An update on the DVF token circulating supply and DVF holdings of the DVF DAO & Rhino Labs, including a Rhino Labs DVF buy-back disclosure and plans for increased DVF alignment with the growth of new DeFi frontiers.
Before we get started, here is a useful glossary:
- rhino.fi – The world’s greatest DeFi aggregator!
- Rhino Labs – The core team developing rhino.fi and operating the centralized components (for example the front-end)
- DVF – The token of rhino.fi, originally launched when we were called ‘DeversiFi’
- DVF DAO – A decentralized collective comprised of DVF token holders who can vote, amongst other things, on how the DAO treasury is spent
Why Issue A DVF Token Transparency Update Now?
Over the past 4 weeks, rhino.fi has been picking up momentum:
- 80,000 new users (171,471 total)
- 200,000 total bridge transactions including over 100,000 to zkSync Era
Members of the rhino.fi community (both new and old) have asked for an update regarding DVF ownership, DVF circulating supply, DVF supply issuance, and large DVF transactions.
The DVF community is growing fast and welcomes your thoughts and discussion in the Discord – come and join
DVF DAO Token Holdings
June 2021 Initial allocation: 46% DVF Supply
April 2023 Current snapshot: 60% DVF Supply. $1.3m USDT
The growth in DVF holdings controlled by the DVF DAO is primarily due to lower than expected retrospective airdrop allocation & claims, leading to the tokens that were previously allocated for airdrops being returned to the DAO’s control.
Rhino Labs DVF Token Holdings
June 2021 Initial allocation: 25% DVF Supply
April 2023 Current Snapshot: 27.2% DVF Supply
The growth in the Rhino Labs DVF holdings is primarily due to the recent repurchase of a significant number of DVF tokens from a large holder (originally acquired in May 2021 strategic supporter round). Whilst we cannot reveal the terms of the repurchase, Rhino Labs believed this to be an opportune time to acquire additional DVF tokens given rhino.fi’s current momentum and optimistic outlook for 2023.
Circulating Supply Update
The current circulating supply of the DVF token is 15,051,414 DVF as of the 1st April 2023
Circulating supply calculation includes:
- DLM Community Sale
- Claimed airdrop amount
- Uniswap & liquidity pool tokens (owned by the DAO)
- Strategic Supporter vested tokens
Circulating supply calculation excludes:
- DVF DAO vested tokens. A vote is needed to claim the tokens from the vesting contract
- Rhino Labs vested tokens. Rhino Labs has not claimed any DVF tokens from the Rhino Labs DVF vesting contract and has been a net buyer of DVF tokens since the DVF token launch in June 2021.
- Tokens allocated for airdrops but have not yet been claimed or allocated (DAO Owned)
DVF Alignment With The Growth Of DeFi
As we approach the 2023 half-way mark DeFi is bouncing-back. DeFi projects are beginning to deploy new technology that has been developed over the past two years. Trends such as zkEVMs (Layer 2), Real World Assets and re-staking are starting to gain momentum. rhino.fi is well positioned to help users navigate all of these new frontiers and is doubling-down on our mission to become the world’s best DeFi aggregator – Giving everyone the opportunity to access the best of DeFi.
We are already beginning to see early signs that users are finding rhino.fi useful for their everyday DeFi activities. Over 100,000 transactions have been made on the rhino.fi <> Era bridge from over 80,000 new addresses over the past four weeks.
DVF will be aligned with the rise of DeFi in 2023. Small-scale tests have been running for the past several weeks alongside user interviews with the goal of discovering how DVF can help offer added-value to those who call rhino.fi their home
- Access to additional boosted real-yield opportunities
- Access to discounts & free bridging for those users wishing to explore new frontiers in DeFi
- Access to airdrops – both of aligned products & platforms, and rhino.fi itself
For more information about the role that DVF will play, see this blog post
The Rhino Labs team welcomes any feedback & discussion on this transparency report via the Rhino Discord