May 2023: Community Update

Archimedes
3 min readJun 6, 2023

TLDR: The Archimedes team has learned lots from users (thank you!) and is now focusing on building V2.

  • Leverage Rounds on V1 are still ongoing, now for a 90 days lifetime for higher user profitability.
  • lvUSD/3CRV Curve Pool: ~$5.6M TVL and ~14% average APY, with ~87% wallet retention
  • Borrowers / Leverage Takers: ~$3.1M in TVL and ~40% average Gross APY
  • ARCH: Avg. price of ~$6 with total monthly volume of ~$3.3M, currently tradable in Balancer, Uniswap V2, and MEXC.
  • Other important developments:
    — V2 progression: New 80ARCH/20wETH Balancer pool, veARCH is live with up to >200% APY. Closing Phase 0, team progressing onto Phases 1 and 2. Visit our Product Roadmap.
    — Partnerships progression: Balancer pool, Curve Gauge proposal live (please VOTE!) and more.
    — Governance: The first proposal AIP-001 live for voting on Snapshot to adjust ARCH emissions.

Fellow G(r)eeks, as we bid farewell to May, we reflect on a pivotal month for Archimedes Finance and look forward to an even more exciting June. We are proud to introduce the plan for our V2, embark on new marketing strategies, hint at promising partnerships, and continue to evolve our community-driven approach.

In May, we made significant strides towards our new product. We persistently listen to our community of users to learn and adapt.

May Recap

May has been a month of meaningful progress for us. We’re thrilled to announce the successful seeding of the 80/20 pool on Balancer by our core team, a significant milestone that marks the start of our governance process and the utility of veARCH with its imminent launch. Our efforts have been rewarded with sustained APYs and robust engagement from our users. With our eyes firmly set on delivering sustainable financial leverage through the Syracusia Upgrade, we continue to learn, build, and grow​.

The Syracusia Upgrade

We are excited to reveal the name of our V2 — the Syracusia Upgrade. This upgrade is designed with sustainability and scalability in mind. It offers four phases of development, including a deployment on Arbitrum, as we strive to provide a financially sustainable leverage model that equality benefits all stakeholders involved, lenders, borrowers​, and partners.

New Marketing Strategy

Our community is our backbone, and we’re committed to strengthening this bond. This month, we prepared two new engagement campaigns. First, we introduced a content creation campaign where community members can earn ARCH tokens for producing high quality content about the project. Second, we’re thrilled to be soon starting our Ambassador program, through which we’ll collaborate with reputable Key Opinion Leaders to broaden our reach, education, and deepen our community engagement.

Exciting New Partnerships

While we’ve successfully collaborated with Balancer, we’re not stopping there. Our team has just submitted a Proposal to the Curve DAO to add our lvUSD/3CRV pool to the Gauge Controller. Additionally, our team is in talks with a variety of potential partners including but not limited to Alchemix, Pendle, Tokemak, Metronome, Revest, Sperax. Stay tuned for more updates on how these partnerships will benefit both liquidity providers (LPs) and leverage takers (LTs).

June — The Journey Continues

Looking ahead, June is set to be an even more exciting month. We have successfully completed Phase 0 of the Syracusia Upgrade with the launch of veARCH and we now transition into Phases 1 and 2. These next phases will bring even more opportunities for our users and our community, so stay tuned!

You haven’t had the chance to tell us what you think yet? There are a few ways to do so:

Thank you for your continued support and faith in Archimedes Finance. We’re excited to continue this journey together.

Learn more about the Archimedes project and how it generates real, stable top of market yields for users by visiting https://archimedesfi.com/ and following on Twitter, Discord, and Telegram.

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