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dHedge

dHedge is a decentralized asset management protocol on Ethereum powered by Synthetix.  On October 26, 2020, the dHedge team announced that the dHedge mainnet went live. The protocol is governed by its utility token $DHT[2].

Overview

dHedge is an asset management protocol built on top of Synthetix. Anybody can set up their own investment fund on the Ethereum blockchain or invest in a fund managed by someone else in a completely non-custodial manner.
On October 26, 2020, the dHedge team announced that the dHedge mainnet went live and became accessible from their landing page at dHedge.org.
In November 2020, the dHedge team launched an open call for managers to apply to the DAO for an investment. The dHedge DAO planned to invest up to 500,000 sUSD in pools managed on dHedge. Each pool could receive between 10,000 and 100,000 sUSD in investment from the DAO. Final investment decisions were made through community votes using DHT tokens. The DAO pool funds will be excluded from the upcoming Performance Mining program.
The open call for managers was finished on November 20, 2020.

Performance Mining

In the upcoming performance mining program, investors will be rewarded with DHT locked for 1 year. Investors can earn rewards when investing in pools with a Ranking. For Pools to have a Ranking they’ll need a positive performance and a minimum time since inception. Performance Mining is a dHedge innovation and will incentivize the growth of the best performing pools.

dHedge Smart Contract Audit

Iosiro was commissioned by dHedge to conduct an audit of the dHedge Platform smart contracts. The audit was performed between 2 and 14 September 2020. A review of changes was performed on 2 and 9 October 2020. Several issues were identified during the audit, including two high-risk vulnerabilities relating to the system's integration with Synthetix and the use of functionality implemented in SIP-37. After further changes had been made to the codebase, a review was conducted to confirm that they had been adequately addressed. At the conclusion of the review, two informational issues remained open. The code accorded with its specification and was of a high standard.

Pools

There are two types of pools on dHedge: public and private. Public pools allow anyone to invest in the strategy. Private pools let a set number of whitelisted addresses contribute capital to the pool.

For public pools, fund managers can only deploy and manage funds. They cannot withdraw somebody else’s capital.

Funds can be managed by active managers who themselves deploy capital, or by algorithms built to invest in a predetermined strategy. This allows for a lot of nuances, as managers can base their strategies on fundamentals, technicals, algorithms, or anything else.

On November 23, 2020, dHedge launched SNX Debt Pool Mirror. It is a new pool run by the dHedge DAO at 0% fees. It continuously mirrors the distribution of synths within the Synthetix protocol. SNX stakers can use the pool to easily hedge their debt position.

$DHT Token

The dHedge ecosystem is powered by a decentralized autonomous organization (DAO) and its native token, DHT.

dHedge’s token started with a fixed supply of 100 million tokens. Tokens were issued to active users of the protocol through a liquidity mining strategy to reel in adoption. However, dHedge’s token supply is subject to community consensus and governance participants can vote to introduce more tokens.

In September 2020, the dHedge community decided, in an open vote, to distribute the first DHT tokens to the public via an auction process on Mesa - a platform on the Gnosis protocol. The auction started on September 17, 2020.

Following a Governance vote over 24 hours on the dHedge Discord channel, the team decided to add liquidity for DHT. The community with a clear majority voted for a Uniswap USDC - DHT 50/50 pool and dHedge DAO seeded the liquidity pool with 1,000,000 USDC and the equivalent value in DHT tokens, bringing the total liquidity to over $2,000,000. The dHedge DAO will distribute a total of 500,000 DHT unsold in the Mesa Auction over 10 weeks (50,000 per week) as rewards for providing liquidity for DHT.

Updates

Q2 2022 Updates

Over the last quarter, dHEDGE has shipped the following significant product improvements, including:
The dHEDGE Moonlight- This was released back in April. Here dHEDGE integrates Aave v3 for managers on Polygon and Optimism, in addition to also adding 1inch on Optimism.
Additionally, dHEDGE enabled managers to charge a flat management fee in addition to a performance fee, enabling managers to have more control over income.
NFT Whitelisting-- This was added to help managers provide innovative access to private pools. Instead of manually whitelisting investor access to a private pool, a manager can identify a specific NFT collection (or create one themselves) to be used as an access method to a private fund.
Single Asset Withdrawal- This was also added under Moonlight, enabling investors to have complex positions unwrapped into a single token on leaving a pool[1].

Team

The team behind dHedge is made up of three key members: Henrik Andersson, Radek Ostrowski, and Ermin Nurovic.

Beyond helping lead dHedge, Andersson has a distinguished track record as an asset manager in the world of traditional finance. At present, he is the CIO of Apollo Capital, which won Crypto Fund Research’s Top Performing Multi-Strategy Crypto Fund in 2019.

To boost the technical side of the dHedge team, Ostrowski brings a rich history of data engineering and blockchain development. He has also founded several crypto-related firms, including Startonchain.com and RelayPay.
Nurovic is a co-founder of Upstreet and helps bolster dHedge’s technical chops as a systems engineer.

Partners

  • 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
  • Loi Luu, Co-Founder, and CEO of Kyber Network
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