Swivilian Update (3/27): Attention Swivilians!
Protocol announcements in context of our new market launches and market recovery after the Euler Finance exploit.
While it has been a tumultuous period in the wider ecosystem, it’s been an especially eventful few weeks here at Swivel!
Between the fall of our banking partners and wider banking turmoil, the Euler exploit, the launch of new markets, and the finalization our very first incentivized learning program, we’ve been hard at work ensuring the protocol has the liquidity, community, and integration partnerships that sustain a protocol through its tougher times.
With this context, we would like to announce a few updates to keep everyone abreast of current governance processes (post-Euler) and to transparently highlight the work being done behind the scenes.
SIP (#009): USDC Market Launch Passes
In light of the shortfall with Euler (see the post mortem here) Swivel was in need of a new integration partner.
We put this to a governance vote and the partner our community has chosen to integrate with is Compound (v2).
New USDC markets will launch thursday this week (March 30th at 4:00 PM UTC) and we are excited to integrate with one of the oldest and most trusted names in DeFi. Compound offers a competitive APY in addition to COMP rewards that may bolster the Swivel DAO treasury over time.
Ambassador Program Update
The Swivel Ambassador Program (v1) saw hundreds of users compete for places in our leaderboard to earn ETH backed NFTs in Swivel’s first foray into the world of NFTfi.
We received many insightful articles and clever contributions for memes as well as content, and grew our reach by over 2000 people across our social media channels. We cannot thank the community enough for their involvement and engagement in this contest, and can’t wait to showcase some of the best work!
The official leaderboard will be posted in the Discord, and NFTs will be distributed April 3rd, 2023.
A quick apology to those who have been waiting! While this is one week after our anticipated distribution date, the exploit of Euler left us temporarily without a USDC market to integrate alongside, which was resolved with SIP (#009)!
SIP (#010): New Staked ETH Market Launch
Unrelated to our USDC market, the close of our first staked ETH market (Lido stETH) inches closer as all positions mature on April 1st.
That said, with the close of our first market comes the launch of our second and we again need to launch a new market with either Lido or one of a few growing liquid staking derivatives!
For potential integration partners we have a number of ideal options, with the likely candidates including:
Frax: Frax frxETH offers the highest APY and most compelling economic model for the growth of new deposits.
Lido: Lido stETH offers the “safest” solution and the most liquid solution for those integrating with staking yields.
Rocketpool: Rocketpool rETH offers the most interesting staking production from a decentralization and sustainability perspective.
Ankr: While at the moment Ankr may not have any particular differentiating factors, future development may offer unique facets to yield directionality.
Get your voice heard on:
Our governance forum: Link
Our snapshot vote: Link
Swivel is the protocol for fixed-rate lending and tokenized cash-flows.
Currently live on Mainnet, Swivel provides lenders the most efficient way to lock in a fixed rate as well as trade rates, and liquidity providers the most familiar and effective way to manage their capital.
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