Daiquilibrium — THE SHRINKQUILIBRIUM Powered by Chainlink VRF
After two very eventful weeks, we are continuing our consistency with great news:
1. Introducing the Shrinkquilibrium powered by Chainlink VRF, a giveaway event that will reduce Daiquilibrium’s circulating supply for each ticket that is purchased. The randomly selected winners will receive $100,000 DAI in total.
2. A separate Twitter giveaway of $10,000 DAI.
The proposal for Shrinkquilibrium was completed at Epoch 491: https://daiq.io/candidate/0x8949FF2Ce5ea72a4E61bbbd91A684DB84C138f97.
Tickets can be purchased here: daiq.io/shrinkquilibrium
What is Daiquilibrium (DAIQ)
If you haven’t heard about Daiquilibrium (DAIQ) yet, here is a summary:
DAIQ is an algorithmic stablecoin forked from code written by the Empty Set Dollar (ESD) and Dynamic Det Dollar (DSD) devs. We have implemented a few custom features with original code, as well as redesigned the bootstrapping method to give everyone the opportunity to buy at the same price, maximally reflexive to demand.
DAIQ has fixed several problems compared to previous algorithmic stablecoins:
- New Coupon System that’s upgraded and refined to include a custom expiry period with several different risk profiles.
- Dynamic Epoch duration that varies between 30 minutes and 2 hours.
- A $1.3M DAI deposit into the Yearn Vault, done by submitting a multi-sig transaction approved by the treasury
- The DAIQ coin price is pegged to the value of DAI using a dynamic and interactive ecosystem to consistently stabilize it.
Shrinkquilibrium — An Event To Reduce Supply
The two main reasons that we decided to do this was:
- To reward our community, giving them a chance to win good prizes.
- To shrink the circulating supply, where for each ticket that’s purchased, 10 DAIQ gets deposited into the treasury.
Currently, Daiquilibrium is in a debt cycle. This means it is currently under the peg price of 1 DAI. To reach our goal of stabilizing the coin price to its peg price, we have suggested several proposals to encourage this movement. Shrinkquilibrium is both an encouragement towards hitting our goal of expansion to maintain the peg, as well as a gesture of gratitude towards the community by giving them the chance to win significant DAI rewards.
Leveraging Chainlink VRF for Verifiable Randomness
As for the “powered by Chainlink”, we mean it. The Shrinkquilibrium will use the Chainlink Verifiable Randomness Function (VRF) to pick random winners out of all the purchased tickets. Beyond Chainlink’s reputation and usability, the main advantage of using Chainlink VRF is that it’s a provably-fair and verifiable source of randomness designed specifically for smart contracts.
Chainlink VRF generates a random number from a user-supplied seed, along with a cryptographic proof showcasing the validity and tamperproof nature of how that number was determined. This cryptographic proof cannot be falsified by the oracles, Daiquilibrium developers, or external users, ensuring that all ticket holders can trust without a doubt that Shrinkquilibrium rewards are distributed in a fair, unbiased, and tamperproof manner.
You can read more about how to Chainlink VRF can generate random numbers in your smart contracts, along with the on-chain verification processes it uses through their
- Developer docs: https://docs.chain.link/docs/chainlink-vrf
- Blog post: https://blog.chain.link/verifiable-random-functions-vrf-random-number-generation-rng-feature/
The Twitter Announcement:
HUGE Announcement — We in the DAIQ team are extremely excited to inform everyone of our event, “THE SHRINKQUILIBRIUM.” This will be an unprecedented event, the first of its kind in the DeFi space. We are giving away in total $110000, split into three separate pots of $50000, $30000, and $20000. And a giveaway for $10000.
An additional giveaway:
You will have a chance to win $10,000 in DAI if you follow these conditions:
- LIKE + RETWEET the first [1/7] announcement tweet.
- IMPORTANT: Your wallet MUST hold at least 100 DAIQ from the time you retweet to the time the giveaway ends to be valid. The contest will end February 6th at 20:00 UTC (we are going to check the wallets when a winner is picked, and if they didn’t own any DAIQ before they retweeted, they get discarded)
- Join our Telegram group: https://t.me/daiquilibrium
How SHRINKQUILIBRIUM works:
- You can decide to use your DAIQ tokens to purchase tickets (10 DAIQ = 1 ticket)
- The amount of DAIQ you use to buy tickets will be deposited into the treasury.
- The more tickets you have the higher chance of winning.
- The winner will only be announced after 3–5 epochs into the expansion cycle.
- You can purchase tickets here: daiq.io/shrinkquilibrium
Active contracts in the DAIQ ecosystem:
- DAO (DAIQS): 0x0aF9087FE3e8e834F3339FE4bEE87705e84Fd488
- DAIQ: 0x73D9E335669462Cbdd6aa3AdaFe9efeE86a37Fe9
- Oracle: 0x362f5F2C5855Ff09e542e89b8Ab7f7d0928C62da
- UniswapV2 DAI:DAIQ Pair: 0x26B4B107dCe673C00D59D71152136327cF6dFEBf
- LP Incentivisation Pool: 0x7D9A429e8EBecD2726BD2bc0B843864ba075F0b4
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
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