Nyan community QnA: What’s up, Defi Hedge Fund v2?
The community discord conducted QnA regarding Nyan v2. The goal was to help community members stay onboard with the neck-breaking speed of the project development which was supported by the community’s governance vote as well as help them see the opportunities that v2 will bring to them. Here, we re-arranged some questions for better understanding but the original QnAs can be viewed at https://discord.gg/fwCHf4C.
Part 1. Nyan.Finance v2
Part 2. Defi Hedge Fund
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Part 1. Nyan.Finance v2
Q1. How will Nyan be different now that we have adapted the $core structure?
A1. In this new structure, providing lp will determine your percentage of the rewards in the ecosystem. When Nyan lp is locked, it will produce Nyan and Catnip. If the user wants to produce darkNyan, they will have to lock their Catnip lp. And if the user wants to boost their percentage of ownership of the Nyan rewards, they will have to choose to lock their darkNyan lp. This forward locking mechanism should provide Nyan holders with rewards for adding value while helping to maintain liquidity among the 3 tokens.
This forward locking mechanism should provide Nyan holders with rewards for adding value while helping to maintain liquidity among the 3 tokens.
Q2. Can the new model inspired by CORE ensure long-term success?
A2. The new model will be sustainable and ensure long term success: It should definitely bring about long term stability, seeing that our liquidity will have a definite floor. The only difference is that the rewards generated come from multiple sources(Catnip mined swapped to Nyan, 1% Transfer fee, and Nyan buybacks)
Q3. Won’t permanent-LP-locking spell problems?
A3. Having most of the value tied to the LP won’t necessarily be a bad thing since it indicates that the individual has a direct stake and involvement in the community. Additionally, by restricting voting and rewards to those who provide liquidity, it strictly rewards those who provide direct value to the community and not just speculators.
Q4. When swap nyan to v2 do we need to prepare eth to generate lp token?
A4. Yes, you’ll need to split your Nyan v2 in equal parts ETH to provide liquidity through Uniswap. (1:1 in value)
Q5. When I swap to v2 can I just leave my Nyan in wallet if I don’t want to provide liquidity and don’t care for any returns?
A5. Yes, you can just hold the token for speculative purposes. However, you will not be able to vote with it.
Q6. I’m just speculating, will I still need to switch to v2?
A6. You won’t be required to but it will be recommended.
Q7. I’m curious to know how the existing Catnip v1-ETH liquidity tokens will be handled in Catnip v2.
A7. The swap will be a 1–1 for all tokens transferred over through the click of a button.
Q8. What happens to the the v2 lp pool when Uniswap migrates to v3? Will our liquidity pool be stuck on v2 or can it migrate to v3?
A8. I’ll be doing some research around this to determine what the best way to set things up will be.
Q9. Clearly Catnip v1 will cease to be a thing, so our staked liquidity will evaporate when Catnip v2 is available for swap.
A9. As far as liquidity providers are concerned, I will be rewarding Catnip holders of over 50 Catnip with an additional 100 as a reward. The same may occur with dNyan, but with a 1 dNyan reward for those that have at least 0.5.
Q10. Do I need to unstake before the token swap or do nothing until v2 comes out?
A10. You won’t have to unstake now. When the update is out, you can unstake your Nyan and and simply swap it through the site.
Q11. What will be the cap on NIP and Dnyan supply for v2?
A11. The cap for NIP and dNyan may not be necessary due to the LP locking mechanism
Q12. Will there be any provided incentives, for example, in the form of unique NFTs for individuals that want to hold onto the legacy token?
A12. As far as NFTs, someone could certainly create a quick contract that rewarded Nyan v1 holders with some sort of NFT
Q13. Is it possible to arbitrage Nyan v1 when its liquidity is transferred to v2
A13. You’ll be able to migrate at any time regardless of V1’s liquidity. If you meant arbitraging between v1 <-> v2, it’s not possible. Once v2, you can’t go back to v1.
Part 2. Defi Hedge Fund
Q1. Are the funds controlled by this bot by AI or is it by centralized hands?
A1. All funds within the the Fund contract are controlled by Bidders and the users that vote for those Bids. In a sense, the system uses people as its neurons.
Q2. How do you intend to prevent massive bear moves and stuff like that and how much of the fund are you allocating to each investment?
A2. A rule that will soon be implemented is that no more than a % of the cash value of the fund can be used in a single bid. More updates will be announced on this as things progress.
Q3. Also where can we view how much money is in the fund?
A3. You can follow the fund here currently: https://etherscan.io/address/0x2c9728ad35C1CfB16E3C1B5045bC9BA30F37FAc5
If the fund contract has to be updated, A new contract link will be announced.
More updates will follow as there are more questions being asked. You can join this QnA at https://discord.gg/fwCHf4C.
Cheers,
