Valkyrie Protocol (VKR)

Basics

• Based in:
• Started in / Announced on: 20-8-2021
• Testnet release:
• Mainnet release: 13-10-2021
• From the announcement (20-8-2021):

"Valkyrie Protocol dives straight into the intersection of DeFi and marketing as a dapp activation protocol to power cascading referral networks with social and economic incentives."

Audits & Exploits

• Bug bounty program can be found here and goes up to $150,000.
• From their docs (10-2021):

"The security of Valkyrie Protocol is our highest priority; our development team, alongside third-party auditors and consultants, has invested considerable effort to create a protocol that we believe is safe and dependable. All contract code and balances are publicly verifiable, and security researchers are eligible for a bug bounty for reporting undiscovered vulnerabilities."

Governance

DAO

• Has polls (10-2021) which VKR holders can vote on.

Token

Token Allocation

• From their docs (10-2021):

1. Foundation 10%
2. Investors 10%
3. Team 10%
4. Luna Staking Airdrop 5%
5. Luna Staking Rewards 5%
6. VKR LP Incentives 30%
7. VKR Governance Staking Rewards 10%
8. Community Fund 20%

A total of 350M VKR tokens are released at the genesis of Valkyrie Protocol. The initial distribution of VKR is given to:

1. Luna staking airdrop: 50M (~5%) tokens will be airdropped to LUNA stakers.
2. Community fund: 200M (~57%%) tokens will be reserved for the Valkyrie Community Fund.
3. Foundation: 100M (~28%) tokens will be reserved for the Valkyrie Foundation to further support and future campaigns and bootstrap initial liquidity through Terraswap."

Utility

• From their docs (10-2021):

"When a campaign is newly created, the required campaign deposit is in the form of VKR. Another value-capture incentive to hold more VKR is that a user’s referral reward compensation is proportionally correlated to the amount of VKR staked. As a default, the total possible referral reward that a user can receive is limited to a predetermined cap. In order to increase their limit, a user can stake more VKR onto governance. The total limit increase will be 30% of the VKR staked. Protocol fees are additionally utilized to buy back VKR tokens on Terraswap to be redirected to VKR governance stakers"

• From the announcement (20-8-2021):

"The Valkyrie Token ($VKR) is the protocol’s native governance token, designed to linearly capture a portion of the protocol’s fees and provide additional incentives for both campaigner creators and participants. Staking $VKR tokens in governance grants users the right to start new proposals or vote in on-going polls. $VKR stakers additionally receive rewards allocated to the Governance Distribution schedule, as well as a portion of the fees charged by the protocol — pro-rata to their stake."

Technology

• Whitepaper can be found here.
• Code can be viewed here.

Implementations

• Built on: Terra

How it works

• The Valkyrie Protocol mechanism is explained here.
• From their docs (10-2021):

"Valkyrie Protocol is a DApp activation protocol that is designed to help protocols launch effectively. Protocols can create Campaigns (projects) and depending on the requirement of their campaigns, can offer social referral rewards. Users can participate in the project and be exposed to new projects and be incentivized to experiment and also refer the campaigns to others."

Fees

• From their docs (10-2021):

"Add to reward pool fee of 1% on a campaign’s total reward pool is collected when a campaign is created. A half of the fees generated is used to exchange VKR and reward governance stakers, while the other half is burned as part of the burn mechanism’s schedule.

If a campaign creator decides to remove reward from the reward pool prematurely (during a campaign period), then they will be charged a reward pool fee. Similar to the add to reward fee above, a half of the fees generated is used to exchange VKR and reward governance stakers, while the other half is burned as part of the burn mechanism’s schedule.

For governance polls that did not reach the required quorum, the respective deposit fee collected for its poll generation will be redistributed as VKR staking rewards. Similarly, deposit fees that were collected for Booster Campaign Polls that did not pass will be distributed to governance stakers, while the other half is burned as part of the burn mechanism’s schedule.

Deposit fees collected on successful Booster Campaigns will be automatically redistributed as VKR staking rewards."

Roadmap

• Can be found [Insert link here].

Usage

• Valkyrie reached $100M in TVL and $70M in Liquidity within the first 2 weeks of launch (30-10-2021).

Team, Funding and Partners

Team

• Full team can be found [here].

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