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PsyDAO Update - November 2022

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PsyFi
December 05, 2022

PSY DAO Update Nov 2022

Hey all - It’s been a wild ride this last month, from the highs of Breakpoint to the lows of the fallout that came afterwards. On the PSY front, we are decentralized with little exposure of our treasury to FTX/Alameda. We will not only survive but thrive. First and foremost we want to thank those who have taken the time who have supported us as we chart the path forward. Our users, partners and investors have all been a great sounding board.

General Updates & Metrics

  • With the depeg of Sollet and collapse of FTT, we’ve deprecated the SoBTC, SoETH and FTT call vaults. These vaults are currently in withdrawal only mode.

  • With the pause of our partner Zeta Markets, the market making vault has also been paused.

  • TVL has dipped to roughly ~$1.5M USD with the loss of Sollet backed vaults and the decline in the general crypto market.

Governance Updates

  • [In progress] - Continuing the path to decentralization by launching proposals that will transfer control of cliff and vested tokens to investors and contributors. Only 5 individual wallets left until all SAFTs are on-chain!

Product Updates

  • Launch of the whETH Call vault to replace soETH vault.

  • Removal of all deposit lockups for deprecated vaults.

What’s in Store For Next Month

  • We’re near completion of a new primitive for the structured products space - structured products lending. Users will be able to borrow against their structured products positions, massively improving capital efficiency in the space. It’s under audit now and reach out to be in the gated alpha launch!

  • Continued development and devnet testing of short call/put spread strategy vaults.

  • Wormhole integration to access cross chain liquidity

Where can you help

  • If you’re interested in bidding on more advanced option strategies like call/put spreads don’t hesitate to reach out.

  • If you are or know any teams that are either great builders or have great tech that were drastically affected and would be good DAO M&A targets, let us know.

It's been a challenging time for the ecosystem, and we feel for all those affected. If you need anyone to discuss with feel free to reach out on any of our channels. The PSY DO remains committed to move DeFi on Solana forward.

The PSY DO