# DELV UPDATE #1
*Please note that this update is highly confidential; please do not disseminate this further;*
## DELV Branding incoming
- Our growing portfolio of products: Element Protocol (released to community & DAO on March 21, 2022), Council, Elfiverse, Hyperdrive, Echo Protocol, and Agent_0. We take Elfiverse seriously.
- **ASK:** Please review the branding and narrative 👀 [here](https://hackmd.io/QwQ0I-s3QHiuO344TVpPRA) 👀 and let us know what you think. We'd LOVE your feedback. Please do not share this with anyone, it is currently confidential.

## Hyperdrive update
- Contracts for [Hyperdrive](https://hyperdrive.element.fi/) are nearly done
- Audits start end of April
- Formal Verification process has started
- We've developed an exciting [collaboration](https://twitter.com/hexonaut/status/1623366017270353924) with Maker to make Hyperdrive a core piece for their users
- Initial UI for hyperdrive & reference UI for fixed rate borrow is working, teaser [here](https://twitter.com/0xashd/status/1636075637961027584)

## Council Kit Launch
- Last week we launched [Council Kit](https://council.element.fi/) with [great reception](https://twitter.com/0xMasonH/status/1635493365797232641) from the community
- We have around 12 partners ready for Council Kit
- We're keeping this momentum going with a weekly follow-up thread that dives into our comprehensive tutorials, documentation and new partners. See this week's [here](https://twitter.com/element_fi/status/1635352644230455297)
- Legacy Element gov UI (gov.element.fi) will be sunset on April 1st

## Governance Rollup
- We're now exploring a collaboration with partners on Council Kit for a Governance rollup
- This equates to something like Launchpad meets Aragon
- Potentially working with Connext on bridging, Optimism on based stack
- Allows for re-using voting vaults, delegate profiles, etc. across the board

## Agent_0
- We built a data simulation framework as we were researching the new AMM design in Hyperdrive, before implementing it in Solidity. It allows us to build bots and to graph/stress test against various edge cases. We will also introduce machine learning on a discrete set of actions to further our research endeavors.
- Python implementation now tests against the Solidity implementation for strong integration tests and further security checks
- ETL pipeline through TrueBlocks and more is moving well - this puts decoded blockchain data on Databricks for querying access

## Hedgefund Strategy in-progress
We're getting our hedge fund strategy ready - leverage markets, hyperdrive bots and LP'ing. We are not looking to be a hedge fund but are looking for hedge funds to partner up with.
**ASK:** Put us in touch with any hedge funds you would consider to be a good potential partner

## Echo Protocol
Echo is a new P2P protocol that focuses on the browser-layer. It enables any visitor of a web3 application to peer/host infrastructure needed to power the application. Echo is a natural adaptor for Council, allowing DAOs to deploy frontends and data services for their products. It enables a world of truly decentralized protocols and DAOs.
* We're currently hiring for ECHO - a core infrastructure based project, see branding section to learn more.
* Initially, this will focus on decentralized frontends and then decentralized data services through browser syncing.
* Echo is ideal to put as an adaptor on the Governance rollup

## Swiss Consulate
We're continuing to explore research & development opportunities, including with RWAs, treasury bonds, and more. The Swiss consulate recently reached out to us to discuss opportunities, which may allow us to participate in some of their innovative sandboxes in other markets.

## Financial Ops & Risk Management
We're unaffected by the SVB issues. We did have a Silvergate account, but those funds had been migrated prior. We are diversifying with more banking partners and have put our excess funds into the Vanguard money market vault on Mercury. If you know of any banks that hold a sweep account, let us know.

## Runway
We currently have between 3.5-4 years of runway. We are in a very healthy state financially.