PR with Payload
Summary:
THX Network is updating its tokenomics to a voted escrow model with the launch of $veTHX. For this, we’re working with the 8020 Launchpad Initiative funded by Balancer Grants. An early preview of the $THX staking interface is available for feedback.
We kindly ask to re-approve the THX/USDC gauge on the 80/20 pool. This pool’s staked BPT tokens will form the basis for $veTHX, the new governance token for THX DAO, and also will be the main source of $THX liquidity.
Ps. While with the introduction of BIP-19 the THX DAO created a 50/50 THX/stMATIC ‘core pool’ to align with the Balancer’s long term goals, the tokenomics transition to the voted escrow model makes the 50/50 pool obsolete.
References/Useful links:
Link to:
• Website https://thx.network
• ve-model UI preview https://gov.thx.network/t/staking-feedback/70
• Documentation https://docs.thx.network
• Github Page github.com/thxprotocol
• Communities https://discord.com/invite/u3DruB5pm5
• Summary of LBP launch $THX launch mission completed 🪐— learn what is next 🔭 | by Jorrit Horstman | THXprotocol | Medium
• CoinGecko https://coingecko.com/en/coins/thx-network
Protocol Description:
THX Network helps communities grow using automated quests and rewards. Unlike other reward solutions you embed the quest in your game or app, using your own branding. Users don’t have to go to a third party platform! $THX is the protocol’s governance token and it’s active on both Polygon and Ethereum mainnet.
The project has received funding from the European Union’s Horizon 2020 research and innovation program under agreement No 82888 (Blockpool) and No 824509 (Block.IS). And is part of the Techstars + ABN AMRO Future of Finance Amsterdam 2022 cohort.
Motivation:
- Staked tokens from the 80/20 THX/USDC pool will become the new governance token for THX Network (UI preview)
- THX Network is working with Protofire.io (funded by a Balancer grant) as a launching user of the ve Launchpad
- The 80/20 THX/USDC pool is the primary source of $THX liquidity, created after the first Liquidity Bootstrapping Pool (LBP) launch using Copper on Polygon working closely with Alchemist and Copper team members at the time (dec. 2021)
- The 80/20 pool has had up to 0.3% of the vote
- The 50/50 THX/stMATIC pool was established so that it aligns with the BIP19 initiative and can have the ‘core pool’ status, see [BIP-102] Enable the THX/stMATIC Gauge on Polygon with 2% cap
THX Network DAO and $BAL
THX DAO has acquired $BAL and has its multisig address (0x4a30c80A2c41312ce4ee79f730C8D84cAD9f7B31) whitelisted for governance.
Specifications:
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Governance: DAO multisig 3 out of 4 with two being controlled by core team members employed by THX Network BV (limited company, established 2021, The Netherlands) and two from external community members:
matic:0x14d4D5CA3Cc67879168dEC88aB018975B24E214b
matic:0x2A430537e62e7620D7A984154045E3305977d84b
matic:0xE554e4CC68cbD6Ea934C826cCAFec321f38ABCa5
matic:0xe1E94562014da0CE71C72683eDcEE9D98936B533
eth:0x14d4D5CA3Cc67879168dEC88aB018975B24E214b
eth:0x2A430537e62e7620D7A984154045E3305977d84b
eth:0xE554e4CC68cbD6Ea934C826cCAFec321f38ABCa5
eth:0xe1E94562014da0CE71C72683eDcEE9D98936B533
The multisig addresses control the $THX token allocations and the Treasury liquidity. -
Oracles: no external oracles are used.
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Audits: docs[.]thx.network/other/audits
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Centralization vectors:
Our Campaign Contracts used by customers utilizing our campaign software can at the moment only be controlled by our OpenZeppelin Relay account in order to cover gas costs and offer a frictionless UX for campaign participants.
Context and mitigation:
We are migrating these contracts towards a Safe based architecture where, similar to our current (Safe based) self-custodial wallet architecture, a Web3Auth MPC key will be used to register the account as a signer on the Safe. Next to that we register our OpenZeppelin Relay account as a signer which will be responsible for both transaction initiation sign-in and execution. -
Market History: the $THX token launched at $0.12 and currently sits at $0.04. The pool has been active since dec. 2021 and generated $2.9M in volume since then. It has about $500k in TVL.
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Value: The 80/20 THX/USDC pool is the primary source of $THX liquidity. The pool used to rank number #10 by TVL and fees collected on Polygon.
Since the inception of the 50/50 pool the 80/20 pool has become less central to our ecosystem. However, going forward with the routing of all liquidity incentives, protocol fees and governance power through the 80/20 pool we expect it to significantly grow in TVL, volume and fees.
Gauge Specification
Pool: 0xb204BF10bc3a5435017D3db247f56dA601dFe08A
Child Gauge: 0xf16becc1bcaf0ff0b865024a644a4da1a2f8585c
Root Gauge: 0x9902913ce5439d667774c8f9526064b2bc103b4a
The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd and call the addGauge function with the following arguments:
gauge(address):0x9902913ce5439d667774c8f9526064b2bc103b4a
gaugeType(string): Polygon