Today, rhino.fi are announcing our intention to remove all DVF from the market. We are grateful to our incredible small community of DVF holders who have supported us for over three years. All holders of DVF as of 7th August 2024 will have the opportunity to exchange their DVF for USDT. We’ve decided to offer a price 50% above the market value to say thank you to our loyal supporters.
This marks the end of the road for the DVF token and the previous vision of DeversiFi it was created for. Over the past year, we’ve driven substantial growth and market adoption without the use of DVF token incentives.
Eligible holders can claim USDT in 2 days, at a rate of 1 DVF = 0.70 USDT between 9th August 2024 and 9th October 2024. The redeem UI will be live on 9th August.
Read below to understand more about our rationale and methodology.
Why DVF no longer serves our Community and our Product
DVF was initially launched as the governance token for DeversiFi, which began as an orderbook DEX in June 2020. Designed to support governance and community incentives around this revenue model, DVF has become less relevant as the DeFi world evolved. Over the past four years, DeversiFi pivoted to become rhino.fi, focusing on lightning-fast cross-chain bridging and deprioritizing the DEX. With most of rhino.fi’s operations now off-chain, the original governance mechanism has become outdated. The current DVF holder base has little overlap with our present users, and the governance model, although promising in 2021, has proven ineffective across almost all governance tokens.
This misalignment is evident in the market’s lack of response to DVF, despite rhino.fi’s tremendous growth in the last year. Combined with the current sluggish DeFi market conditions and lack of investor confidence in new token launches, it became evident that repurposing the DVF token would not be the most effective path forward.
Given these considerations, rhino.fi has decided to offer holders the ability to exchange DVF for USDT. We believe that offering this token exchange for USDT, 50% above the current market value, is the best way to reward the loyalty of our long-term token holders while allowing future flexibility to develop our growth strategy for rhino.fi.
Current State of DVF
At the time of this announcement (3pm UTC+1 7th August, 2024), the DVF distribution was as follows:
- 60% held undistributed by DVF DAO
- 27% held by rhino.fi Labs
- 13% in public hands
One small airdrop was deployed in 2021 to users of DeversiFi, which increased the circulating supply and is included in the 13% of tokens currently circulating.
All of the circulating supply of DVF will be exchanged or burned during the claim window.
Methodology for Token Exchange
To ensure fairness and prevent arbitrage trading or front-running on this announcement, the rhino.fi team has taken the following steps:
- All Holders: All holders as of 9am UTC+1 7th August (on chain and on exchanges) are able to redeem their DVF for USDT. All users should withdraw/bridge to Ethereum L1 and visit our claim from 9th August.
- Announcement: Communication shared to our entire community across all channels.
- Liquidity Removal: All liquidity across DVF markets removed in line with the announcement (including Bitfinex, rhino.fi, Uniswap, Syncswap). This is to ensure no arbitrage traders could benefit at the expense of our community.
- Governance Proposal: In line with the announcement, a proposal was submitted to the DVF DAO. The proposal can be read in full here: In summary, it suggests we:
- Burn all DVF held by the DAO.
- Convert ETH holdings to USDT, and transfer all USDT to the exchange contract, which will buy DVF at $0.70 and then burn all DVF that it buys.
- As the proposal will take 7 days to complete governance through the DAO, rhino.fi Labs has already funded the claim contract in anticipation of initial claims.
- Claim Site Live: Claims will be live at 3pm UTC+1 on 9th August 2024 and remain open until 9th October 2024.
Commitment to the Future
We are excited about the future and look forward to growing rhino.fi together with our users and community. The USDT exchange is a testament to our commitment to our original token holders, ensuring their loyalty is rewarded. The rhino.fi team is dedicated to creating a product that delivers real value for our community today and in the future.
For any questions or support, please reach out to our team.
Check back on the 9th of August to claim your USDT.
FAQs
- rhino.fi has decided to DVF from the market. All holders of DVF as of 9am UTC+1 7th August 2024 will have the opportunity to exchange their DVF for USDT.
- We’ve decided to offer a purchase price 50% above the market value.
- The current DVF holder base is small and has little overlap with our present rhino.fi users, and the governance model, although promising in 2021, has proven ineffective across almost all governance tokens.
- This misalignment is evident in the market’s lack of response to DVF, despite rhino.fi’s tremendous growth in the last year.
- Combined with the current sluggish DeFi market conditions and lack of investor confidence in new token launches, especially in Layer 2 and bridges like $W and $ZRO, it became evident that repurposing the DVF token in Q3 of this year would not be the most effective path forward.
You can exchange your DVF for USDT at a rate of 1 DVF = 0.70 USDT via our claim page if you are eligible. The claim page will be live from 10am UTC+1 9th August 2024 to 10am UTC 9th October 2024. Please visit the claim URL in 2 days to initiate your claim.
All DVF tokens exchanged for USDT will be burned, reducing the overall supply and ensuring the integrity of the exchange process.
Several factors influenced our decision:
- The current DVF holder base is small and has little overlap with our present rhino.fi users, and the governance model, although promising in 2021, has proven ineffective across almost all governance tokens. We’ve decided to offer a purchase price 50% above the market value to say thank you to this loyal supporter base.
- DVF has failed to respond, despite rhino.fi’s tremendous growth in the last year, showing a misalignment between its mechanism for accruing value for holders.
- Combined with the current sluggish DeFi market conditions and lack of investor confidence in new token launches, especially in Layer 2 and bridges like $W and $LRO, it became evident that repurposing the DVF token would not be the most effective path forward.
While we are not committing to a specific timeline for launching a rhino token, we are continuously evaluating market conditions and strategic opportunities. Our primary focus is on ensuring that any future token would provide substantial and sustained benefits to our community. Stay tuned for updates as we continue to explore the best ways to drive value for our users.
All users who held DVF as of 7th August 2024 are eligible to exchange their DVF for USDT.
To ensure fairness and prevent arbitrage trading or front-running on this announcement, all liquidity across DVF markets (Bitfinex, rhino.fi, Uniswap, Syncswap) will be removed. This helps maintain the integrity of the purchase process.
Any remaining DVF tokens after the period will be burned. Additionally, any unused USDT in the contract will be withdrawn back to rhino.fi.
This decision allows us to refocus our resources on improving rhino.fi’s core functionalities and expanding our user base. We believe this will drive long-term value for our community and support sustained growth for rhino.fi.
Large DVF holders holding over 100k DVF at the time of the announcement will not be able to exchange their DVF through the UI, and should contact our team directly.
For any questions or support, please reach out to our in-app support team. We are here to assist you throughout this process.
For Polygon network:
For Staked DVF:
For zkSync:
- Use the Deposit feature on rhino.fi to move DVF from zkSync.
- Then use Withdraw to bring the DVF to Layer 1
- Native bridge
For Arbitrum:
You will need to unstake your xDVF here – https://app.rhino.fi/governance/staking
You will then receive DVF which you can exchange for USDT.
