Nova’s January ‘24 Round-up
Our first month of 2024 is almost in the bag — and despite us STILL lamenting that we only thought up of “NOVA-ember” as the month of November just came to an end, forcing us to wait out an entire year before getting to use it in all our posts — we’ve got a lot of work done to kick off the new year.
Without further ado, let’s jump straight into a short-form update to cap off the month.
DeFi Girls x Nova: Public Launch
While we wrapped up on the DeFi Girls Polygon migration back in December, January saw the first round of automated yield rewards go live, coupled with the full NFT relaunch on Magic Eden — raking in almost 10,000 $MATIC within its first 24 hours!
This means an additional 10,000 $MATIC (plus any royalty fees from after-market sales) will be going directly to the DeFi Girls Yield Treasury, with all rewards returned to DeFi Girls NFT Holders as always.
With Gamma Strategies having now reached a resolution on their December incident (which did not affect any DeFi Girls yield pairs or holdings), we expect to be able to deposit all received $MATIC tokens into yield-bearing pairs before our January rewards distribution.
USDO / USDO-TEST
Work continues on our hyper-collateralized stablecoin USDO, with us now having reached an end to the primary development phase, and core time now being spent on rigorous testing of the USDO protocol.
For our USDO-TEST deployment, we have expanded the protocol to allow for migration unstaking, as promised; ensuring all stakers can exit the USDO-TEST/wDOGE collateral pool immediately in the event of Dogechain’s zkEVM chain going live.
During this process, the minting of new USDO-TEST will be permanently disabled, while USDO-TEST redemption will remain fully active and supported until a final shutdown of the smart contract. We expect to have our USDO protocol fully online and available on Dogechain’s zkEVM chain during its initial launch period.
Nova DAO Charter & Community Proposal Space
As mentioned in our December Update, drafting up our official charter & whitepaper for ease of reference is up high on our priority list — we’ll be diving straight on to this after the release of USDO-TEST, and submitting it to the DAO for a final ratification.
Coupled with this, we’ve also completed setting up our Nova DAO Community Space — available over on snapshot, at https://snapshot.org/#/novacommunity.eth.
Users holding a minimum of 100,000 $NOVA Tokens may submit any proposals to the DAO, with a quorum of 4% of the circulating $NOVA supply required (as mandated under our initial migration snapshot votes) in order to move to an official binding DAO Vote.
A minimum of three days notice period is given before votes may be lodged against any proposal, along with a one week voting period then being given for users to lock in their votes.
As of the time of writing, the circulating supply of $NOVA clocks in at 636,385,831 Tokens. (You can hit >this< endpoint to query the circulating supply at any time!)
As such, a total of 25,455,433 $NOVA Tokens must be in support of any proposals made under our Community DAO before being moved to the official DAO vote stages. Note that community voting/proposals via snapshot are performed via wallet signature, and do not require any token/gas fee or otherwise.
We’ll be releasing a companion medium article outlining the DAO voting process and how you can contribute to them as a DAO member, in due course. Watch this space!
Alright, made it this far? Awesome!
Following our wrap-up on USDO-TEST / USDO and our Charter /Whitepaper, our Studio development will then be moving directly back to Gooeys GameFi. Granted our early Nova workloads definitely detoured us into taking the long way round back to Gooeys, both our team and council are incredibly excited to finally be getting back to it.
We’ve a lot in store which we’ll be teasing in due time — for now, let’s wrap up on these important bits, and do our part to keep on growing our Nova community!
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Home: https://novadao.io
