DHedge DAO (DHT)

Basics

• Based in:
• Announced on:
• Mainnet release:

• From EthHub #123 (20-7-2020):

"dHedge is a new decentralised asset management protocol powered by Synthetix, which is now live on the Ropsten testnet. dHedge offers non-custodial mimetic trading for synthetic assets, using the zero-slippage and infinite liquidity trading model of Synthetix."

• From CMC (4-11-2020):

"dHedge is described to be a project that focuses on non-custodial mimetic trading for synthetic assets on Ethereum. The project focuses on the following areas:

1. Non-custodial: users retain ownership over their funds, investment managers cannot run away with investor funds
2. Mimetic trading: investors can mime the trades of top-performing managers
3. Synthetic assets on Ethereum: dHedge portfolios are powered by the Synthetix derivatives liquidity protocol

dHedge further claims to be a one-stop location for managing investment activities on the Ethereum blockchain where users can put their capital to work in different strategies based on a track record of performance."

Audits & Exploits

• There is a bug bounty of up to $50,000 that is not an active program (9-2021).

• From their blog (2-11-2020):

"After a positive first report from our auditors, we are happy to report that the final code base has been re-submitted to our smart contract auditors for a final review."

• Scored a 76% on their V2 on DeFi Safety (9-2021):

"Iosiro conducted an audit before the code was deployed, and the results are public. Certik also conducted audits on dHEDGE."

• Previously Scored a 70% (8-3-2021); "​Iosiro has done an audit on DHedge completed on the 9th of October, 2020. dHedge was released Oct 22nd, 2020." With the comment: "dHedge is up with a bare pass of 70% Really weak software docs hurt them."

Governance

Admin Keys

• DeFi Safety (9-2021):

"Admin control information was found under "dHEDGE token". Even though they have a governance section, it does not explicitly state the degree of control that is exerted over the contracts, hence the 70%.

a) Contract upgradeability is intended through the description of user voting power at https://docs.dhedge.org/dht/introduction

b) Type of ownership is not indicated.

c) Capabilities for changes in contract are also indicated at https://docs.dhedge.org/dht/introduction.

The admin control information explains their software well, but does not necessarily explain why and how user investments are/stay safe. There is no documented pause control."

Token

Utility

• From their blog (2-11-2020):

"Governance and management of the dHEDGE DAO Staker Pool will be delegated to DHT token holders."

Technology

• Whitepaper can be found here.
• Code can be viewed [insert here].

Implementations

• Built on: Ethereum and Synthetix. Polygon (21-9-2021). Deployed on Optimism (9-12-2021), however, the going live tweet only went up on the 17th the same month..

Upgrades

• V2 went live (2-8-2021). With lower gas fees and integrating more assets.

Scaling

• From their blog (2-11-2020):

"Optimistic Ethereum is the only generalised Layer 2 solution for Ethereum in sight at the moment. With Synthetix being committed to Optimistic it is only natural for dHEDGE to also enable Optimistic for our users once it is viable to do so. We believe that not only will Optimistic bring down gas costs very significantly, but also make the trading experience on dHEDGE truly amazing."

Roadmap

• Can be found [Insert link here].
• From their blog (2-11-2020):

"We are looking to release mainnet shortly after the final review has been completed. We currently estimate the release of mainnet to happen in 1–2 weeks."

Usage

Projects that use or built on it

• PrimeDAO; PrimeDAO’s DeFi pool launched on dHedge powered by Prime Rating (28-4-2021):

"Since its inception, the pool has attracted over $140 thousand in value and generated 27% returns after fees. The pool charges a performance fee of 10% on gains made by the pool. Because of the good returns, the Prime DeFi pool qualifies for dHedge performance mining, earning Prime DeFi pool investors 22% APY in dHedge’s native DHT token!"

Pros and Cons

Cons

• Had investment from 3AC and Alameda Research/FTX, which came out (11-11-2022) during the FTX crash. This could mean fall-out risk.

Team, Funding, Partners

Team

• Full team can be found [here].
• Ermin Nurovic

Funding

• From their blog (2-11-2020):

"Supported by some of the biggest names in crypto, including Framework Ventures, Three Arrows Capital, BlockTower Capital, DACM, Maple Leaf Capital, Cluster Capital, Lemniscap, LD Capital, IOSG Ventures, NGC Ventures, Bitscale Capital, Divergence Ventures, Genblock Capital, Trusted Volumes, Altonomy, Continue Capital, The LAO and Loi Luu."

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