Henlo Diracians, 30-day progress check-in for everyone involved with $DIRAC and Dirac Vaults. Last month’s tweet is quoted below for context
(TL;DR in the next tweet of this thread)
A. IDO/TGE
• $DIRAC IDO will run on @ramen_finance via their new launch product
https://t.co/wDUEuqWpt8
• TGE follows immediately
• Ramen will request an updated @StandardAndPaws assessment; our goal is to keep the AAA we got. See the report here:
https://t.co/2AvBAX9tsA
• To secure the same AAA rating for the IDO we need at least:
- the final audit of the upgraded Dirac Vault code now live on mainnet
- a solid on-chain track record for those vaults
- submission of the first Dirac vault to BGT gauges
• These 3 items are our top priorities. Here is the status:
B. Dirac Vaults, Important Product Update
• April 1: WBERA HONEY Dirac Vault went live, integrated with @KodiakFi and @stryke_xyz
• The smart contracts worked smoothly and the risk mitigation system was efficient, turning a loss from 1 option into a 10% return
• April 10: Dirac Vault options contract paused for a Stryke security review
https://t.co/RPF0QWvKNP
• April 24: To enable the vault to generate yield under these circumstances, we upgraded the contract to transfer dormant funds into the @InfraredFinance WBERA iBERA vault, now earning 94% APR
• April 25: The first mainnet RFA batch, 4.78 K BERA, was distributed among the 429 Epoch 1 depositors in line with @berachain Foundation guidelines
• Withdrawal date, initially April 25, is now extended by 3 weeks after options purchasing resumes. Good news, Stryke has already started the new audit
https://t.co/YGaiX3FB2X
• Code update: we are currently upgrading for greater modularity to integrate any options protocol such as IVX and Moby and additional staking dApps besides Infrared; discussions are under way with @WeberaFinance and others
• We have offers from 4 auditors; we will select 1 after Stryke finishes its audit and releases options purchasing
• Once the audit is done we will remove the $20 K BERA TVL cap per vault; the goal is to reach at least $100 K per vault to unlock BGT gauges
• This unexpected situation let us stress test our protocol and communication during the first mainnet days and showed our resilience
• Big thanks to our strong community for its unwavering support, and to our composability partners, especially @InfraredFinance, @KodiakFi, and @stryke_xyz, for their trust
C. Community and Ecosystem
• Dirac Finance was represented at Dubai TOKEN2049 and Berachain events. Feedback has been globally good although some in the space are a bit tired. Our motivation has never been higher during this mainnet period we have waited for years. We are still in the very early stages and are here to build for the long run
• We are attending ETHLisbon this week to meet other ecosystem members and developers. If you are around, drop a message to our founder @BlockRost for a coffee
• Thanks to our friends @0xBeraPaw for inviting us to their first podcast. BlockRost shared our vision, roadmap, and the challenges of the past months, and he answered community questions. It was a great interactive moment. If you missed it: https://t.co/mCZv9Kg3tj
• Our community and Bera power users sit at the center of our early GTM and PMF roadmap. We are confident the first products fit their needs, as we have been in active discussion with them since the first deployments in Artio, then in bArtio, and now on mainnet. After a few months of track record we aim to attract degens from other communities, then, following Tier 1 audits, we will push to bring in large LPs and institutional capital
• We continue working with many ecosystem partners to innovate and launch new vaults. Next up is a perps vault in collaboration with @d8x_exchange and @Madhoneyfi
If you have any questions, proposals or ideas to share, or just want to discuss, join our Discord and ping us. Our team answers all community questions
https://t.co/hSYuwdU7bh
Let’s keep building!