๐ฆGovernance Token (DRC)
ATTENTION: This document is a rough draft and hasn't been fully developed yet.
The contents here-in may be incomplete, out-of-date, and modified radically in future revisions.
Overview of DRC
The Dracula Token (DRC)
The Dracula Protocol's valueless ERC-20 governance token uses ticker symbol DRC and was initially distributed among protocol users in the early stages of the protocol.
We believe that the DRC token is an index token for the performance of the underlying DeFi platforms due to its returns being directly dependent on APRs from its victims. The value of DRC will be, in part, a result of healthy token appreciation from underlying platforms like SUSHI or PICKLE.
Using DRC token to as a means to reward participation in Dracula Protocol creates a synergy between Dracula and its victims and allows for the possibility of collaborations with any of the underlying platforms.
Features of the governance token
Governance and Voting
Holders of DRC may vote on the proposals to determine the future of the protocol through the governance system which assigns voting power to each DRC token holder proportionally based on the quantity of tokens held.
Staking
DRC tokens may be staked on the Dracula Protocol to earn a portion of 3.75% of all ETH distributed when a Drain is initiated. Each user whom stakes DRC can choose to receive ETH or DRC on harvest. Until a user harvests rewards the accrued rewards remain in a RARI RGT pool of ETH collecting interest.
This design ensures that APRs for DRC staking are directly dependent on Total Value Locked (TVL) of Dracula Protocol and the APRs from underlying platforms. DRC tokens provide users who stake the token to receive a return for Dracula Protocol performance paid direct to their wallets in ETH.
For users bullish on DRC outpacing ETH in appreciating value single staking DRC places a user's full deposit of capital in DRC which relies on DRC appreciating in value faster than ETH.
Pair staking in the DRC/ETH pool is more conservative and earns Uniswap LP fees while hedging that ETH and DRC will appreciate in value at relatively the same rate over time.
More information on the DRC token:
Last updated
