BEAR(ING) WITH IT
The recent Bear market hasn't been kind to protocols both large and small - but during tough times its important to be reminded of the fundamentals of what the majority of DeFi projects are trying to achieve:
Forming a new type of global financial market where new innovation can be trialed and tested to improve on the centralised finance models that's been the norm for hundreds of years.
Enforcing proper decentralised ownership and operation of any DeFi protocol is often overlooked - because teams are normally pushed to rush product to market to meet VC expectations! Thankfully XBE doesn't have the same pressure, and our focus has always been rather on slow and steady progress.
After successfully addressing the technical recommendations from both our Peckshield and Certik Audits, both firms strongly recommended that this community owned aspect is addressed in full before incentivising user funds to the Hive to ensure we follow all best practices.
We've taken this very seriously, and can report the following progress so far:
- Multisigs from the community to represent the DAO has volunteered, been nominated in a proposal and voted on.
- New Master Multisig contract was created, and all Multisig addresses have been added as signers.
- XBE Treasury funds have been successfully transferred to the new Master Multisig.
- First Bug Bounty reward was paid out by the Multisigs from the new Master Multisig.
The XBE Treasury Multisig Gnosis Safe can be verified here: https://gnosis-safe.io/app/eth:0x1F3f016493B1FA49ECF2eeA3FA85F3D7ACE36273/settings/owners
We are also currently busy with the following steps before this process is complete:
- Complete training of minimum 2 Multisig signers on all XBE protocol's operational / maintenance smart contract calls.
- Assist Multisigs in setting up scheduled contract call service with secure key storage on a new Operational Multisig.
- Transfer test contract ownership to new Operational Multisig and do maintenance call tests.
- Configure Operational Multisig schedule for all operational / maintenance calls.
- Update contract ownership on all XBE operational contracts to new Operational Multisig.
- Run live operational / maintenance calls from new Operational Multisig.
With these steps the protocol master minting key, treasury funds, and the maintenance / operational contract ownerships of all contracts will have been successfully transferred under control of the XBE DAO.
That means that all protocol functions - including maintenance, addition of new Vaults and / or Strategies, reward token weighting distribution (how much XBE goes to each Hive Vault, Sushi LP, and XBE Stakers), and assessment and payment of bug bounties - will be completely decentralised!
We are working as fast as we reasonably can in equipping our Multisigs effectively - and continue to address feedback from alpha testers on the Hive Alpha Test contracts and applications.
The 2022 year has kicked off with massive institutional and industry interest from existing and new tradfi partners who are looking for a compliant facility to provide their customers with access to DeFi yield, and we have our hands full as we develop partnerships and business cases for both XBE and XBF Hive!
In order to support this growing interest, the Hive Pro product suite and team has been steadily expanding to support liquidity from various sources - such as custody providers, exchanges, and collateralised lenders who are chomping at the bit to expand their offerings with decentralised yield.
As soon as the team and the Multisigs are comfortable that we've met all the requirements and recommendations from the recent audit, we can move on to adding XBE rewards to the Hive Vaults.
Also a big thank you from the team's side for the efforts and commitments from the community volunteers who are stepping up (both the Multisigs and those participating in the veXBE DAO on discord), you are all greatly appreciated!
We are also looking forward to sharing more details on the Hive Pro partnerships in the near future.