On August 6th, 2022, Redacted announced the launch of Redacted v2, which includes a new $BTRFLY token and $rlBTRFLY. According to the project, this change will complete Redacted’s transition from a bond-centric, dilutive token model to a model focused on producing real yield for $rlBTRFLY holders.
On August 8, 2022, holders of the $BTRFLY v1 token will need to migrate to the new $BTRFLY v2 token. From there, users will be able to lock their $BTRFLY v2 tokens as $rlBTRFLY for 16-17 week epochs and earn revenue (paid in $ETH) plus $BTRFLY inflation (i.e. pulse) emissions.
What is Redacted?
Redacted is a complementary subDAO for Olympus DAO which aims to leverage Protocol Controlled Value (PCV) to influence governance in DeFi, particularly in the Curve ecosystem. Redacted is an Olympus DAO fork built on the Ethereum blockchain, which accumulates volatile assets such as CRV or CVX in its treasury through a bonding mechanism. Users can bond specific tokens in return for discounted BTRFLY, allowing Redacted Cartel to gain governance power over those protocols.
The Redacted ecosystem constitutes a product suite of smart contracts empowering on-chain liquidity, governance, and cash flow for DeFi protocols. They've built two products inline with this mission: Hidden Hand and Pirex.
Hidden Hand by Redacted is a marketplace for governance incentives, commonly referred to as "bribes". Protocols can leverage Hidden Hand to enable more efficient governance processes and to engage their voters, while users can earn extra yield on their favorite vote-escrowed governance tokens through bribes. Hidden Hand is a flexible marketplace for nearly all DeFi protocols to get more value for their token holders and expedite the process of creating demand for their ve-Tokens.
Pirex is a product by Redacted Cartel which creates liquid wrappers that allow for auto-compounding and the tokenisation of future yield/vote events. In addition, Pirex will also include an ecosystem of applications on top of Pirex liquid wrappers which further enhance the utility of governance tokens for users, enable novel utility and provide yield opportunities which are exclusive to those using Pirex wrappers.
$BTRFLY is a meta governance token backed by bonded, farmed, and acquired governance assets (e.g. $CVX, $CRV, $FXS). $BTRFLY gives generalized governance exposure to holders while keeping their assets liquid.
