The https://t.co/Yygt6iy7Kz chain has stopped producing blocks, and withdrawals are no longer possible.
✅Over 95% of funds were successfully moved off-chain. Most remaining assets are USDR in the redemption contract. We’ve taken a snapshot of the final state, including wallet and contract balances.
If you held USDC, USTB, USDR, or REETH on-chain or in the redemption contract, fill out this form for manual review and bi-weekly processing on Polygon:
https://t.co/4jR2N8mZmx
*Info on USDR redemptions on Polygon will follow soon.
Big updates to @thefrensapp last week.
Posts from X automatically cross-posting to Frens turns the app into a content exchange for existing social activity.
Any new post on X can now be automatically tokenized and traded 🔥
Greetings Divers 🤿
Protocol health continues to improve as a result of our
@thefrensapp integration.
Emissions value is up ~600% over the past week, driven largely by FREN trading on Solana.
This growth is organic in the sense that there are no bribes driving up the price of $PEARL, no borrowing, etc. Emissions appreciation is simply the result $FREN utility on Frens, a speculative gamble on SocialFi/AI and the view that the product and token may be undervalued when compared to competitors.
Pearl needs sufficient liquidity on the exchange to facilitate trading of creator tokens as pairs begin to populate on Pearl from the Fren bonding curves.
To help bring liquidity back into the ecosystem, we’re focusing a large percentage of the emissions on blue chip, non-native asset pools including $DAI, $cbBTC and reETH, paired with $USDC. The goal is to remove as much asset risk as possible in these promotional pools, letting users farm familiar, reliable assets while building up liquidity on the chain.
There’s no plan for the protocol to bribe at this time. However, given the current conditions, bribe ROI will be positive, giving creators and new ecosystem participants an opportunity to pull the ve(3,3) levers without significant competition. The hope is that this continues to drive new organic growth on the exchange and rewards for vePEARL holders via bribes and other benefits from increased exchange activity.
The Frens integration is a huge evolution in the ve(3,3) mechanic. Emissions now have native SocialFi/AI utility. And future creator/agent pairs will use the emissions token value as the base in trading pairs. PEARL is now a currency for tokenized attention.
If you haven’t already, check out what’s being built at Frens.
Greetings Divers 🤿
Protocol health is improving as a result of our @thefrensapp integration.
Emissions value is up +450% over the past week, driven largely by FREN trading on Solana.
This growth is organic in the sense that there are no bribes driving up the price of PEARL, no borrowing, etc. Emissions appreciation is simply the result FREN utility on Frens, a speculative gamble on SocialFi/AI and the view that the product and token may be undervalued when compared to competitors.
Pearl needs sufficient liquidity on the exchange to facilitate trading of creator tokens as pairs begin to populate on Pearl from the Fren bonding curves. To help bring liquidity back into the ecosystem, we’re focusing a large percentage of the emissions on blue chip, non-native asset pools including $DAI, $cbBTC and reETH, paired with $USDC. The goal is to remove as much asset risk as possible in these promotional pools, letting users farm familiar, reliable assets while building up liquidity on the chain.
There’s no plan for the protocol to bribe at this time. However, given the current conditions, bribe ROI will be positive, giving creators and new ecosystem participants an opportunity to pull the ve(3,3) levers without significant competition. The hope is that this continues to drive new organic growth on the exchange and rewards for vePEARL holders via bribes and other benefits from increased exchange activity.
The Frens integration is a huge evolution in the ve(3,3) mechanic. Emissions now have native SocialFi/AI utility. And future creator/agent pairs will use the emissions token value as the base in trading pairs. $PEARL is now a currency for tokenized attention.
If you haven’t already, check out what’s being built at Frens.