AgaveFinance
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AgaveFinance

Agave Development Update #2

Exploring NFT ideas and their use case

We have had several meetings this past week: a developer meeting on Sunday, marketing meeting Monday, and a design meeting on Wednesday. We interviewed several candidates for further development work within the DAO, onboarded some artists, a creative writer, and had several public discussions regarding future marketing strategy and organizational goals.

Marketing Meeting Recap

Discussed bounties, funding for bounties, NFTs, staking, some articles needed to get conversations started around future state, put together some weekly expectations to strive for the following:

  • Weekly updates (like this one!)
  • Weekly AMA-style sessions — need to take some time to review the Q&A Proposal to determine if this is something we can leverage
  • Need to hire one or more technical writers
  • Introducing NFTs and doing some engaging activities around them

Project Development Status

Backend contracts — Audit is in-progress. Chainsulting is performing the audit. The anticipated completion date of the audit is May 1st 2021. We will relay updates as we receive them.

Subgraph — Zed is debugging several errors caused by lack of oracle back-history in Rinkeby. TheGraph’s debugging tools are limited, so we’re writing our own where necessary. We are also building our own archive-nodes for Rinkeby and xDai to allow for easier debugging and to ensure redundant graph-node backends exist for use by the frontend. The Rinkeby archive node will be ready by the time this post goes public.

Front end — Testing on Rinkeby. Subgraph pool data is mocked while we wait for the subgraph to be available. Withdrawal, borrowing, and repayment have UI written and await contract binding via ethers. Zed is handling a conversion to TypeScript and Typechain, and web3-react is being adopted to allow use with all of its supported connectors (e.g. Metamask, Hardware wallets, WalletConnect, etc). We plan to use Storybook to test site components, and are porting the React code to Functional Components to ease testing.

Testing on Rinkeby — Anisoptera ( main backend dev ) contacted 4 devs that are interested to work in the team but we need subgraph completed first.

Security Module — For improved robustness and better integration with the Agave DAO, we’ve decided to develop a stronger Security Module. This will be a new contract source, audited separately from the main codebase. Until such a module is developed and approved, we plan to deploy a staking incentive of 1000 Agave (1% of total supply) over 1 year, matching the model currently in use by Aave.

Agave drip function — in-progress with an anticipated execution late next week.

NFTs or visual storytelling

We’ve been having productive discussions with the artists in the Agave Dao community and there are some very interesting ideas to explore with the NFTs and DeFi, so we want to give them a chance to express themselves and be creative.

A creative writer hero appeared and he will be launching a story which will be inspiration for the artists to visualize and create some nice looking NFTs.

In the same time we’ve been brainstorming on new possibilities and exploring some ideas on how to make certain quests and contests with them and also the possibilities to bind those NFTs with actual cryptocurrencies.

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Agave protocol rewards depositors with passive income and lets them use their deposit as collateral to borrow the desired cryptocurrency at affordable costs. $AGVE is a native token that provides holders with DAO governance rights. $AGVE can also be staked for insurance.

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Agave Finance

Agave Finance

https://agave.finance/ Agave Dao is a money market Lending and Borrowing protocol on the xDai network.

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