Divine Creatures AMA with CRE8R DAO
Primer: Divine Creatures DAO is the first reserve currency protocol that is paired with NFTs. Recently, CRE8R DAO hosted an AMA with the Divine Creatures team. Read on to learn how their NFTs carry staking and bonding boost and what they are trying to achieve with their protocol.
Divine Creatures DAO
The goal is to create a full-feature DeFi platform. They are starting with protocol owned liquidity, staking and bonding with an NFT twist
Their ethos is to seamlessly integrate incompatible things together
First protocol to pair Ohm forks with NFTs
Their Team
Consists of 6 people, three of them are full-time developers
Devs mostly worked for banks and data science companies
Their main dev developed his own blockchain a few years ago
The other 3 people are on the business side — marketing, PR, business development, etc.
How Did Divine Creatures DAO Came About?
Saw a bunch of Ohm forks popping up which were similar to one another
Decided to innovate on the actual protocol and change the launch dynamics
Participated in pretty much all of them. Monitoring Ohm forks to see what innovation could be integrated into Divine Creatures
Goal Of Divine Creatures DAO
Want to be a true reserve protocol
Their first innovation is to use NFTs to boost the staking percentage by 5% relative to the base
Decided to build a Divine DEX — a DEX that is specifically meant for the trading of reserve protocol tokens
The staking rewards for reserve protocols are not synchronized. It has to be claimed by stakers manually. Divine Creatures DAO will be automating the claiming of rewards
EGIS Token
Each member of the team picked one god that reflected their preference
EGIS means magic in Ancient Greek
The reserve currency backing EGIS depends on the way people participate
Based on their calculations, they will have more MIM in their treasury
Thinks that FTM will end up as the dominant token backing their treasury
“We each picked one god that reflected the preferences of the team. But to a deeper level, it's the reflection of crypto space. So cryptocurrencies are accessible by everybody in every part of the world, right from Japan, Southeast Asia, to Central Asia, Africa, Europe, Russia, North America, South America, everybody has heard of cryptocurrencies and everybody uses it.”
- Lord Brahma
Initially, they will be backing 1 EGIS to 0.5 FTM
How Does The Staking And Bonding Mechanism Work?
Staking
Holders take their EGIS tokens and stake them into the protocol via their website
Stakers are being paid rewards. They are looking at 50-60% APY
Bonds
A contract that allows people to purchase EGIS below the market price
Purchases through the bond contract are paid out linearly over the course of 5 days. It is paid out 3 times a day at the rebase rate
The money that is spent goes into the protocol’s treasury
The discount rate of the bonds is a function of all the bonds that are available — how many people are bonding and the ratio that they set
LP tokens that they will be taking in:
At the start, FTM-EGIS LP tokens
MIM-EGIS LP tokens and other LP tokens from SpiritSwap, their official partner
Buying EGIS Token
Can be bought in their auction
Came up with an innovation called Initial NFT Offering
Users can bid on an NFT that they have created. This NFT has various perks that will be revealed in the future
Holders of the NFTs are allowed to buy the EGIS token at $1
There are 3 tiers of NFTs:
God tier: supply of 10 at a starting price of $10,000/4200 FTM
Deity tier: supply of 200 at a starting price of 420 FTM
Demigod tier: at a starting price of 125 FTM
NFT allows holders to buy their token in the maximum allocation size that is roughly equal to the starting bid of the NFT (e.g. a $300 NFT gets a ~$300 allocation for the token)
There will be an on-chain lottery where there are 3 different prizes:
Top prize (Gold): Maximum allocation will be airdropped to you free
2nd prize (Silver): 50% increase of the maximum purchasable allocation you received
3rd prize (Bronze): 25% increase of the maximum purchasable allocation you received
NFTs come with staking and bonding bonuses:
God tier NFT: 5% staking boost and 5% bonding boost
Deity tier NFT: 2.5% staking boost and 5% bonding boost
Demigod tier NFT: 2.5% bonding boost
NFT auction will start on 24 January 2022
Has a whitelist open for people who are interested in the bottom tier NFTs
What Changes Have They Made To The Code By Olympus/Wonderland?
Most Ohm Forks actually use the code from Wonderland rather than Olympus because the latter have changed them quite a bit towards their marketplace of bonds
The contracts that are published on Wonderland’s GitHub are different from what they used on-chain
Wonderland has unnecessary contracts on their GitHub. The Divine Creatures DAO team have removed half of these contracts and have upgraded to Solidity 8.0
The team has innovated and their NFTs are integrated with the boosts at each rebase
Divine DEX
A decentralized exchange that only has EGIS-reserve protocol pairs
The rebases for reserve protocols do not happen at the same time
If people wanted to benefit from multiple reserve protocols, they would have to:
Stake at a reserve protocol
Receive the reward
Unstake it
Swap to another reserve protocol and stake before the rewards are disbursed
Will be providing liquidity from their treasury so that users can swap between pairs
There will be fees from swapping and those fees will feed back into the treasury
Will be introducing a new type of bond called Exchange Bond. It will have a higher discount rate and proceeds used to purchase it will be fed into both the liquidity provisioning and the treasury
Benefits For Being Early Participants In The Project
Have 3 different games on their Discord server
Community members are called creatures. Have different tiers of creatures in their Discord
Conduct quizzes on Twitter. Some quizzes are very difficult and there was one quiz where no one got even a single correct answer
Have memes, art, and video contests held in their Discord
Contributors will be able to get on their whitelist
In the future, they will think of certain benefits that could be given to members who have these creature roles
Security Of Their Platform
Once they have completed their contracts, they will publish them on GitHub
Will do a code review with a member from CRE8R DAO
Their multisig consists of 4 people. Of which, one of them is SpiritSwap. Will be getting a 5th individual for their multisig
Partnership With SpiritSwap
A mutual friend introduced an advisor on SpiritSwap’s team to him
The partnership process was very smooth for both teams
Will They Expand To Other Chains?
Their plan is to be multichain
Will be launching on Avalanche after they have completed building Divine Dex
Each chain they are on will have its own separate treasury
Doing Good Deeds
Will be donating 10% of everything they raised in their presale and auction to a global heritage foundation that preserves cultures
What Is On Their Roadmap?
The DEX followed by cross-chain expansion
After that, they will be using their treasury to build various DeFi functions (e.g. lending, VC, etc.) so that they can have full DeFi capabilities
Will be expanding the NFT collection to enable people to use DeFi tools they offer in a boosted way
What Upcoming Events Do They Have For Listeners To Participate In?
Will be hosting another AMA on the 15th of January with the Olympians community
Looking forward to questions from the community
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