Sturdy didn’t slow down in April. Last month was jam-packed, from community initiatives to feeling the effects of liquidity mining; it’s been an exciting few weeks for Sturdy!
Let’s not take up too much of your time teasing it out; here’s our recap of April 2023:
Brick Gang Sprint
Sturdy hosted a sprint for the new contributor program, Brick Gang!
Participants had extra incentive to climb the Zealy leaderboard; Brick Gang had 10 special POAPs, exclusive access to premium chat and double XP quests, as well as 5 Sturdy t-shirts, and 1,000 USDC up for grabs for the top 10 contributors.
Brick Gang is a community contributor program to incentivize users to help promote the growth of the platform and its ecosystem through a variety of quests, according to their particular skillset. Despite having just launched the program at the end of March, we’ve already had participants complete a total of over 300 quests!
This sprint was just the beginning of Brick Gang, so don’t feel bad if you didn’t break the top 10. Just get grinding!
Check out our recent article for more info on Brick Gang!
Community Call
Sturdy kicked the month off with a community call!
We discussed the future of $STRDY, Brick Gang, liquidity mining, as well as future integrations! We’re constantly working to improve the platform and want to keep you informed and get your feedback; community calls are a great way to interact with the community.
We have some exciting interviews coming up in May, but for now, check out our Twitter Space from the beginning of April and Sam’s interview with Crypto With Nick!
$STRDY Mining is Stabilizing Utilization Rates
Liquidity mining is chugging along! Lenders have been benefitting from $STRDY liquidity mining for over a month now.
In case you missed it, Sturdy adopted a unique, dynamic approach to liquidity mining following SIP-001. $STRDY token emissions are determined by utilization rates of lending pools; if the average utilization over the past week is over 70%, emissions will be increased to incentivize greater lending; if the weekly average utilization is below 50%, they will be decreased to ensure treasury longevity. The program gets liquidity where it’s needed without depleting the treasury!
So far, the program has been a massive success! Since borrowers don’t pay interest when utilization is under 80%, this program helps them lever up in peace without worrying about interest rates eating into their profits. Yield farmers are still fighting for liquidity on the Ether market (and with ~50% APY on Curve ETH/stETH, who can blame them), but spikes in interest have become increasingly less common and far less significant since the implementation of SIP-001.
The current liquidity mining program was only scheduled as a 90-day experiment, be sure to head over to gov.sturdy.finance to share your feedback and tell us how you think $STRDY liquidity mining could be improved!
Integrated Convex MIM
Sturdy’s Stablecoin Market got a new source of yield this month! The integration helps increase yield across Sturdy’s stablecoin lending market while providing borrowers with a new source of high yield. With an APY of >28% with leverage, Convex MIM is currently the highest-yielding asset on the Stablecoin market!
Given some bad debt MIM has incurred from past exploits, the new LP was given slightly altered risk parameters to insulate Sturdy users from any potential fallout as a result of their bad debt in the future. You can read all about how we Sturdy-proofed MIM in the governance proposal, and be sure to read up on what’s coming down the pipeline on the forums!
Sturdy Intern Released into the Wild
Finally, it was with great hesitation and perhaps a little regret we let Stud, the Sturdy Intern, onto Twitter. He’s been spilling the beans on Sturdy and sharing too great of yield strategies for all of CT to see. Since you’ve made it to the end of the newsletter, you probably deserve some of the info he’s spewing off for free, so give him a follow but keep it quiet.
