Redacted (Hidden Hand)

Other · Governance · BTRFLY

NetworkOtherGovernanceBribe-Marketplace0 coinsVerified

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.

Governance incentives marketplace for vote-escrow protocols.

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (5)

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.

Differentiator

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

Organizational structure

Units & roles

Redacted (Redacted Cartel / Dinero)
The organization that builds and operates Hidden Hand alongside Pirex and Dinero. Governed by BTRFLY holders and rlBTRFLY lockers; rebranded toward the Dinero identity as its ETH-staking and stablecoin products grew.
Parent protocol / DAO
rlBTRFLY lockers
Holders who lock BTRFLY into rlBTRFLY to receive a share of protocol revenue, including a portion of Hidden Hand's 4% incentive fee.
Revenue-sharing governance participants
Founding team & DAO Reserve
BTRFLY v2 allocated 9% to the founding team and 15% to the DAO Reserve, with additional allocations to Olympus DAO (10%) and investors (6%). The DAO Reserve receives part of Hidden Hand fees.
Core contributors / treasury

Similarity to traditional finance products

How Redacted (Hidden Hand) maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to Redacted (Hidden Hand)	Key differences
Corporate lobbying / political action committees	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.	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	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.	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.