Vikings.Finance — a community update.
It’s hard to believe it’s already been two weeks since we set sail and launched Vikings.Finance. Over this time it has been our goal to build a large treasury governed by the holders of the Valhalla ($VAL) reserve currency.
We are well on our way towards this goal and wanted to take the time to update our community, outline important progress so far, and plans for the future!
We have navigated rough seas since our launch. With a successful pre-sale of 400,000 MIM and an initial wave of hype. We opened with $MIM/$VAL LPs and $MIM for bonds, and our treasury grew. Despite this our launch could have been smoother, further to this, outside factors such as overall market sentiment ebbed and flowed. This saw the market price of $VAL to drop 50% below its intrinsic value.
As a result, bonds were priced at negative ratios to encourage price action, which solved the problem partially, however the $VAL currency remained under it’s backing value.
We continued to build out our vision for Vikings.Finance integrating community polls, allowing those holding wrapped staked $VAL or wsVAL to participate and have a say in the direction of the protocol.
A recap of our first Vikings Improvement Proposals or VIP’s are as follows:
VIP 1 outlined trading fee % for our upcoming Vikings AMM. For those unaware, this AMM will be based on the Avalanche Network. It will be where future LPs for bonding are built and those LPs traded. By keeping this function ‘in house’ Vikings Finance controls revenue from any trading of the $VAL token, but also pairs that we add and grow liquidity reserves for.
The vote concluded with the community agreeing 0.1% trading fee on our exchange. This would make our exchange one of, if not the lowest fee AMM on Avalanche. Hopefully making it an attractive option for traders, bots and arbitriage — all leading to volume, revenue (in the form of fees) that are passed back to the treasury.
VIP 2 explored 4,4 bonds on Vikings.Finance. For those unaware, 4,4 bonds are bonds where users are paid in VAL that is already staked. This means that no matter when they harvest they will be getting maximum APY. It cuts down the need for the user to manually harvest and restake, automating the process. Initial bonded LPs will be $AVAX / $MIM with our community agreeing to a 10 day vesting period for these.
VIP 3 was a big one. It saw our community seek to give our wsVAL holders even more utility. Stakers will receive a dividend share of Vikings.Finance treasury revenue. 25% of all revenue will be paid in $MIM to stakers weekly! Remembering that the remaining 75% will still flow back to the treasure to be ‘put to work’ on compounding returns for the broader vikings.finance platform.
Our most recent vote was VIP 4. This was on the utilisation of the Vikings.Finance reserve of $MIM, which is around $500,500 at the current time. The community voted decisively, on ‘putting these funds to work’. As a result we have moved quickly with the funds being deposited in Eleven.Finance. They are in the eleMIM bank, with no deposit or withdrawal fee, being lent to leveraged yield farmers. The return rate is dynamic and dependant on the popularity of the farm. This Eleven farm adding liquidity to 3pool V2 in curve.fi and then farmed at abracadabra.money. With an APY of nearly 50% on stable assets, we anticipate this farm to be popular, hence lending be popular and profitable. Again flowing more returns for the treasury and wsVAL holders.
By building out these financial services, we aim to generate a steady return to treasury. Growing our protocol reserves, we believe, will have a positive impact on price, market-cap and userbase over time.
The primary goal for Vikings Finance is to continue to grow our treasury. We believe an actively managed and utilised treasury will help justify the backed value of $VAL. Once $VAL price is at or above this backing, bonding becomes more attractive, further snowballing treasury growth.
We aim to set ourselves apart from other OHM forks in building out a thriving ecosystem, utilising multiple revenue streams (such as our AMM and $MIM strategies as a start), as well as implementing all of the most in demand features that asset backed currencies can offer.
Our short to medium term road map is full of exciting developments:
wsVAL tracking and functionality on Vikings.Finance site. Currently users who wrap their staked VAL do not have the wsVAL in their wallet recognised byt the site. We will update this for easier monitoring for users.
Launch of Vikings AMM. Protocol owned liquidity is one thing, owing the exchange and generating revenue from trading fees is a whole extra benefit.
Bonding 4,4 for $MIM/$AVAX on Vikings AMM. If this is successful we will reach out to the community for suggestions and votes on additional LP pairs.
Claim function for $MIM dividends for wsVAL holders. As treasury dividends start to accumulate, holders of wsVAL will be able to claim these from the site directly.
A sincere thank you to our growing community for their support and feedback so far. We can’t wait to further build out the platform, if you haven’t already jump in the discord and join us — http://discord.gg/vikingsfinance.