PlutusDeFi April 2020 Update — Insurance Integrations, Private Sale, Analytics and Auditing!
The world has turned upside down, but we’re still here.
In March, we witnessed extreme amounts of volatility within the DeFi Ecosystem in reaction to the world market situation in relation to the Coronavirus epidemic. Fast forward a few weeks and we are in a fully blown pandemic affecting every human being on the planet.
The PlutusDeFi team has taken the measures to make sure that all employees and contractors are safely working from home while we continue to maintain and build among our solutions.
Nexus Mutual Integration
Our team has been working alongside the Nexus Mutual development team to integrate their insurance quotation engine into the PlutusDeFi lending aggregator. We are pleased to say we are in the final stretches for the first version of the integration. Given the moving situation with Coronavirus, things are moving as quick as possible.
Distributor.sol — Implemented
Interfacing for distributor.sol for nexus imports — Implemented
Compiled nexus distributor contract — Implemented
Created following interfaces for contracts
A. Pool one.sol
B. Quotation data.sol
E. NXM tokens.sol
F. INXM master.sol
Linked aboved interfaces with nexus distributor.sol — Implemented
Created API for Deposit raw transaction — Implemented
Fixed imports interfaces required for NexusDistributor.sol
Removed Modifiers and necessary code from interfaces of contracts — Implemented
Fixed source file requires different version of solidity issue by updating compiler version of solidity to 0.61 — Implemented
Configured distributor.sol contract on remix ide using truffle flattener — Implemented
Deployed contract using remix — Implemented
Reduce overall distributor code from 2800 line to 2000 line of codes — Implemented
Data conversions for Quote API — Implemented
Integration of Quote API — Implemented
insurance.ts API in Plutus JS SDK package to add buyCover functionality for communication with Distributor contract — Implemented
Added BuyCover in nexus controller to handle buyCover for user to encode and return transaction data — Implemented
Buy Cover Flow Implementation on server side — Implemented
Create encoded hex data for buy cover contract interaction from quote details — Implemented
Buy Cover API to Return transaction data on front-end — Implemented
Protocol Switch — Implemented
Quote Valid for Time Countdown — Implemented
Created new model for saving nexus transactions in DB — Implemented
Implementation of approval API for distributor contract to enable spending DAI on behalf of user according to quote cover price — Implemented
Save transaction has from front-end API implementation for nexus approval and upcoming buy cover and submit claim transactions — Implemented
Test execution of buy cover on main-net — Implemented
Test execution of buy cover on kovan — Implemented
Created graph QL Subscription for DAI enable transaction before buy cover — Implemented
Transaction confirmation listener to enable DAI transaction for buy cover — Implemented
Added buy cover for ETH method in insurance .js API in plutus SDK — Implemented
Define plutus architecture for plutus SDK package explained on trello — Implemented
Implementation required to test for ETH on Kovan — Implemented
Worked on Enable DAI transaction data database model and its integration- Implemented
Worked on Quote model to save it in database for a longer period — Implemented
We are in the final stretches and hope to be able to release this shortly.
Beta Testing and Analytics
One of the early feedbacks in our initial beta testing was that we needed in-depth analysis within the platform to track users and where they were hitting roadblocks in our user experience and user-flow. To that extent we have implemented HotJar, a website mapping and user behaviour analytics tool which allows us to track user clicks and movement while in beta testing. This tool has been incredibly insightful for the Developer team to find out where users are hitting snags and obstacles, clearing up confusion and making the plastform more informative and educational.
It’s also quite evidence to us that we also need to be able to monitor and track user deposits, withdrawals and more sophisticated analytics across the platform, both for users and our developers. We are currently working on the front-end design for analytics to be integrated into the user dashboard.
We have lined up two auditing companies once Nexus Mutual integrations have been completed. Auditing and security has placed at the foremost of DeFi users concerns given the vulnerabilities with Fulcrum, Flashloan Manipulation and Oracle failure. We are aware of this and have been trying to create an innovative mechanism which reinforces platform and contract security as much as possible… which leads us onto our token value capture and design.
Talking Value & Tokens
Many of our early supporters know that our token model is completely unique compared to other lending platforms in the market pre-existing. Our platform converts 100% of the value captured through fees back into the ecosystem. We have decided to introduce another split pool of fees, which will now mean that 33% of the fees generated will go towards security re-auditing from our partners.
This ensures that we can audit as much as possible when code is changed. Most DeFi companies are struggling to do this and are under immense financial pressures, and increasing their platform fees. Using compound and Dharma as an example, either by increasing fees on the interest side, or carrying out something similar to our design. We have decided to remove the friction and have the fees specifically designated to re-auditing. This means that has users use the platform, they are also reinforcing the security of their assets deposited.
Because Plutus is not 100% decentralised, and still has some level of control over the direction of the platform, it’s enabled us to avoid some of the pitfalls of other DeFi projects which have either run out of steam, or are unable to make tactical changes because they are fully decentralised and the code does not permit them to do so.
The remaining 66% of fees generated will be designated to stakers and the buyback & burn model.
Private Token Sale
To this extent, we are pleased to announce the next round of our token sale. As the private sale stage begins, private contributors can now participate in token sale via the bespoke PlutusDeFi token sale platform found here. The private sale round is for an additional $200k and will be the last and final round before we move towards the next stage of exchange listings. Please note that the sale is strictly prohibited and unavailable for all US citizens and those from sanctioned countries.
The website has had some additional front-end design changes, with the team section now being fully visible and public.
Founder of Arnie HILL & the PlutusDeFi team.