10.14.22 — Helena V2 and Genesis Period APY Proposal
Greetings Helenians. We launched a new DAO APY proposal on October 6th, 2022 for a more sustainable APY where active participation in utilities was encouraged while providing a substantial yield for the non-participant investors by the base $HELENA protocol. This decision of ours stemmed from the current state of the market and our intent to increase and support our deflationary nature.
The voting took place at snapshot as always & the choices were:
- 500% APY
- 1,000% APY
- & 3,687% APY, which meant keeping the same APY.
The voting concluded with 23.14%, 59.31% & 17.55%by DAO votes respectively, choosing the 1,000% APY. This approach will provide a 72.85% lower inflation effect on the base protocol’s LP holdings & protect the price drop via inflation by 367.96% with the assumption of ceteris paribus.
As you well know, the protocol’s main goal is to fight the chronic inflation problem of stake-based yield-providing DeFi protocols’. Dealing with the LP inflation was not efficient enough for our end so; the new utilities are aiming to provide higher burning capabilities while distributing Treasury-owned holdings & revenues to participant investors. Unlike other protocols that mint new tokens, $HELENA’s new utility reward mechanisms are solely relying on the holdings of Treasury & projected revenues (as calculated with the caps of each utility), which are planned to be sustainable for a long term to keep the utilities working without any new resources.
After the vote became online, dREX published an announcement on our discord saying; “Considering the other factors mentioned on the proposal page, the team favors adjusting the yearly $HELENA Auto-Stake APY to 1,000% because we believe it will be much more sustainable compared to the current APY rate in the long run. However, do not forget that we can constantly adjust the APY again according to the changing dynamics; therefore, do not hesitate to proceed with your votes as you wish.”
TLDR; The V2 Genesis APY voting is intended to lower inflation & to encourage the protocol’s participant investors for higher utility participation by benefiting more from the yields. The recently released WINGS Multiplier not only introduces an extra way of compounding but also increases the Total Locked Value (TVL) to bolster the position of $HELENA in this bear market scenario which will provide seasoned investors a new trust point since the protocol was in-wallet auto-staking so staking was not necessary at all for the base yield. As a summary, the base yield has dropped to 1,002% APY but together with the WINGS multiplier’s multi-layered compound, it adds up to 8,917% APY.
