12/9/2023 0 Comments Redacted cartelSubsequently, the TVL further decreased to $2 million by July. At the same time, the Redacted protocol witnessed a significant decline in Total Value Locked (TVL), dropping from approximately $1 million in December 2021 to less than a quarter of that in January 2022. The price of BTRFLY, which had previously been above $3,400, plummeted to less than $400 in January 2022 alone, representing a staggering 90% decrease. However, as 2022 began, the DeFi market started to crash, and Redacted was not spared from the impact. Following its launch, Redacted witnessed significant market interest and successfully raised approximately $73.2 million through a token issuance auction, unveiling their native token, BTRFLY. The project’s inception aimed to optimize the token supply within the Curve ecosystem, encompassing CRV, CVX, and Curve LP tokens, to enhance liquidity for the Curve governance system and augment its influence in receiving incentives. Redacted v1 embarked on its journey with the objective of establishing a prominent position within Curve Finance’s gauge weight voting system, employing a Protocol Owned Liquidity (POL) methodology akin to Olympus DAO. Redacted Cartel (Redacted) is an official fork project of Olympus DAO, making its debut in December 2021. Nothing contained in this report is investment advice and should not be construed as such. The contents of each report reflect the opinions of the respective authors and are provided for informational purposes only and are not intended to be a recommendation to buy or sell any token or use any protocol. Disclaimer: The authors of this report did not purchase or sell any of the relevant tokens using material non-public information during the research or drafting of this report.
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