound by confidentiality obligations at least as protective as those contained herein.
7.5 Return or Destruction: Upon termination or completion of this Agreement, or upon written request by the disclosing party, the receiving party shall promptly return all Confidential Information, including any copies or reproductions, or, at the disclosing party’s option, destroy such Confidential Information and provide written certification of its destruction.
7.6 Survival: The obligations of confidentiality shall survive the termination or expiration of this Agreement and shall remain in effect for a period of 1 year following such termination or expiration.
7.7 No Ownership Transfer: This Agreement does not transfer ownership or grant any rights, express or implied, in the Confidential Information.
8. DISPUTE RESOLUTION
8.1 Dispute Resolution: Any disputes arising under or in connection with this Agreement shall first be resolved through mediation.
9. GOVERNING LAW AND VENUE
9.1 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Ireland. Any legal proceedings shall take place in the appropriate court of Ireland.
10. INTELLECTUAL PROPERTY RIGHTS
10.1 Ownership of Work Product: DeFi Girls acknowledges and agrees that all intellectual property rights, including but not limited to copyrights, patents, trademarks, trade secrets, and any other proprietary rights, in and to any work product, deliverables, or intellectual property created, developed, or modified by Studio Nova in connection with the services provided under this Agreement (“Work Product”) shall be the exclusive property of Studio Nova.
10.2 License to DeFi Girls: Subject to DeFi Girls’ compliance with all terms and conditions of this Agreement, Studio Nova hereby grants DeFi Girls a non-exclusive, non-transferable, royalty-free license to use, reproduce, and distribute the Work Product solely for the purpose of operating and maintaining the DeFi Girls NFT project.
10.3 No Transfer of Ownership: This Agreement does not transfer ownership of any pre-existing intellectual property owned or licensed by either party. Each party retains ownership of its respective pre-existing intellectual property.
10.4 Assignment of Rights: To the extent that any rights, title, or interest in the Work Product or any portion thereof do not automatically vest in Studio Nova under applicable law, DeFi Girls hereby assigns and agrees to assign all such rights, title, and interest to Studio Nova.
10.5 Assistance with Documentation: DeFi Girls agrees to take all actions and execute all documents that may be necessary to perfect, protect, or enforce Studio Nova’s intellectual property rights in the Work Product, including but not limited to providing reasonable assistance in the filing, prosecution, and maintenance of patent, copyright, trademark, or other applications or registrations related to the Work Product.
10.6 DeFi Girls’ Intellectual Property: DeFi Girls shall retain ownership of any intellectual property related to its branding, trademarks, and NFT project name. Studio Nova shall not use such intellectual property without prior written consent from DeFi Girls.
10.7 Survival: The provisions of this clause shall survive the termination or expiration of this Agreement.
11. SIGNATURES AND COUNTERPARTS
11.1 Signatures: This Agreement may be executed in counterparts and by electronic signature.
IN WITNESS WHEREOF, the parties hereto have executed this Services Agreement as of the Effective Date.
DeFi Girls DAO