Hundred Finance: News Roundup
It’s fair to say that it has been a hectic week in decentralized finance, especially for those with their toes dipped in the Fantom ecosystem. Given that the first epoch following the Solidly launch is now complete and, on top of that, we also have a variety of other collaborations and integrations to share with the community, today’s blog post is a news roundup of all the latest goings on a Hundred Finance.
The Solidly Launch
The Solidly launch has proved quite a rollercoaster for the Fantom network. We’ve seen gas prices spiking over 6000, funds locked in the bribe system, assorted UI issues and code glitches that hinder the project and those built on top of it, all while token pricing have been hurtling up and, in some cases, rapidly dropping back down again.
Despite the volatility apparent during the first Solidly epoch, it has nevertheless proved a success in terms of its contribution to project funds. The veNFT we received containing a voting weight equal to 542,785 locked SOLID prior to the launch has now had over tens of thousands of more SOLID added to it as a result of our farming using HND sourced from the project treasury. This has allowed us to maintain over 2% of the weekly emissions going forward, all while remaining independent as a project and retaining custody of our veNFT.
Despite the post-launch volatility currently being experienced by Solidly and its affiliated projects, we’re confident in the long-term prospects of the innovations it is making and the soundness of an approach that strengthens our position on the platform. We would also like to extend our gratitude to those who have contributed to these efforts through supplying to Lendly, especially as the initiative has caught the eye of other projects who are now expressing interest in collaborating in further iterations of the concept of treasury-backed borrowing powered by Lendly.
Maximillion Integration
On the development front, aside from recently deploying on Gnosis and making preparations for other chain integrations to follow, Hundred’s devs have also recently upgraded the protocol in order to add a much-requested improvement in user experience.
Until recently, users repaying loans taken out in the selected chain’s gas token (ETH on Ethereum, FTM on Fantom, ONE on Harmony, etc.) were encountering a minor issue that nevertheless contributed to encumbering their use of the protocol. Due to the dApp being unable to “pull” the gas token from the user to repay exactly the amount owed in the repay transaction, the blocks between the calculation of the payable amount would generate more interest that it wouldn’t cover and leave it as a pending borrow. This had the irritating effect of making the “withdraw max” option ineffectual, as there would always be a small borrowed amount that would need to be collateralized. We’re happy to announce that the integration of the Maximillion contact solves this problem.
Originally developed for Compound, Maximillion works by adding an extra step in the repayment transaction. This step entails the contract being the one that first receives the amount to be repaid, as well as a small amount extra to cover additional blocks of interest. Once the outstanding total has then been “calculated” and repaid within the same block, Maximillion sends back anything left over, leaving users with a cleared debt and the maximal refund. Given its benefits, we’re happy to be able to announce its integration with all our current deployments.
White Hat DAO Security Audit
Staying on the topic of smart contracts, we’re also very happy to be able to announce our recent completion of a security audit carried out by White Hat DAO.
A decentralized community of security researchers with DAO governance, White Hat DAO’s mission is to innovate, initiate, apply Blockchain technology, DeFi culture, and education to build a better and transparent world. Contracted by us to look at four of our gauge and mirrored veHND token-related contracts, their team granted us the following safety rating following our collaboration in addressing the points they raised:
Available in full, this is just the first of multiple audits we will have carried out as we continue innovating in the complex and nascent field of multichain defi lending and borrowing.
Liquid Driver
Another worthy piece of news we have to share with the community is our upcoming integration with Liquid Driver, the first liquidity mining dApp providing liquidity-as-a-service in the Fantom ecosystem.
Following the completion of mutual governance votes seeking community approval, Liquid Driver began preparation to create a wrapped version of veHND in order to provide a transferable means of acquiring Hundred-provisioned boosted yields by users of their platform. Necessitating the locking of HND by their protocol, this will reduce the available supply while simultaneously establishing a major player in protocol governance.
To complement the activation of their liquid version of veHND (called liHND), the Liquid Driver team intend setting up a pool pairing this wrapped veHND with regular HND, in addition to providing incentives to promote a strong peg and continuous liquidity. This creates yet another use case for HND acquired by those providing stablecoins to the Hundred Finance dApp or acquiring HND by other means.
Liquid Driver are rolling this out step by step:
- liHND wrapper and staking live now here. Staking earns LQDR but will earn HND on top once the pools open
- HND pools to follow soon
- liHND-HND pool on Liquid Driver from Beethoven soon Once the liquidity pool is incentivised (ETA tomorrow), you will be able to swap your liHND back to HND.
veHND Governance Votes and Forum Discussions
On the topic of protocol governance, we currently have one major governance vote that is currently active on Snapshot, as well as two discussions about potential asset additions to the protocol ongoing on the forum.
- Governance Vote: This special vote is being carried out in order to acquire the determination of veHND token-holders in the question of whether to contribute Hundred Finance resources to the compensation package offered to our users impacted by the exploit of Meter’s code. Given the implications for the protocol we ask all veHND holders to please participate. Ending on March 7th, 2022 at 11:59 PM, the outcome of the vote could impact aspects of treasury use, so it is imperative that a clear and informed decision is made.
- Asset Addition (gOHM): A thread has been created in order to discuss the possible addition to Hundred finance deployments of gOHM (Governance OHM), the non-rebasing wrapper used to transfer staked OHM across chains. We ask that our users please consider participating in the discussion, as well as making themselves aware of the contents of the proposal to add new assets with potentially unique risk profiles.
- Asset Addition (Axelar-issued UST): A thread has been created in order to discuss the possible addition to Hundred Finance’s Fantom deployment of Axelar-issued UST. Again, we ask that our users please consider participating in the discussion, as well as making themselves aware of the contents of the proposal to add new assets with potentially unique risk profiles.
Third Non-Annual Meme Contest
Last but by no means least, we are holding another meme/content contest on the project Discord. Smart, unique memes, infographics, videos, logos, renders, and other media are welcome to be submitted to be in the running to receive not only the applause and admiration of the community, but also a share of the prize pool of 5000 HND! With the closing date of March 10th fast approaching, be sure to consider getting your creative juices flowing and taking part. To give an idea of some of the type of thing we have in mind, here’s just a glimpse of the submissions we’ve received so far:
Conclusion
And there we have it, a roundup of just a few of the things going on at Hundred Finance. With our next deployment coming soon, as well as other new developments to share, stay tuned for our next blog post and look out for new opportunities to get involved as a HND, veHND and mveHND holder.
