BTRFLYUSDT
BTRFLY / Tether USD
crypto

Redacted Cartel 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. Redacted can be seen as an actively managed hedge fund trying to win the liquidity wars for its investors, while accumulating more power for BTRFLY holders. Currently, Redacted is the second largest holder of CVX. Redacted acts as an actively managed hedge fund. Users can bond their governance tokens (CRV, CVX, etc) in return for discounted $BTRFLY. Redacted uses these tokens in various yield strategies (farming, LP, etc) to further grow the treasury, which increases the intrinsic value of the BTRFLY token. BTRFLY holders can stake their tokens to receive rebase rewards, which are distributed at the end of each epoch - approximately every eight hours. When users stake BTRFLY, they receive xBTRFLY in exchange, and when they unstake it, the same amount of xBTRFLY is burnt. Initially Redacted offered high staking rewards to bootstrap the treasury, but the DAO has already voted to reduce them in Q1 2022 to reduce emissions. Since its launch, BTRFLY's Market Cap has been larger than the value of the treasury. Why would people pay a premium when they could just buy the underlying assets? There are a number of reasons, such as access to seed investment, aggregating voting power to have a stronger influence in the DeFi ecosystem or benefitting from the revenue generated by the Redacted bribes marketplace - Hidden Hands.