Stated a few weeks back: we have been preparing to deploy our initial infrastructure to the ETH:testnet and ETH:mainnet networks. v1 of the local liquidity aggregation component has been completed, and deployed to testnet.
Developing decentralized applications always takes longer than anticipated, and the council has always strived to develop in an unorthodox way in comparison to the other dAPPs in development, i.e. raise in your IDO and spend the next 18 months developing and then deploying a subpar product to a market that is significantly different than the one you raised money from.
The 0x_nodes project has extremely aggressive timelines for development, with multiple development teams working in tandem.
As we moved through testnet the internal team decided that this iteration was not good enough for public consumption. It’s a solid step in the right direction, but architecturally not sound.
With a second development team moving in to pick up the slack that the initial team left, we are able to accomplish much more than we anticipated for this singular component, meanwhile also completing the first interconnect which will provide the skeletal template for all other interconnects inside our burgeoning network.
The first component to the 0x_nodes protocol is a multi strategy interface that will provide a programmatic interface for 3rd party developers to easily integrate new service modules into our stack. Building on our ETH:mainnet deployment we will launch with 5 integrations:
- PFA: deposit assets (BIOS.native and BIOS.slp) and earn protocol fees from yield generation
- AAVE/YEARN/univ3: multi-protocol stablecoin farming, asset deposits are distributed to earn yield in multiple protocols from a single interface
- A&L: institutional grade yield farming from non-stablecoins [acquire & liquidate]
- eBIOS: xiotri v1 integrations, single asset deposits to generate BIOS through yield generated buy backs for unlimited mining
- UNIv3 DROs: dynamic range orders built to optimize directional guidance on positions
To encourage development and protocol integrations the 0x_nodes team will be incentivising development through the ecosystem fund with grants available if the service modules meet certain criteria.
The ideology is simple: build a model that we can specify and change assets to incentivise, and you have a scalable system that can be as dynamic as the market that it operates in. While most questions are around which specific assets are going to be incentivised, the priority is on building a scalable and robust interface for supporting a multitude of assets that can be controlled by a DAO, not a company.
We believe that the power of the local yield aggregate network rests in the strength of our community development.
The 0x_nodes terminal, once the interconnects are deployed will allow end users to initiate yield strategies on remote networks via kernel to kernel communications. Therefore monitoring the health and availability of remote networks is extremely important.
The 0x_nodes team has taken a firm stance that native assets belong on native chains, and the interconnects that we are building between networks puts the onus of swaps on the local network, not on the transfer of assets between networks.
As another evolution in the space of defi, we have disavowed the mint+burn bridge, and have redesigned the transport layer between decentralized networks.
Through incentivized allocation tables for interconnect liquidity aggregation, we believe that the transport and access of assets throughout our network should be reliable, secure, and also easy. We believe that the success of our platform will be based on the volume and consumption of local aggregate models, as well as the volume and consumption of resources available on our interconnect network.
The goal of our deployed systems are to provide maximum yield and exposure to assets that the end user requires access to. Each deployment, when interfaced locally will return native settlement layer assets, with the exception of the PFA which will accrue assets from the entire networks yield generation.
We will begin a phased reopening of the economy.
Development, and development of this scale and precision takes time. Now that the high level components are nearing their second iteration we are almost ready to begin deploying the base modules.
If development on the internet is two dimensional, where you have a start and a finish, and developing on a single decentralized network is three dimensional — interoperability development with local and remote network aggregates is simply adding a fourth dimension to the development.
All of this will soon be in your hands. As we complete modules — we intend on turning over the control of this to our DAO. It should be up to the respective community to control the direction of the protocol, not a centralised entity.