https://etherscan.io/tx/0xd746c3af6933129750a9f144f1bfa3c0e2fb656fd53911d7b05230d139c55cc4
gm or gn.
A jam packed week with another jam packed week to follow.
Thank you everyone that participated in the live AMA event. We hope that it shed some light on the project and answered some questions. We hope to find some future opportunities to do more as we know that the ecosystem has a lot of moving parts and the details are often opaque to most.
We also greatly appreciate the use of snapshot.org to run advisory votes. The X7 DAO will control various parts of the X7 ecosystem and it will be ideal to optimize the actual on chain votes cast; so advisory votes seems like a good way to "read the room" before advocating for on chain vote casts. During the AMA, one of our answers was related to the DAO and staked DAO tokens.
"That is why a significant portion of the premiums receipts are paid into the DAO. Once governance is live (and sDAO - staked DAO tokens) are live, this value will flow directly to DAO token stakers in native currency. This will incentivize the DAO to iterate on the ecosystem design to maximize this payout."
This value/payment is intended in part to incentivize behavior but also as a gas rebate for participating in governance. We hope, and are confident it will be so, that the X7 DAO will be as close to an idealized DAO as one can come, with a mix of decentralization, individual contribution, true trustless ecosystem control, and ultimately the ability to coordinate the management of massive ecosystem and investor capital.
Maxi NFT mint prices were increased, as indicated. We strive for value pricing in the X7 ecosystem and we think that this price increase on Ethereum is consistent with the value that will be delivered.
We will be deploying a number of additional test tokens, not only on Ethereum but also on other chains to ensure the proper functioning of the ecosystem prior to beta go live. These test tokens have strict whitelists to prevent true crypto degens from buying them for the culture.
We will also be moving funds from the lending pool reserves to the lending pools on other chains. For now, without the backstop of X7100 tokens configured we will be operating in a fractional reserve mode for X7D. These funds are NEVER at risk, now or in the future, but they can be IN USE. We will target a 30% fractional reserve for user contributed X7D. (e.g. if we have 30 X7D deposited by users, 10 X7D will remain in the Lending Pool Reserve contract and 20 X7D will remain in the Lending Pool contract). We will monitor the fractions and either call fundLendingPool on the Lending Pool Reserve contract or returnETHToLendingPoolReserve on the Lending Pool V1 contract to keep things balanced.
