Initial Delphi governance launch, development progress & updates, roadmap, community and so on — read the update in full to stay up to date with all things Delphi! Also, do check out the previous update — it was an important one.
1-Minute Summary
- [done] Governance launch on snapshot.page is live;
- [done] APY issues fixed, checks and balances being developed;
- [done] Updated roadmap with dependencies. Check it out here;
- [done] Insurance enabled: Delphi contracts added to NexusMutual — you can now insure Delphi smart contract risk.
- [in progress] Nexus Mutual shield mining to increase insurance cover for Delphi;
- [in progress] Vaults launch: second half of October;
- [in progress] Ability to see vested rewards: second half of October;
- [in progress] DCA implementation
UI Challenges and Feedback Requests
- How can we improve communication in terms of content, channels and form, periodicity?
- What would you improve in terms of FAQs & how-to’s? Specific suggestions most welcome on what should be covered — please use #d-feature-requests or #community-contributors channels in Discord.
- What would improve in the UI? We welcome and are open to any suggestions about features & design.
Product Update
We wanted to start with a pretty important note: development, both smart contracts and frontend, takes time. Until a product is more or less finalised and stable, there are no “simple” or “fast” things to implement. Smart contract upgrades, design, layout & adaptive versions, connecting frontend to smart contracts, test coverages on testnet & mainnet — there are a lot of things to complete before release one or another feature/update.
Let’s see main the updates coming up in October:
Smart contracts development
- [in progress] Smart contracts upgrade and refactoring. As we communicated previously, we were building a complex product at a pretty high pace (2 months from idea to launch). That means lack of optimisation & documentation on the smart contracts side. We’re completing refactoring at the moment (upgrading contracts & modules) & covering everything with tests. We needed it to move forward with product development as a whole.
- [in progress] Introducing Vaults. Initial Vaults design will include simple strategies for Curve pools — deposit/withdraw with low gas fees, all CRV/SNX earned will be automatically swapped to Vault currency and added to yield. We will further work on different strategies — both internally and with community input. Main things to complete before launch this month:
- [completed] Smart contracts development is already completed.
- [in progress] Test coverage & testing workflows on Rinkeby testnet.
- [in progress] Layouts, logic & connection of frontend to smart contracts via Subgraph.
- [coming up] launch initial Vault strategies after smart contracts & frontend are tested on both testnet & mainnet.
Vaults Highlights
Vault types:
- Stablecoins: Simple stablecoin deposits with low gas.
- BTC: Wrapped BTC deposits with low gas.
Architecture:
- Vaults architected to be modular with interchangeable risk / strategies;
- Farmed tokens, e.g. SNX, COMP, CRV, in the first version will be automatically swapped (sold and reinvested) as part of the strategy.
- Vault fees — TBA.
Potentials:
- Dedicated thematic vaults based on risk profile.
We actively encourage contributions from our community members on Delphi forum and in #d-feature-requests channel over the Discord.
UI Updates & Fixes
At the moment, we’re working on the following major points:
- [in progress] APY methodology.
Initially, we were calculating APYs based on deposit/withdrawal events registered on smart contracts level. This allowed us to calculate yield earned in the pool which was recalculated into the APY. While it’s a working way for APY calculation, it showed pretty high APYs for some pools & was confusing people.
We’ve made an in-depth check this week and decided to change the methodology to the following: APY will be based on YieldDistribution events happening over the contracts. We have already updated the methodology in the UI & we hope that it will decrease the number of questions connected to APY.
Governance update
Some of you might have already spotted the new tab in the Delphi menu — Governance. Let’s dig deeper into it!
High-Level Summary:
- Initial Governance will be done through a Snapshot.page;
- Active AKRO & ADEL stakers will be able to post proposals and vote on them.
- We will be starting slowly while in the off-chain signaling stage;
- Next Steps: pending XDAI+Snapshot integration
What can I signal my vote on?
- Delphi product features and integrations;
- Delphi fees;
- Propose new Vault strategy;
- Propose Vault strategy selection / creation framework.
How do I vote?
- Go to the Akropolis Delphi space on Snapshot (you can do it through Governance tab on Delphi);
- Click on “Connect wallet” button in top right corner;
- Connect to the wallet which you use for staking of AKRO or/and ADEL on Delphi;
- Click on the option you want to vote for;
- Sign the message via your wallet and done.
- Voting will be open for 3 days or 72 hours, so if it opens on Wed 1300CET, it will close on Friday 1300CET (approximately, as closing time is set by the block number).
Please check Snapshot docs for more information about creating proposals & voting on proposals.
Governance Workflow:
- All proposals should first be discussed over the governance forum. That would give all governance participants an ability to understand all pros & cons before voting.
- After the initial discussion is completed & community agree that it should be officially voted on — team or community members can post it on Snapshot page for voting. And as it’s off-chain voting, it does not require any gas fees :)
- After voting is completed & proposal reaches 10% quorum, we will add it to our development pipeline.
Who can create or vote on proposals?
- Only AKRO & ADEL stakers on Delphi can create or vote for proposals. This way we ensure that only active users have a say in Delphi initial governance.
- 1 vote equals 1 ADEL or 83 AKRO staked. Rationale behind such weights: ADEL has a higher weight as it was introduced specifically for Delphi governance, and current weights were decided based on 28 VWAP & current solution in mind. There is no fees or revenue sharing currently in Delphi & gas fees are still high for a lot of people — different weights would mean asking people to migrate to a specific governance pool, which would add more friction.
- Votes from both tokens are summed up, giving your final vote power. For example, 10k ADEL & 83k AKRO staked gives you 20k votes. Here is a simple calculator — just copy it if you wanna check how many tokens you need in staking to reach a certain voting power. We will be adding a calculator to the UI pretty soon.
- There is a minimum of 20,000 votes to create a proposal on Snapshot.
- There is no minimum for voting.
All the info is available on our wiki here — if you have any more questions, we welcome to suggest improvements to the FAQ.
Community update
Following our first Community was last month and from next week , we will start regular 1-hour community calls every second Wednesday at 1300 UTC to accommodate both Asia and US time zones, led by one of our community leads — you know him under the name Alex.eth in Discord.
To streamline all community communications and let the team focus on development:
- For any questions: please submit them via discord general channel with hashtag #communitycall.
- For any feature requests: please discuss them over #d-feature-request channel in Discord or on Delphi forum directly. All currently accepted feature requests can be found in our roadmap and this trello board.
- For any support questions: please please ask over #delphi-support channel in Discord. This way we won’t miss it — and you might also find answers to your question there
Key Dates
- Wed 1 (Oct 7): Bi-weekly rewards distribution;
- Wed 2 (Oct 14): Community call #2. Discussion over the following:
- Pending and new governance proposals;
- Roadmap and feature requests review;
- Community Q&A.
- Wed 3 (Oct 21): Bi-weekly reward distribution;
- Wed 4 (Oct 28): Community call #3.
Please note that we will start automating bi-weekly distributions after the initial backend development is completed (no earlier than December as per our roadmap); all other vesting implementations mean higher gas fees for users and/or additional UX friction, as well as 1–2 weeks of development concentrated only on vesting.
