Cloud Storage for Secure Earnings in DeFi | Züs Weekly Debrief August 2, 2023
If you have been following along with us at Züs, then you know that we are preparing for a big launch and have been undergoing extensive testing to make sure the product is up to the high standard of quality our customers expect. This week we would like to give an update on where things stand as well as touch on how you can utilize cloud storage for secure earnings in Defi. Let’s dive into this week’s debrief.
Mainnet and Active Set Update:
Prepping the servers for the Active Set has taken a bit longer than we originally expected. As a result, we are looking at starting tests with the AS in the next two weeks. Once these tests begin, we will be able to pinpoint a Mainnet launch date and get our countdown going. Fortunately, we anticipate that the testing period will not exceed a few weeks.
Storm of the Week:
“Züs: Utilizing Cloud Storage for Secure Earnings in DeFi”:
The DeFi sector recently faced a stark reminder of the risks associated with collateralizing debt with volatile cryptocurrencies. Curve Finance’s founder, Michael Egorov, is in a precarious position with a substantial $168 million debt, backed by the platform’s native CRV tokens. A major hacking incident amplified the volatility of the CRV token, bringing this debt alarmingly close to liquidation. This situation not only exposes the systemic risk in the DeFi ecosystem when unstable cryptocurrencies are used as collateral, but it also threatens to create a contagion effect that could destabilize the wider DeFi sector.
In this challenging landscape, Züs, an innovative DeFi platform, offers a distinctive approach. Züs anchors its earnings in a tangible and stable service — cloud storage. This approach ensures a steady and predictable revenue stream, offering Züs users greater security. Despite the inherent volatility of the crypto market, Züs maintains a stable earnings model through its unique service-driven approach.
Züs’ incorporation of cloud storage into its operations signifies a significant shift in the DeFi space. By pivoting towards a service-driven earnings model, it paves the way for a more reliable, resilient, and stable future for the DeFi ecosystem. It reduces the systemic risk associated with volatile cryptocurrencies serving as collateral. As the uncertainty around Egorov’s situation continues, Züs’ approach shines a light on the potential for more stable alternatives within the DeFi space.
Blockchain Updates:
Last week, the team focused on fixing the ZCN Buy/Sell flow in DEX applications. The prevailing issue was the failure of Buy ZCN in the last ‘Mint’ step, while the Sell ZCN appeared to function without issues. On investigation, however, the blockchain team discovered that the Sell ZCN was also malfunctioning. Although transactions were completed, they were routed to an obsolete token bridge contract address, leading to a failure to mint wZCN to our new token contract address. This was an issue because, without wZCN in our Metamask wallet, a successful Sell transaction would be falsely indicated, leading to a failed Buy transaction due to zero balance in the new token contract address.
Sell ZCN Transactions
Two principal problems were identified in this situation. Firstly, the apps had not fully switched to the newly deployed contract addresses, meaning some addresses were updated, while others remained obsolete and were stored in our global organization’s secrets. This problem was not apparent until the blockchain team accessed the server to inspect the deployment environment. Upon correcting the contract addresses, the Sell ZCN transactions could finally be routed to the new bridge contract address. However, failures persisted due to incomplete contract deployment, primarily as the authorizers were not registered. Consequently, the ‘Mint’ transaction verification process identified no registered authorizers and reverted the transaction. Registering all authorizers rectified this, ensuring smooth operations.
Apart from rectifying the Sell/Buy ZCN issues, the team also resolved multiple Chalk problems. The team can now deploy the NFT contract and mint tokens, which are also viewable on OpenSea. Initially, minted tokens were only visible in Chalk, but with the proper setting of the baseURI and storage of the correct token meta information, the minted token image is now displayed on OpenSea. By introducing the new ‘contractURI()’ contract function and correctly setting the collection meta info, the collection info and image are also visible on OpenSea. While a few issues persist, core functionalities are operational. Continuous improvement is anticipated, along with the introduction of new features for royalty and balance checking.
Aside from the issues mentioned, the following Pull Requests (PRs) were closed in the backend:
- PR #2639: Fixed the nodes’ stats.
- PR #2650: Removed expiry flag and cleaned up remaining allocation expiration related issues.
- PR #2648: Changed benchmark to use goose, updated snapshot aggregate tables to work with new keep count, and adjusted periods.
- PR #2570: Added event database benchmark.
- PR #2658: Introduced authorizer conductor test.
- PR #2662: Addressed an error that was previously lost in event process.
- PR #2660: Added challenges count endpoints.
- PR #2654: Fixed blobber replacement issue.
- PR #2655: Rectified provider count calculation in snapshot.
- PR #1145: Fixed rollback mask.
- PR #1149: Included check for file hash before writing the last block.
- PR #1150: Made changes in the download repair process to set the number of blocks in download that need to be written to the buffer.
- PR #1176: Removed unnecessary Postgres post in the deployment script.
- PR #1146: Cached allocation to reduce DB load.
- PR #1190: Saved allocation using cache method.
- PR #1107: Added challenge-timings-by-challenged endpoint.
- PR #1188: Included a check for challenge row.
Ensure a secure, steady and predictable revenue stream for Cloud Storage for Secure Earnings in DeFi
All in all, we are very close to the launch of Mainnet and could not be more thrilled to finally get it out there and start getting feedback. We are taking every step possible to ensure a smooth launch, doing comprehensive testing along the way. Our incorporation of secure cloud storage for Defi earnings is a major aspect of what makes Züs such an innovative project. We cannot wait for our users to experience it firsthand. Keep an eye on our social media as we will continue to update you as we inch closer and closer towards launch day.
