Scream 2023 Q1 Update
Where are we?
We understand that some time has passed since we last provided an update — and while we’ve been pretty quiet on Twitter, our work has continued in the background.
Liquidity Update
While some ongoing liquidity issues continue on the v1 platform, the following positive events have occurred since we posted the original Medium article outlining these issues ~8 months ago:
- Deus have bought out $685k DAI and $681k USDC ($1.36 million in total) of scTokens from users via a migration contract, with the intention of writing these assets to zero and effectively burning them.
- Deus brokered and collaborated with Scream on a deal with a large depositor to buy out their 7.5 million deposited FTM. During this process, the depositor also repaid 1.49 million borrowed fUSDT (Tether) to the v1 markets. As a part of this deal, 125,000 of the allotted 200,000 SCREAM team tokens were deposited into a vesting contract.
- As a result of further discussions regarding fUSD bad debt, another user deposited 8 million WFTM onto the v1 platform. This allowed withdrawal of the previously acquired 7.5m WFTM to be used toward future repayment of bad debt on the v1 platform. These funds are held in a joint multisig between Scream and Deus, earning yield in the Yearn yvWFTM vault.
Assets and Liabilities
Currently, Scream/Deus hold the following assets to bring parity back to the platform:
- 4.5m fUSD in the v1 multisig
- 7.5m FTM in the joint multisig
- ~$1.1m in V1 protocol reserves
- ~$100k in V2 protocol reserves and other assets
- ~650k SCREAM tokens, with the majority allocated to treasury. Held in the v2 multisig.
- ~$500k of SCREAM/WFTM LP token, also held in the v2 multisig.
Current outstanding debt on the platform against either DEIv1 or fUSD:
- 4.2m USDC
- 6.2m DAI
- 997k fUSDT
- 1.5m FRAX
- 1m TUSD
- 545 WETH
- 5.7m WFTM
While the acquisition of 7.5m WFTM puts Scream in a stronger position than 8 months ago, it is clear that we are still very dependent on a strong Fantom ecosystem. Rising value of FTM will not only allow us to pay off more debt, but will strengthen the peg of fUSD and more easily facilitate 1:1 swaps with debt denominated in other stablecoins. However, we welcome suggestions from the community and will continue to work on our own ideas in the background to increase the probability of a full v1 repayment.
Scream Contributors
Going forward, dudesahn from Yearn and Lafa from Deus will be continuing their efforts to return the platform to full health. They both have been instrumental in improving Scream’s financial outlook over the past 8 months, and will continue to pursue full solvency for v1 markets as well as implementation of fully autonomous, decentralized governance (more on this soon). Screamsh/Screamer will also be stepping aside following several months of crisis-management support, working towards restoration of liquidity, and assisting with the aforementioned deals. We thank him for his contributions and commitment.
It should be noted that any other developer assumed to be a part of the team are no longer involved with the project, including any developer(s) contracted for work on a project-specific basis.
Socials and comms will continue to be handled by Richeybai. Updated documentation will be linked on our website, with full resources for v1 and v2 contracts.
Looking forward
We hope this brings some insight on the current state of Scream and makes it clear that resolution of issues on the v1 platform remains at the forefront of our thoughts and actions. The v2 platform continues to function well and we will continue user support in all of our social channels.
Once again, we thank you all for your patience. The last 8 months have been incredibly trying, but we remain committed to the resolution of liquidity issues and are excited about future updates. Thank you!
