DAO Report 01/15/23

Hello Useless people!

What an awesome week we’ve had!

We were graced by the crypto gods with some great price action this week. We had an increase of 30% on USE and 23.3% on 1USE in one week alone! Just a bit of a reminder of how quickly things can turn around in crypto.

Also, a big thanks to rebelyorkshire for keeping the stats for the community on price action.

Some weeks it’s not so great to see the change, but a week like this one is worth framing and putting up on your wall.

The committee also had a great meeting with Carc to go over the steps necessary to turn on rewards. We’ve started with the first step, which is rerouting some of the contracts to point to the multisig. Once we’ve got a script ready to airdrop rewards, we’ll trigger that and everyone on Harmony will get what they are owed.

Just a reminder of why it is taking a while. The contracts were set up to collect USE and then sell it to buy stable coins. This means that if we were to just turn everything on, we’d have a huge sell (something in the realm of three million USE) which would not be fun. We also need to have Mark make sure everything is finalized and the triggerer contract is ready to go. That contract lets anyone execute the rewards action and gives them a little bit of USE as a reward (and to offset the gas).

One final thing: the DAO officially has the USE LP! The transaction had been queued in the multisig from the old team but never executed. Here’s the transaction on Harmony’s explorer: https://explorer.harmony.one/tx/0x26cfc572edf5a39af9f5bb119e4d5e39715d0d8b972b7442e08944fbc9f5d3e8

That’s all for this week. Keep on being Useless everyone!

Useless DAO Committee