Also: USDCv3 beta testers receive rewards, a look at HODLer distribution (and accumulation), and a how-to video for China
Update on the Blockforce Vesper DeFi Growth Fund
Not long after Vesper’s launch, Eric Ervin (CEO of Blockforce Capital) proposed a first-of-its-kind collaboration: Blockforce would create a hedge fund that enabled accredited investors to engage in DeFi via Vesper.
We at Blockforce Capital have been following Vesper for some time. We’ve been looking for a way to bridge the chasm between DeFi and conventional finance — Vesper is it.
Here is our proposal for what we believe to be the first-ever public-private partnership between a professional asset manager and a DAO.
The result: An actively managed fund focused exclusively on investing in the Vesper ecosystem.
The Blockforce team delivered an update this last week. Here are the highlights:
Now, if creating a first-of-its-kind DeFi fund was just about the technology this would be easy, thanks to the work of the Vesper team and contributions from the Vespernaut community. Building a proper fund on top of Vesper requires a lot of “off-chain activity,” so to speak.
Over the course of the last two months, we worked with administrators and legal counsel to prepare the offering materials for structuring this fund. We are now close to completing that phase of the launch.
We expect this to be complete in the next few weeks and are hoping for our first closing for fund investors on July 31, with the official NAV struck on August 1. We will be sharing fund materials and documentation as soon as possible.
Just know learning about this? Here’s how you can get caught up:
- Read this article in Blockworks
- Review the vote
- Watch Blockforce’s pitch to the Vesper community on YouTube
There was greater interest this week in terms of Vesper Earn, so it makes sense to roll up all publicly available information here.
Anticipated in late July, Vesper Earn enables what we call “Programmable Yield.” The easiest way to think of it is:
- Vesper Grow (the current suite of pools) allows you to deposit token [x] and earn more [x] (e.g., deposit LINK to get more LINK)
- Vesper Earn will allow users to deposit token [x] and earn [y]
There are many applications for this, which we’ll be discussing over time. These could include getting “walking around money” dripped into your wallet, or a “crypto endowment” that drips donations or operating funds into a charity’s wallet.
VUSD continues to quietly build momentum during its public alpha. A Curve metapool has been created and can be found at Curve Swaps. Once a certain liquidity and volume threshold is met, the VUSD metapool will populate on the main Curve website.
VUSD now has liquid markets on:
- Uniswap V3
Vespernaut “vDEFI” was appointed as the VUSD ambassador. They are working on an educational Synthetix grant proposal to highlight the benefits of sUSD as a supported collateral asset to VUSD.
As always, the whitepaper is under ongoing changes. View the current status.
USDC-v3 Beta Concluded & Rewards Delivered
The beta period for the USDC-v3 pool concluded on June 18th. The multi-strategy capability that was tested has since been implemented into the upgraded USDC pool on the main Vesper app. Over time, they will be
Beta participants can now claim their VSP rewards. To claim your tokens do the following:
- Go to https://pure.finance
- Click “Merkle Claims”
- Connect the same wallet you used in beta
- Claim ID: 16
- Click ‘Claim’ and follow your wallets instructions (agree to gas fees etc.)
Thank you to everyone who participated. This was Vesper’s first live test of a “multi-strategy Pool” (previously dubbed Multi-Pool). Now that this strategy has been twice audited and tested by Vespernauts, Vesper will be able to quickly upgrade other existing pools to utilize the new strategy.
Vesper Insights of the Week — vVSP HODL’ers
Two weeks ago, we wrote a piece on DeFi Treasury and Governance as part of the Vesper plan towards an entirely community-driven model, driven by vVSP holders. Ultimately, they will be the ones behind the wheel. Let’s take a deeper look.
The Dune dashboard now looks at the average bag size of vVSP hodlers. From here, two insights emerge:
Since the February launch, the amount of vVSP hodlers has increased 1,135% (from 609 to 6,914), and the supply of vVSP has increased 460% (from 437k to 2,015k). So while the average wallet size decreased (settling around 300 vVSP/hodler), vVSP is more evenly spread out among Vespernauts — which helps make the case for an increasingly decentralized protocol.
At the same time, we see an increasing trend in the standard deviation, which means that vVSP bag sizes are getting more dispersed in relation to the average size. It seems like large depositors are taking advantage of the current market trend to accumulate more vVSP
Odds & Ends
Vesper’s China Ambassador Cindy Wang offers a simple how-to video:
As always, keep up with Vesper on: