Dec '24 / Jan '25 Community Update
This information mainly concerns Vowclaim.com
As per the decisive community vote, https://snapshot.org/#/vowgovernance.eth/proposal/0xaea8e48204d019f6ad2118257412479ad2ecd82f736e1789d2986242e655d23c
It is now confirmed that 344,352,915 VOW were minted on 8.11.24 and deposited to the foundation MSW address, in the following transaction. https://etherscan.io/tx/0xe061535dbec3f790b9b720f43cbc9f08c3b384e34da13c751e43e780bf43fc18
The agreed vUSD to VOW swap contract is now live which will buy as much vUSD as possible for the agreed swap rate of 0.29 vUSD per VOW.
You can find it here: https://vowclaim.com
The burn rate of vUSD was returned to the standard 1.6% on Ethereum.
All Token Manager and Order Book minting rights on the following depreciated vCurrency contract addresses were removed:
· vUSDManager 0x184497031808F2b6A2126886C712CC41f146E5dC
· vEURManager 0xA3Ce8A6FcBC9DC073284e0DCf03eB3Bd3074b052
· vGBPManager 0xDd5717E7F95a3b78166f8891895F887B35C16Fa4
· vDKKManager 0x05E8562F4EaAd0e3BC73C4e6ee3f1a1F4CA888eb
· vINRManager 0x2BC24c768C19051daB1cb1959A7ed151d59F2bdC
· vZARManager 0x27dB17E41f646b91d0B2D6651058De24653331B6
· vZWLManager 0x07618f2214E5Cfa3FabA9Dd0459dBe805327b3BA
· vUSDOrderbook 0x071d1bcA10aF031f2f32B610B05581fa60A1caf1
· vEUROrderbook 0x03Fd73Aa892C1a81fFF973EfE7fBf6Cc338D734C
· vGBPOrderbook 0x5369e76EaDf5044fE2250F093B7C42AeE09c32E6
· vDKKOrderbook 0xF62FDf31811FAECAF828E86e534b70335a706D76
· vINROrderbook 0x3348364081C58FE4B2f10420d7385BC171379d18
· vZAROrderbook 0x96b686f9e6CE837F8dfB541969F14AD553863684
· vZWLOrderbook 0xDC6E053851FbfA37ABAe89e262EA6Ac88BC89607
Following this, all owner permissions were relinquished for all old vcurrency contracts below. Owner set to: 0x000000000000000000000000000000000000dEaD
· vUSD 0x0fc6C0465C9739d4a42dAca22eB3b2CB0Eb9937A
· vEUR 0xbf686dA68323d0425f2B0D7e33d3fA11B1239132
· vGBP 0x6364d4f283601d4Beb170DcDF0080b84E056389A
· vDKK 0xBB337937b31eF383d6782BFA9E88A131B7Fcf531
· vINR 0x36eFD50912E8BBDCfdDB71344cA1C28B53347BC0
· vZAR 0x0E7F502E5e4FBa9C65c59989B68D31E5F5093F50
· vZWL 0x663cBf0F8ac632ff6eEa2A249e2f6e147e65a04B
The intention of the community vote was to remove additional vUSD from the market, and in addition allow anyone to swap vUSD to VOW at a consistent rate for a given period of time. If you hold vUSD we encourage you to swap your tokens at the pool at the market rate or with the vowclaim.com contract at the rate of 0.29 VOW per vUSD sent in. This rate will be maintained until the end of March 2025. If the contract is still available after that date from the 1st of April 2025, or any date thereafter, the swap rate may be re-adjusted upwards or downwards dependent on open market conditions. If vUSD are reduced in supply Uniswap & Pancake swap Liquidity tokens are also expected to find a new balance.
As of today’s date (7th January 2025) the maximum supply of vUSD is 1,229,812,810 vUSD. 627,781,108 have been bought back on Ethereum and 218,043,085 on Binance chain, for a total of 845,824,193. Additionally there have been 59,253,812 sent to burn wallets. This means there are only 324,734,805 vUSD in supply. 215,029,897 are in the Pancake swap VOW / vUSD pool and 60,101,850 in the Uniswap VOW / vUSD pool. This leaves approximately 49,603,058 in private wallets.
Of this 49,603,058 at least 17,000,000 are stored within various contracts used by the community.
New Tokens
VOW DOLLAR USA are now available on Ethereum on Uniswap:
VOW DOLLARS USA (v$): 0xba7fe208e0167e4047a996e1efea830515f433f8
There is a UNISWAP USDC / VOW DOLLAR USA PAIR:
0xb9FF2FFF0a78D0087E9FDb12325dc30655Ac5A1A
On Binance Chain VOW DOLLARS USA are Bridged to VOW DOLLAR ETH.
VOW DOLLAR ETH: 0x6c559D849F70477723dC94405018a436fa9FdC12
VOW DOLLAR ETH is not used on Bsc. Instead it serves as the maximum supply of v$ BSC token. It is the token used on Ethereum.
v$ BSCtoken address is: 0x9C23942Ca2C35e06d1d20747F33705983A18d2AB
There is also a Pancake Swap VOW / v$ Bsc Pair
0xc51c99af9d5c31d0c37d028500b2b344debdf188
Voucher Ledger
The VOW contract has been updated to allow interaction with the Voucher Ledger.
Voucher Ledger is a layer two solution which allows the buying of Voucher Currencies using Vow Currency, and using Voucher Currency to discount Vow Currency by up to 100%.
You can read more about Voucher Ledger here:
https://vow-2.gitbook.io/white-paper/what-is-a-vow/voucher-ledger
Voucher Ledger contracts have been audited by Hacken.
https://audits.hacken.io/vow/sca-vow-vowcurrency-sep2024/
Although the use case of Voucher Ledger is by its very nature centralized (e.g. Someone needs to chase real world businesses that do not keep their “vow”), decentralization is effective, as all major changes exist under the power of community governance.
vCurrency (New) Tokens
https://vow-2.gitbook.io/white-paper/decentralisation-and-governance/token-details
The following regions have been set up with corresponding contracts:
Region Name
Currency Symbol
Contract Address
Vow Dollar USA
v$
Vow Pound
v£
Vow Euro
v€
Vow Dollar AUS
v$
Vow Rupee
v₹
Vow Kroner
vkr
Vow Rand
vR
Useful URLS
Block explorer: https://explorer.voucherledger.com/latest-transactions/
Lifting Dapp: https://lift.voucherledger.com/
Responding to the August 13th Attack on VOW Ecosystem
On August 13, 2024, an attacker exploited the vUSD Rate Setter function in the v$ contract, creating about 2.4 billion vUSD in a planned and coordinated attack. The attacker sold the exploited vUSD into the vUSD/VOW liquidity pool, causing the price of VOW to drop sharply and escaping with approximately $1.3 million worth of ETH.
This attack left a much larger issue—a highly inflated vUSD supply in the market. This devaluation indirectly hurt liquidity providers by reducing the value of their PC LP tokens.
Many supporters and opportunistic buyers purchased large amounts of VOW and vUSD at drastically reduced prices, further complicating the situation. The result was a "big mess."
A hard fork was considered but rejected by the Foundation. Forking would have been unfair to those who purchased VOW and vUSD after the attack and would have required rebranding, undermining the project's spirit and community values.
The Foundation is determined to resolve this issue, proving VOW’s resilience. Facing this challenge head-on reflects a long-term belief in the project’s potential, despite some community members choosing to leave and ongoing rumors.
The Foundation's Actions to Restore Stability
To address the problem, the Foundation initially bought back approximately 1 billion vUSD from the pools. However, progress was limited because each purchase triggered sales by individuals or bots holding vUSD in private wallets. The Foundation urged holders to sell their vUSD back to the pools, but many refused. Despite significant buybacks, the situation couldn’t be fully resolved this way.
The main challenge is that the drop in VOW and vUSD value reduced the worth of PC LP and Uni v2 liquidity tokens. Since these tokens were staked in the TLN Protocol, the VOW and vUSD within them can only be recovered from the pools, not individual holders.
To fix this, the community voted to mint more VOW (up to its original supply). The newly minted VOW would be used to buy back vUSD through swap contracts at a fixed rate, alongside continued direct purchases from pools.
The VOW minting occurred as voted for, and many holders have been swapping their vUSD daily. Those who participated in the swap have done an incredible service to the community, and the Foundation thanks them. However, a significant number of holders have yet to join.
Driving Progress Through Collaboration and Hearts
The Foundation's agents are, in addition to the vowclaim.com site, actively purchasing vUSD from pools as quickly as possible, ensuring the swap is live and accessible for all tokens in the market at a fixed rate.
Purchasing directly from pools whilst vowclaim.com also achieves two goals:
Incentivizing holders to swap—one way or another.
Rebalancing liquidity in PC LP tokens, which cannot be swapped directly via platforms like vowclaim.com because holders do not directly own the underlying tokens.
The immediate objective is clear: remove as much devalued vUSD from private supply as quickly as possible. Significant progress has already been made toward this goal.
The long-term goal is obviously to restore VOW’s price to its natural level, which can only happen after the vUSD supply has been significantly reduced.
Hearts: A Key Innovation
Hearts are an innovative NTF project which supports this recovery process, though their full potential is not yet widely recognized. They are not operated or orchestrated by the Foundation directly but rather run by smart contract as a self-operating decentralized utility of VOW.
In just 12 days, 9,751 Heart NFTs have been purchased from the contract, burning 2,787,773 VOW from the supply in the process —about 0.5% of the circulating supply—permanently. This rapid progress demonstrates the power of NFTs.
Starting in the New Year, anyone will be able to purchase one or more Hearts, as many as they like. Once Hearts transition from private wallet purchases to new VOW from market purchases, they could have a noticeable impact on VOW’s trajectory.
To maximize this impact, it will be wonderful to see the community promote Hearts all across the globe. Incentives for those who spread the message will play a critical role in driving adoption and support, and so the WE First primary agenda of Hearts must be balanced with the commerciality of rewards for promoting them.
The Vow Foundation does not provide any investment advice, make any investment recommendations or opine on the merits of any transaction in connection with the VOW token. You are wholly responsible for ensuring that all aspects of any investment in the VOW token are acceptable to you and if in any doubt you should seek appropriate professional advice. Investment in the VOW token may involve special risks that could lead to a loss of all or a substantial portion of such investment. Unless you fully understand and accept the nature of and the potential risks inherent to an investment in the VOW token you should not invest in the VOW token.
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