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Cover Image for Redacted Cartel

Redacted Cartel

Redacted Cartel is a DAO built on Ethereum. It aims to accumulate governance power in protocols crucial to DeFi. The DAO is also building out products to improve the DeFi infrastructure and capital efficiency. Hidden Hand – a bribe marketplace - used by Balancer, Frax, and Tokemak. Pirex creates liquid wrappers with a multitude of benefits for otherwise locked tokens.







Yield Bearing



Token Strength.

Token Utility:

Apart from being the governance token of the Redacted Cartel DAO, the $BTRFLY token can be locked for 4 months to be eligible for a share of revenue generated by the protocol and its various products. Below, we can see the revenue sources distributed to $BTRFLY lockers:

-42.5% of Pirex revenue
-50% of Hidden Hand revenue
-15% of the yield generated by the treasury

Demand Driver:

Most of the demand for the $BTRFLY token comes from the cash flow it generates. Furthermore, governance over the treasury and its contents also plays a huge role in driving demand for the token. The status of the Curve Wars also plays a huge role in determining the demand for the $BTRFLY token, as the protocol is deeply embedded in the ecosystem and is one of the biggest players in the Curve Wars.

Value Creation:

Redacted Cartel provides a turnkey, low-cost bribe marketplace for protocols with ve tokens. 
Redacted creates value for retail investors through the Pirex platform, providing liquid wrappers for locked tokens. Retail users benefit from the auto-compounding of rewards, unionising of gas fees. 
These benefits leverage capital-efficiency allowing low gas usage.

Value Capture:

The Cartel currently takes 4% of all bribes placed on the Hidden Hand platform as a fee. Pirex also takes 4%, but of the accumulated bribe revenue. Additionally, Pirex also takes the additional platform fees that vlCVX positions receive on Convex. The treasury also generates a yield on the assets it holds, further adding to the value captured by the Redacted protocol.

Business Model:

The Cartel’s revenue comes from generating a yield on the treasury’s assets, taking a percentage of bribes placed on the Hidden Hand platform, and receiving fees from users using the Pirex platform.


Protocol Analysis.

Problems & Solutions
The $BTRFLY token accrues value from all parts of the Redacted ecosystem, and going forward, the team will structure core products around the token, ensuring value will flow primarily to the token’s lockers, aligning incentives and fostering long-term growth.

Investment Take

... coming soon

Tokenomics Timeline.

  1. 2021-11-11

    DAO Launched

  2. 2021-12-27

    CVX Bonds Launched

  3. 2022-01-06

    Votemak Acquisition

    Votemak (the current base infrastructure of Hidden Hand today) was acquired

  4. 2022-03-18

    Pirex Announced

  5. 2022-08-09

    V2 Launched


Allocation and Emission.

No calculation connected