Concave Strengthens Commitment to Inverse with OTC Deal
Hello Miners! We are excited to announce that Concave has engaged in an OTC deal with Inverse Finance. With this deal, Concave purchased $284k worth of INV using DOLA using a custom built smart contract. We are optimistic on the long-term success of DOLA and are excited to enter this new partnership phase with Inverse.
The Rationale behind the Deal
With the significant rise in TVL to the DOLA+3CRV, we think there is a solid opportunity in not only strengthening the relationship between Inverse and Concave but to also help with providing liquidity for the INV-DOLA pair in the process. If the demand for DOLA continues to grow, this could strengthen the demand for swapping between INV and DOLA as well which would mutually benefit both protocols.
The Story Behind the Partnership
From our inception, Concave has had a close relationship with the Inverse team. Inverse was one of our very first partners when Concave launched, as we saw a trustworthy and talented team that was aligned with our values. Since then, we have continued to maintain great camaraderie and have pursued opportunities that resonate with the vision for both protocols.
During uncertain times, moving part of the treasury funds in the DOLA+3CRV pool was a mutually beneficial move that Concave made with treasury funds to signal our trust and alignment with Inverse. By seeding into the DOLA+3CRV pool, we helped to ensure that the DOLA peg would stay stable during this period, as well as benefiting from the high rate of return that the pool offered.
Last but not least, @ConcaveFi continued to trust DOLA as its main reserve currency even at times of low liquidity. Very grateful for the co-op’s unconditional support 💙
— nour (@NourHaridy) July 11, 2022
Concave’s belief in Inverse and DOLA hasn’t changed; Especially in light of the recent stablecoin events, we think that DOLA can grow as an alternative to other stablecoins, offering a sound solution that has proved itself in various difficult conditions. We think that there is a substantial opportunity for DOLA to become a major player in the decentralised stablecoin space, and we want to be a part of that future.
In addition, new products from Inverse are in the works which makes us excited about increasing demand for DOLA in the future!
Inverse DAO has delivered
— nour (@NourHaridy) August 7, 2022
1. DCA vaults
2. Frontier money market
3. DOLA stablecoin
4. Cross-chain Feds that supply liquidity to lending protocols
5. Yearn Fed, trustlessly lending DOLA to Yearn in exchange for veCRV votes
And soon 6. The most advanced stablecoin money market🧵
How Was This OTC Deal Performed?
In order to ensure trustless execution of the OTC transaction, the devs at Inverse built a one-off specialised smart contract. This allowed for the deal to be carried out between the two teams treasury management multi sigs at the pre-agreed price. Please see the transaction here. Due to the nature of the deal being OTC, there was no slippage involved with the transaction.
Bringing DOLA Bonds to Concave
Another exciting announcement is that we will be bringing DOLA bonds to the Concave AMM in the future. This will be the first new pair that users will be able to bond for CNV. With the DOLA bonds, you will be able to exchange your DOLA to purchase CNV at a potential discount. Once the market performance of CNV improves, the Concave bonding market will be reactivated and these bonds will go live. We are also actively exploring deeper integrations of DOLA and are working together to build new products that capitalise on the unique strength of both projects.
We believe this deal is a first step into exploring more synergies and opportunities with Inverse for the future. We will keep miners updated on any exciting collaborations in the future and thank you for your long support!
