Results of the proposal for updating the protocol ( 3rd of Dec )

We have made some suggestions for updating the protocol.

The results of the voting are also available.

https://coffinfinance.medium.com/protocol-update-proposals-9d652d433e00

About incentives for xCOFFIN holders

https://snapshot.org/#/coffinfinance.eth/proposal/0x9c8452572464cef098f5faf116b4161bb771388a25347b48371975affe66c4ac

About improvement protocols

https://snapshot.org/#/coffinfinance.eth/proposal/0xb62a6f063d22122156429afb93fea40dc4dd8b12f9d14f975c884b791f24f3fc

As a result of the vote, we will proceed with the following

  • Use the marketing funds for xCOFFIN holders, up to 2 months, or CoUSD price back to PEG.

And

  • Improve new Collateral Reserve / Rebalancing

Details are as follows.

We’ve already setup to use marketing funds for xCOFFIN holders.

And we have also configured using transfer tax and changed the burn/tax threshold.

On the below article, we’ve mentioned new bonding mechanism. However we’ve not created actual proposal on snapshot yet. It’s because of still testing feasibility. We believe we need more such mechanism for CoUSD demands. It’ll be boost for our protocol.

https://coffinfinance.medium.com/protocol-update-proposals-9d652d433e00

Our priority is to update collateral/mint/redeem for stable token. We’ve already started to proceed new mechanism. At the same time, we are researching new bonding mechanism feasibility also.

Yours Sincerely,

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