Next steps for our Token: the future of DVF

It's been an exciting month since we shared our vision for the future of rhino.fi and our token, DVF. Your responses have helped us shape and refine the initial proposal to be stronger and focused on our community, and we are grateful for the participation.

If you missed the initial post, or just want a refresher, you can catch up here.

Consensus and Next Moves

The feedback has been loud and clear, and it’s heartening to see a shared vision emerging. 

Let’s delve into the key takeaways and the consensus that’s been forming among the vibrant rhino.fi community:

Migrate DVF to RHINO ✅🚀

  • Large-scale support: The proposal received wide scale approval, but timing is crucial, aligning with other initiatives to revamp the token. Your voices have been heard and this will be a great step forward. $RHINO here we come! 

Implement a Buy and Burn Mechanism 🟠

  • Preference for alternatives: There’s a leaning towards alternative mechanisms. Buy & Burn was seen as too inefficient and doesn’t align well with long term holders. 

Alternative Fee Distribution to Stakers✅

  • ETH, USDC, or USDT distribution: The community speaks, and we’re listening. Your preference for fee distribution aligns with models like GMX, ensuring longer-term alignment for those who stake their RHINO.
  • Further design needed: Before finalizing this proposal, we recognize the need for more input and design. Expect a collaborative effort as we move forward with this.

Transferability Freeze & Re-Launch 🟠

  • Mixed feedback: Opinions vary on this, with many preferring no freeze. Token distribution, especially airdrops, will be approached with caution to balance respect for existing holders and the necessary growth we need to drive to increase the number of token holders and align rhino.fi users with the platform. 

Burn 50% of Supply ✅🟠

  • Strong support: There’s notable backing for burning a significant portion of the token supply, but your concerns are valid around whether 50% is right. We’re exploring options to find a balance between impactful reductions and preserving future flexibility. The final snapshot proposals could potentially propose burning a smaller percentage of tokens

Enhancing Utility for Token Holders ✅🚀

  • Fun and gamified utility: Your demand for greater utility tied to the rhino.fi bridge feature is noted. Brace yourselves for an exciting journey as we explore ways to make utility not just functional but also downright enjoyable!

What’s Next

The next step now is to take this feedback and finalize the relevant proposals for Snapshot to be voted on by existing token holders.

In particular the alternative fee distribution to stakers needs to be modeled, and the rhino.fi team will now get advice on the best way to design this, factoring in technical and legal requirements. It is expected that this will take 4-6 weeks to complete.

Remember, this is your journey as much as it is ours. Your thoughts matter, so keep them coming in our dedicated Discord channel.

DVF is tradable here.

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