Redacted (Hidden Hand)

Hidden Hand (Redacted Cartel) operates bribe marketplaces where protocols pay to steer vote-escrow emissions on Curve, Balancer, Frax and related venues. BTRFLY governs the Redacted ecosystem treasury and incentive routing.

Multi-protocol bribe marketplace spanning Curve/Frax/Balancer vote-escrow systems — the Hidden Hand brand is the canonical bribe venue.

- Hidden Hand marketplace: A generalized governance-incentives (bribe) marketplace by Redacted where protocols deposit incentives to sway vote-escrow gauge/emissions voting, and voters/delegators earn those incentives. Runs separate markets per host ecosystem (Balancer, Aura, Frax, and others). - Redacted (Redacted Cartel / Dinero): The DAO/organization behind Hidden Hand, originally an OlympusDAO (OHM) fork that launched the BTRFLY reserve-currency token in December 2021 and later pivoted to a fixed-supply, revenue-focused model. Now operates under the Dinero brand. - BTRFLY / rlBTRFLY: Governance token of the Redacted ecosystem. BTRFLY v2 has a capped supply (~650,000). Revenue-locked BTRFLY (rlBTRFLY) lockers receive a share of Hidden Hand and other product fees. - Pirex: Redacted's token-securitization / liquid-wrapper product line. It wraps locked governance tokens (e.g. pxCVX for Convex CVX, plus pxGMX/pxGLP) into liquid tokens and offers auto-compounding and bribe-capture strategies. - Dinero / Pirex ETH (pxETH, apxETH): Redacted's ETH-staking and stablecoin stack. Pirex ETH went live December 13, 2023, using a two-token model (pxETH for liquidity, apxETH for boosted staking yield) underpinning the Dinero overcollateralized stablecoin.

- Governance: Hidden Hand's entire value proposition is monetizing governance influence. By auctioning vote direction to the highest incentive, it can misalign gauge/emissions outcomes from protocol fundamentals and concentrate influence in whoever pays most, a form of governance capture in the host ecosystems (Balancer, Aura, Frax). - Smart Contract: Incentive deposits, vote accounting, and reward claims run through Hidden Hand smart contracts (v1 and v2, plus the Marionette/adapter contracts). Bugs or exploits in these contracts, or in the off-chain reward-computation architecture, could lead to loss or misallocation of deposited incentives. - Counterparty: Rewards depend on an off-chain process that computes vote-weighted distributions and posts claimable merkle data; users rely on Redacted's operational integrity and continued service. This dependency is sharpened by the wind-down, after which the platform stops operating and unclaimed rewards may be forfeited once the claims window closes. - Systemic: Hidden Hand is tightly coupled to the ve-token 'Curve wars' incentive economy (Convex/Votium, Balancer/Aura, Frax). Declining bribe demand, ve-token depreciation, or contraction of that meta-governance economy directly reduces Hidden Hand volume and fee revenue, a dynamic the team cited when announcing the shutdown. - Regulatory: Explicit vote-buying ('bribe') marketplaces occupy an uncertain legal/regulatory position; incentivized-governance and vote-payment models could attract scrutiny that affects the marketplace or its users.

- Corporate lobbying / political action committees: similar — Hidden Hand is a marketplace where interested parties pay to influence governance outcomes (which pools receive token emissions), analogous to paying to influence votes and policy.; differs — All incentive flows are transparent on-chain and permissionless; payments (incentives) are paid directly to the voters/delegators rather than to intermediaries or campaigns, and outcomes are enforced by smart-contract gauge weights rather than legislation. - Proxy-advisory firms (e.g. ISS/Glass Lewis) and vote aggregation: similar — Like a proxy advisor aggregating shareholder votes, Hidden Hand consolidates delegated ve-token voting power and directs it, helping vote-holders monetize and coordinate their governance rights.; differs — Hidden Hand explicitly auctions the vote direction to the highest incentive rather than recommending votes on governance merits, and it is non-custodial and fully automated on-chain.