Tl;DR
- Root’s ecosystem of Stem protocols are starting to hit some key product development milestones as they prepare for launch.
- The Seneca testnet is nearing release with all tests having come back positive.
- The Torus MVP is almost ready for internal review with just the voting workflow and dark pool launch awaiting completion.
- The Cordyceps frontend is currently being finalized with a view to having v1 ready for internal review within the next week.
- Contracts have been deployed on the Codex testnet. Most testnet functionality is now integrated with just the stats displays waiting to be finalized.
The Root Stem Protocols Are Starting To Sprout
As discussed in our previous articles, Root’s DeFi Lab, Bloomworks is building out an ecosystem of Stem protocols that will be integrated into its Sprout operating system for DeFi. Each Stem protocol is designed to address a different high-EV DeFi market opportunity in order to generate revenue for Root and ultimately build out a one-stop-shop for DeFi. The unique Root and Stem model provides the first realistic model for delivering a comprehensive operating system for DeFi, allowing Root to capture the entire DeFi market.
So far, we’ve announced 4 Stems, namely Seneca, Torus, Cordyceps, and Codex. Each of these Stem protocols have been making exciting progress on their product development as they gear up for launch. Here is an update on what each project has been up to:
- Seneca Status Update
What Seneca Does: Seneca is an omnichain DeFi lending protocol, which provides isolated lending markets for exotic collaterals. It allows users to borrow a collateralized stablecoin called senUSD against yield-bearing assets and leverage their yield.
Product Development Update: The Seneca testnet is nearing release with all tests having come back positive. Testnet users will be the first to have a look at the platform and interact with the CDP Chambers. Make sure you are following @SenecaUSD to ensure you are the first to hear about it when the Testnet goes live.
2. Torus Status Update
What Torus Does: Torus is revolutionizing liquidity distribution and yield across multiple prominent automated market makers (AMMs) including Balancer, Curve, and more. Torus empowers DeFi users by driving liquidity wars, mitigating centralization, and embracing the LSDfi narrative.
Product Development Update: The Torus MVP is almost ready! The product development team are putting the finishing touches on the voting workflow and the dark pool launch. When these are completed, the MVP should be ready for internal review.
3. Cordyceps Status Update
What Cordyceps Does: Cordyceps is an omnichain insurance market for pegged assets, and a speculation market for related events. It provides insurance for pegged assets like stablecoins and LSTs, allowing users to hedge their positions and mitigate potential losses.
Product Development Update: Cordyceps v1 smart contracts and subgraph have been completed. The frontend is currently being reviewed with a view to having v1 ready for internal review within the next week.
4. Codex Status Update
What Codex Does: Codex is the prime Bunni boosting layer. Bunni is the premiere liquidity engine for Uni v3, powered by the veLIT governance. Codex provides a rewards boosting marketplace for Bunni.
Product Development Update: Everything is progressing well with the Codex product roll-out. Contracts have been deployed on the testnet. Most functionality is now integrated on the frontend with just stats displays waiting to be finalized.
Next Up… Stem Collaboration Case Studies
As you can see, the Root ecosystem is already starting to bloom as we gear up for the launch of the Root dApp. However, not only is each Stem protocol hitting key milestones of their own but they are already starting to find areas where they can integrate with one another. These collaborations are laying the groundwork for their ultimate integration into Sprout, which is Root’s unified Operating System for DeFi. We’ll be sharing more in our next article about which initiatives the Stem’s have started to partner on and how this will allow them to become more than the sum of their parts. In the meantime, you can discover more by browsing our docs and joining the Root Discord community.
