SV joined Jarod in our second Town Hall with the Vesq community on Discord with exciting updates about Vesq 2.0 & upcoming airdrops! During the Town Hall, SV answered all our questions in detail! If you love airdrops, you’ll love this one!
Transcript by Jarod (中文翻译)
SV: Thank you for joining us today. It’s just a quick update on what’s going on with Vesq: where we’re heading, what we’re doing in the background and what is going on in the ecosystem as well.
POLYGON AIRDROP FOR sVSQ HOLDERS
We’ll start with the ecosystem. You may know that Polygon is starting their Liquidity Mining 2.0. It’s a good time for Vesq as we get protocol incentives for our community members. I am particularly involved within this program and further details will be revealed when it is time to do so. Liquidity mining is a huge thing for Vesq. I’m not going to throw any numbers around now, but there’s going to be a lot of rewards coming in MATIC and it’ll be going out to all of our staked VSQ holders.
That’s just one incentive that we have coming up for our staked VSQ holders for being with us for such a long time and sticking with us patiently. We need to provide some value to our community members, like Jarod says, “we don’t punish, we incentivize.”
STAKING APY WILL COME DOWN
One thing to note about the staking APY is it will be dropping when we go into this more sustainable model that we’re transitioning into. With Vesq 2.0, there will be a lot of reward distribution in terms of not just VSQ but a lot of different DeFi assets through VSQ. You can hold VSQ and reap the rewards of DeFi on Vesq itself. This is huge in terms of a new model coming out. We’re innovating and pioneering the way in terms of developing this sort of style and methodology.
SV TO AIRDROP PERSONAL VSQ HOLDINGS TO COMMUNITY
Another thing to note as well is another airdrop. This is a personal decision that I have made myself. Personally, from the VSQ that I have, I will be airdropping a portion to staked VSQ holders. That will be done by me personally, so watch out for those as I might do it regularly, or at one go, and provide value to the community as well in terms of my own assets that I’ve earned.
ONE MONTH ANNIVERSARY AIRDROP
Obviously, we’ve got the other airdrop coming as well, the one-month anniversary airdrop. Additionally, there’s going to be loads of other rewards coming out shortly.
VESQ — THE FLAGSHIP MODEL FOR POLYGON
In terms of the protocol itself, our transition is a turnaround of the mechanics and dynamics of how our current system will work and look. So far, forking OHM is a good viable option for anyone to bootstrap liquidity into a protocol and get the tokens out there to as many people as possible. We have somewhere around 1500 to 1700 holders of the VSQ. Don’t quote me on that though, the last time I checked was quite some time ago. But we have that many holders and we plan to get out there in the ecosystem with the help of Polygon as well, and to get Vesq’s name out there and be the flagship model for Polygon itself.
As you are aware, we are very close to Polygon, the founder, and the core team, and have been pushing forward with them on this in the background in terms of marketing and getting the name Vesq out there into the Polygon ecosystem and the greater DeFi ecosystem as a whole.
VESQ’S REVENUE SHARING MODEL
We are moving forward and pioneering a new revenue sharing model and distribution of profits to build and create a basket of assets. You don’t want to be just stuck with VSQ; you want to be trying out all these different DeFi platforms that Vesq is also going to be a part of.
Obviously, we’re part of Polygon, so you’ll get MATIC, and we’re part of Vesq, so you’ll get VSQ. These are the two tokens that you’re guaranteed to get. If we’re part of, say, [Redacted], you’ll get BTRFLY tokens and so on.
It is the perfect revenue sharing model of generating wealth and diversity of assets and investing in something that is sustainable, profitable, and enjoyable. Those three things go hand-in-hand.
VESQ COMMUNITY DAO
Before Vesq 2.0, we will be a community DAO and community run. The DAO will be maintaining and running the protocol itself. We’ll be bringing on additional multi-signatures who are well-known to the ecosystem and the community. That’s going to be an exciting time for us and we’ll definitely push that forward at a fast pace.
VCS & POLYGON GRANT
VCs are going to be coming on board. There’s not just one VC; I know there’s a couple and maybe a fourth. That round will complete, and we’ll have VC funding. Also, we’ve got a Polygon grant in process. So in terms of funding, sustainability, and maintaining for the long term, I think we will be all set to go for Vesq 2.0.
LAUNCHPAD BONDS
We’re already in contact with a lot of projects that will be supplying the Launchpad Bonds to Vesq 2.0. We can propel this forward at magnitudes that no one else is doing as well. I’ll speak about that in due time. I’ll get some mechanics sorted for that as well. It’s actually crazy what we’re planning to do in terms of Launchpad / Bonds 2.0.
The mechanics and stuff will be released in a document to the community for review because we want your input before we even push forward with the final mechanics. We will have the community decide as well on what they would and wouldn’t like to see and have the discussion amongst ourselves for this decision. That will be our first mode of decentralization, moving towards full DAO governance.
VESQ 2.0 DEPLOYED BY END OF FEBRUARY
I would say tops for the full fleet of products and everything to be out is 3 weeks to one month, but in the coming weeks, we can start seeing more and more changes and differences being made around Vesq itself.
CURVE WARS ON POLYGON
Vesq is the key protocol on Polygon for the Curve Wars and we will maintain and manage its byproducts. Curve Wars is the first thing that’s going to be coming up. The initial stage will start, like I mentioned in the previous Town Hall, with the FPI airdrop for cvxFXS.
Joining in the Curve Wars from Polygon would be absolutely amazing and expect a lot of traffic on Vesq during that time. There’re a few things to go over for that, and then we’ll be ready to start rolling that out for the community in phases.
AUDITING & SECURITY OF FUNDS
In terms of auditing, it will have to be fully done before anything goes live. This is one thing that I make sure of, and I am keen on: auditing any code all the time and to thoroughly go through it as much as possible to make sure our users’ funds are always safe.
That’s everything to update you guys on for now, but I’ll welcome any questions that anyone might have.
COMMUNITY QUESTIONS
Jarod: Will the VSQ airdrops be based on amount staked or time staked?
SV: Both on amount staked and time staked.
Jarod: You talked about people getting rewards in Curve Wars. Do we have to hold any of those assets or just hold VSQ?
SV: You just need to have your staked VSQ. That’s all. When the multiple reward system comes out, you lock in your VSQ for a set period of time and you get a basket for all the rewards. All the tokens that are earned by Vesq is then placed into this basket ready for you to withdraw at the end of the period.
That’s Vesq 2.0, but in terms of airdrops right now, all you need to do is hold staked VSQ or wrapped staked VSQ.
Jarod: When will VC on boarding be complete?
SV: As soon as possible.
Jarod: When do the airdrops start distributing?
SV: Polygon will announce the MATIC LM 2.0 airdrop. I believe Reflexer’s FLX is coming next Monday, so those who bonded with RAI will get the FLX airdrop. The following airdrop is the anniversary airdrop. After this is a couple MATIC airdrops, so expect airdrops throughout your period with VSQ. It’s going to be a lot of airdrops. And it’s going to be a regular and constant thing. It’s rewarding the community for being with us to be honest, so it’s paramount.
Jarod: Yeah, I do like that the rewards are in the form of other tokens. It does reduce the sell pressure on VSQ.
SV: Backing price seems to be going down constantly. Is it due to the market state or changes in bonding 2.0?
The actual backing price is much higher than is shown as there’re some tokens like cvxFXS and cvxCRV that are not priced on Polygon. Additionally, some assets did go down in price, so did the backing price as backing price comes from the Treasury. For example, if we hold Fantom in the treasury and FTM goes down, so will the backing price.
SV: Do I still get an airdrop if my RAI bond has been claimed?
Yes, cause you bonded already. All you had to do was bond it once.
Jarod: Will all these features that we are bringing to Vesq be co-announced by our partners like Stani, Polygon, or our partners in Curve Wars?
SV: Yes. There will be co-marketed events with whichever parties involved.
Jarod: How many FLX is being airdropped to participants?
SV: We’ll reveal that information next week, because Reflexer will have to do the airdrop and not us. We’re in constant communication, but the deadline is next week.
Jarod: Are the UI changes part of Vesq 2.0?
SV: Yes.
Jarod: What are the requirements to be eligible for airdrops?
SV: That depends how long you’ve staked and how much you have staked. It’s prorated. Diamond handlers will get rewarded a lot.
Jarod: How does Polygon benefit from the LM program?
SV: They will get a lot of liquidity coming into Polygon. Everyone wants to be a part of a Liquidity Mining program. Look at how Andre’s one went with Solidly. When he was doing his LM campaign, there were DAOs being built just to mine the NFT that he was giving away. It’s crazy what a liquidity mining program can achieve. It’s obviously a benefit for Polygon because they’re getting more Total Value Locked in as well.
SV: Will the time counter reset if you add more VSQ to stake?
No.
SV: Are we doing AMAs with Polygon, Curve Wars, Olympians community, etc?
Yeah, of course. We’ve got some major plans as well, and it’s just timing it correctly.
Jarod: Yeah, we got we got a few big AMAs coming soon.
SV: Are the airdrops for just for Vesq 2.0?
No, it’s going to be throughout. You’ll get airdrops randomly scattered across, whenever we can to be honest.
Jarod: I think whenever Vesq gets an incentive, it will be dropped to stakers right? Is a percentage going to be put into our treasury to back VSQ?
SV: Yup and yup.
Jarod: Will the VCs funds go into the treasury or into the price appreciation?
SV: It all goes into the treasury to back the VSQ that they are purchasing. A portion of the profits will go back to the DAO after pVSQ is fully redeemed. Then the DAO can use this to maintain and build out more products.
Jarod: Are their tokens vested?
SV: Yeah. I think a maximum of three years, so it’s a long time, with a Cliff at the end.
Jarod: Does the Roadmap NFTs include metaverse, like Sandbox or P2E, as well?
SV: Yes, it includes everything in the NFC metaverse that is available.
Jarod: Are we planning to get into GameFi in the medium or long term?
SV: I can’t give you an answer on that right now to be honest. Because there’s a lot of R&D that needs to be done on NFTs from our side.
Jarod: How long is APY going to stay around 10K?
SV: Not long, so get this APY while you can because there’s going to be some major changes to make it 1. sustainable 2. safe and 3. worth your while. You will be earning different kinds of assets, not just VSQ and building up your portfolio massively.
Jarod: Any plans for DAO voting for purchasing assets with treasury?
SV: Yeah, so when we go fully decentralized, every aspect will be. There will be a treasury manager, which the DAO will vote on having. And they will execute the decisions that the DAO makes. To be an actual governance token holder, there’s a minimum time you need to lock your tokens for, for example, three months or six months. Then, you’ll be able to vote on the decisions made.
Jarod: What are we aiming for API to stabilize at?
SV: In Vesq 2.0, it’ll be between 100% and 200%. For the max lock period, maybe 1000%.
We will have a hard cap on VSQ so there will be a max supply. Emissions will be increased for a short period of time to get to the max supply before dropping. The increase will not be to 10 or 20 thousand.
Jarod: After being live for four weeks since launch, do you think something didn’t go right or something could have been done differently? Or, are we all set?
SV: I think everything went to plan to be honest. Coming from my perspective, it’s just unfortunate we’re in these market circumstances. To be honest, I’d rather have this sort of experience from the start of the protocol and still be surviving and thriving after we weather this storm.
We’re still innovating. It is paramount that we don’t stop innovating. Now that we have launched, we got to move on to the next step. Adaptation is what you need in this space and adaptation, innovation, and building is what we’ll give.
That will continue. We will always be adding new things to allow our community to earn yields and revenue. It’s a must that we continue. We are here now and we’re here to stay. I don’t think I would do anything different to be honest, because I’m one of those guys who never have regrets and so now that we’re here, we must continue.
Jarod: Will there be a staking APY for VSQ as well as other tokens?
SV: You’ll see it in the UI. Your basket will show you what percent is your base APY rate for VSQ and other tokens as well. For example, VSQ might be at 100% and MATIC at 5%. You’re earning different rates on different assets in your basket. It is a variable APY but should be relatively stable for the duration of the time staked.
Jarod: Do longer locks get higher APY?
SV: Yup. It’s not a fixed APY though. It’s not like a fixed term APY for three years. It can be variable, but it’ll be more favorable towards the ones with the longer locks.
Jarod: How do we avoid having a treasury manager with a questionable background?
SV: Oh, we’ll have to decide that as a DAO. They must be 1. a public figure at least, 2. doxed, 3. competent at their job and what can they bring to the table and 4. offered a trial period.
During that time, you know, but the DAO can obviously decide on who gets added as treasury manager and who does not.
Jarod: Do you have anyone in mind?
SV: Yeah I have a few people in mind to be honest, but we’ll get to that stage.
Jarod: Are they currently in our community?
SV: They are in our community, yes.
Jarod: Do you plan to expand partnerships with big name projects other than a Aave, Curve and Polygon?
SV: 100%. We’re always doing that in the background. Jarod knows about that as well. Yeah, we’re always expanding.
Jarod: What are your plans for further exposure marketing?
SV: Marketing is a wide spectrum. We got to be careful of how we market and where we market. We don’t want to come off as too shilling. I personally don’t like shilling anyway, so we don’t want to do too much shilling.
We’re at a stage now we can ramp up marketing, so we’re in contact with a few Youtubers and marketing agencies through social media and so on, and we have a co-marketing event as well at the same time which should boost our presence online.
Jarod: Would there be a consideration to using KLIMA Infinity to both offset the carbon footprint of the tokens in the Treasury and be the first carbon negative DAO?
SV: Uhm, I haven’t put any thought into that to be honest, but we are going to be doing our charitable events and contributions as well so 100% and that can be done personally.
In terms of charity, having a place that you can donate your money and see that where your money actually went would be absolutely amazing. Vesq can take part and see where the money goes and that’ll be run fully decentralized and watch progress as it happens, I think that would be a beautiful thing to do in terms of charity, because normally you give online but you don’t know what’s going on, what they’re doing, or anything like that.
But yeah, 100% we love the world. We love the people in the world so we will be doing our part wherever we can. And everyone else in this community should too on a personal level.
Jarod: Currently with positive progress and future plans to move away from the OHM model, who do you think will be our competition and how unique will our project be?
SV: Our competition will be Amazon, Silicon Valley, Wall Street. I’m talking big. This is what we’ve been talking about in the background. It’s absolutely crazy.
Is anyone else doing this sort of thing in the space? No, currently no. We’re innovating our way forward with this sort of style of revenue sharing / yield farming and exposure to new projects. It’s like a marketplace with new projects that has a super new feature, so you get exposure to the whole world of DeFi through just VSQ.
That is in terms of trading; that’s in terms of investment; that’s in terms of rewards; that’s in terms of yield marketing; that’s in terms of joining new projects that will be coming out as well. So you get a full experience.
Jarod: That will do a lot for tokenomics, and our use case as well.
SV: And all running through VSQ. Everything running through VSQ, paramount.
Jarod: About ecosystem, any plans for banks, swap, launchpad, or stablecoin?
SV: Yeah, funny thing is I’ve just partnered with a stablecoin today, another one. Bear in mind that the news is not out yet because we’re still in process of integration and so on. It’s a Euro-backed stablecoin and an awesome team. They’ve got a lot of money, a lot of TVL, and it’ll be good for our ecosystem to introduce a Euro-backed stablecoin and have different currencies around the world and have easily access to it.
So yeah, we’re always going to be expanding. But maybe not launching our own versions of these products, but expanding with them, yes.
Jarod: Yeah, I’m glad that you’re focusing on Vesq rather than going out and doing all sorts of weird things.
Jarod: Have you thought about integrating the “Soulbound” concept suggested by Vitalik?
SV: I’ve read up on this. Uhm, and I’m still in in deep dive myself, so once I can answer this question, I can come back to you on that. And I don’t want to give an answer just yet. I know what you’re talking about there.
Jrpuente07: Is there a way I can lose my Diamond Hand status? At the beginning I staked, and I haven’t taken it out. Recently, the price dropped a lot, so I bought more. Is that going to affect my diamond hand status?
SV: The diamond hand status is sort of like a badge that you get after completing a staking period of X amount of time. You can now have it staked for that period of time and you still get a diamond hand badge. And that diamond hand badge will get you access to airdrops and stuff as well.
Jarod: What aspects are being audited? Since there are many industry-first experiments, what’re the test cases or disaster scenarios that will be considered for 2.0?
SV: Wait till the preliminary audit report is out, so it’s a long procedure because there’s a lot of things that the auditors have to look at: different attack vectors, different situations. And there’s a lot of contracts to look through as well. It’s not just one contract and not an upgrade to the current contracts. It is a completely different contract, so once that report is out, we will make it available, including all the different stuff that they do and how they got to that. Uh, so yeah, just so just bear with us on that.
We’re innovating, so there are no real-life case studies for this sort of thing. It’s not out there so we are going to be the first to do this sort of thing with this model. And who wouldn’t want to be a part of a project like this.
MikeMahoney: The previous fellow asked already about the diamond hands badge, but I didn’t quite understand that. I’ve been staking and accumulating from day one. But I’ve also been taking part of my rebates out as profits, but majority of the stack is still there.
SV: That’s fine. So how it works is, as long as you’ve even 0.0001 staked. And even if you still take out a little bit here and there, the snapshot will be taken at the time of the airdrop.
Jarod: Can you talk about the NFTs? When’s it coming out and what is it?
SV: I think everyone knows that there’s a genesis DAO NFT, Server Booster NFT, OG NFT, and Diamond Hand NFT. There’re a few NFTs coming out and they have special roles in Vesq 2.0.
Diamond hand NFTs get access to more airdrops and so on. Server boosters NFTs get increased APY. Gen DAO literally get everything in between. The OG get a special increase to APY. There’s going to be more future use cases as well.
With all of the NFTs that we give out, bar some which are memes, they’re all going to have a special role to play within Vesq itself, and they’ll be distributed very, very shortly. Actually, our first snapshot takes place just after this weekend.
SV: Yeah, let’s wrap up. Thank you very much to everyone who joined in. It was a pleasure speaking to you and we’ll speak very shortly again. I’ll see you around the community. thank you.
Jarod: Alright, see you everyone! Thanks for attending the town hall at such short notice. Have a great day and to everyone who’s celebrating, happy Lunar New Year!
