Hello everyone, we are here once again with another episode of our Monthly series. In case you were wondering, we have decided to pause the weekly updates and focus on monthly updates for a while. Every month, we will be here with you, compiling everything that has happened throughout the entire month and providing a quick recap for our users.
This past week was eventful on the Helena front as we introduced the beta release of Auction Bonding and token migration for Helena V2. With the release of Helena V2 and the newly designed reflection mechanism that replaces the auto-rebase feature, Helena will become more deflationary and stronger than ever. Without further ado, let’s delve thoroughly into what has happened this week.
New Episode of Dev Diaries
The upcoming episode of the Dev Diary delves into the work of our Dev team at Nemesis Network, primarily focusing on the improvement of our dApp, bug fixing, and the development process of upcoming and released features, such as Auction Bonding and Time-Lock Staking.
You can reach the latest episode by clicking here.
Migration of Helena & Dao Proposal
The DAO proposal for Helena’s migration to a tax-adjustable non-rebase token has been successfully approved through the community’s votes. We’ve made this proposal because we believe that the current rebase model cannot provide a healthy and stable price chart. Despite having made burns and buybacks to nearly 50% of the diluted supply, Helena’s price was still in decline due to our current challenge of expanding supply caused by the auto-rebase mechanism. With this migration, the auto-rebase mechanism will be replaced with an auto-reflection mechanism. Token holders will earn a percentage of the tax every time the token is sold with this new reflection mechanism. There will be some changes in taxation to adjust for the new mechanism. While we are removing the buy tax, which was set at 13%, the sell tax will remain the same but will be distributed differently. The new token has adjustable taxation, enabling the community to modify the tax rates in the future if desired. That said, the Helena community has decided to move away from the current rebase token system and migrate to a new tax-adjustable model, which is designed to be more stable and sustainable in the long run.
The migration process has started, and users are being informed of the necessary steps they need to take to swap their current tokens for new ones through our dApp.
Auction Bonding (Beta)
The wait is over! As previously mentioned, we have made the decision to temporarily pause the Pro Pool and shift our focus toward the development of RBS (Range-Bound Stability) and Auction bonding, our newly released feature. The feature is currently released for beta testing for our community. This beta stage, which will span throughout May, presents an opportunity for you to provide valuable feedback by reporting any bugs you may encounter while testing the feature. Although some may question the reasoning behind this beta test, it is worth noting that Auction Bonding is a unique addition not only for Nemesis Network but also for the entire DeFi ecosystem, hence it contributes a lot to the integration doctrine of Nemesis Network. Therefore, it is important to ensure a smooth and flawless release of this feature with minimal bugs.
We have also released a medium article regarding Auction Bonding, you can reach it by clicking here.
In the meantime, we want to notify you that the WINGS Rush feature is back. Keep an eye out for future announcements regarding any updates or changes and the introduction of our upcoming features.
As another update comes to a close, we’d like to offer our gratitude for your continuous support. Our team stays dedicated to improvement, and we really welcome your constructive comments and suggestions. We urge you to contact us through our dedicated communication channels on Discord and Telegram. We look forward to providing you with further updates.
Discord (Helena): https://discord.com/invite/ht2N3vrdv9
Discord (Nemesis PRO): https://discord.gg/b8CUaukZn6
Telegram (Helena): https://t.me/helenafinancial
Telegram (Nemesis PRO): https://t.me/nemesisdao