Onwards: To 2024!
2023 will soon be a distant memory — but we’ve plenty of work to carry over and start rolling out across 2024. While our December got slightly marred with additional workloads, Nova DAO presses onwards; with Studio Nova still working hard on our upcoming launches.
USDO/USDO-TEST & Dogechain
One of our exciting new developments this year was in designing and developing our own hyper-collateralized stablecoin for use on lower liquidity / new chains such as Dogechain.
Currently, the Dogechain Family are working hard on launching their zkEVM chain, both bringing them closer to their Polygon roots and granting the chain access to Polygon’s Unified Liquidity model; which when completed, will bring the wider Polygon ecosystem’s tokens (such as USDC and USDT) over to Dogechain.
In speaking both with our friends on the Dogechain team, coupled with the wider Dogechain community, demand remains high for USDO; particularly in its real-yield staking model, and in providing an alternative to the bigger players on the market while offering a transparent layer of security around the dollar-side peg.
As there is no migration process for Dogechain’s Polygon Edge to their zkEVM chain, we’ve been hesitant to launch USDO on a chain that may become deprecated; particularly in knowing our staking model would not allow for unstaking if it were to put USDO’s pegging at risk.
As such, we’ve decided to launch USDO as a test/proof of concept token on Dogechain’s current implementation; with functionality to allow for full unstaking once zkEVM becomes available for use. This will function by allowing for 2 weeks for users to burn any USDO-TEST tokens they have, before then allowing for full unstaking from the contract.
With the above processes in place, users will be able to unstake from USDO-TEST and re-stake on USDO on Dogechain’s new chain. As a note, USDO-TEST is being deployed purely as a proof of concept; while user deposits and mint/burn functionality will be available, we strongly recommend only interacting with this contract to test its functionality, and ability to maintain its respective dollar peg, prior to our full USDO launch on the new and improved Dogechain.
Full details on using/testing our USDO-TEST token on Dogechain mainnet will be forthcoming as we approach our go-live date.
DeFi Girls Liquidity Management
Unfortunately one of our sacrifices this year was in postponing our fully automated liquidity management systems for DeFi Girls, originally slated to launch earlier this month.
This system remains at the top of our priority list moving in to 2024, ensuring that core team/dev hours aren’t spent on manually managing said rewards each month.
Coupled with a full redeployment on Polygon PoS (with on-chain royalty enforcement), and an official launch via Magic Eden, we’re hugely looking forward to seeing how the DeFi Girls community fares given this renewed lease of life and utility across 2024 — and if you haven’t picked one up yet, be sure to check them out on Magic Eden!
The Goo Will Flow
While there’s obviously been a few detours with our above undertakings, we’re still hard at work on the next releases in our slime-themed library.
Dev time may have needed some shuffling, but our incredibly talented studio artist Mabiruna has been hard at work in both creating, and improving the assets that’ll make up the next adventures in the Gooeys lineup.
With Dogechain currently setting up for their zkEVM transition, we’re going to continue working on MetaVice/Dogetribe throughout this period rather than launch (and need to migrate from) what will be the legacy Dogechain; and ideally, touch down as one of the first live services on their new zk-powered iteration.
Nova DAO Treasury Management
Studio Nova’s external workloads didn’t come without extraordinary benefits for Nova DAO; for one, Nova DAO currently heralds a treasury worth over $300,000 in tokens (of course, given crypto is crypto, it’s worth remembering this value fluctuates massively on a daily basis).
While very concentrated in a small few tokens currently, over 2024 we’ll begin working on proposals to begin putting this treasury to work for the Nova DAO community; building stablecoin and liquidity positions (similar to our Gamma LP system for DeFi Girls), making resources available for full-time Council Members, operating staking/reward systems, etc — it’s all on the proposal dockets for the upcoming year.
And most importantly, these proposals will ensure that any diversification of Nova DAO’s treasury occurs at a safe and sane rate in agreement with our partners; with the highest priority to keep all communities healthy and happy throughout.
The Official Nova DAO Charter
Currently, we’re still running off the ratified proposals made during our migration & launch phases; and the time is swiftly approaching where we’ll want to get everything officially wrapped up in a DAO Charter/Whitepaper, for a final ratification by the community.
We’re placing this at a high priority running in to 2024 — DAOs can be tricky business, but getting everyone singing from the same hymn sheet will go a long way towards growing our community outwards, and bringing more heads into the Nova DAO party.
Since our official launch only a brief 4 months ago, we’ve built out a stellar ground of foundations to continue building on. While there’s plenty to celebrate, there’s still a huge amount to do — and we look forward to taking on that challenge across 2024.
Seasons greetings and a very happy Christmas to you and yours — let’s power on towards making Nova DAO’s next year one for the history books.
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