Development sprints, internal and external testing, audit, and so much more — we continue moving towards our launch on mainnet.
Product update: Lending Pool
We have been developing and enhancing our Lending pool in February. After thorough testing, a new version of the frontend has been launched. As we have mentioned before, your feedback matters. We are constantly working on improving it and will be happy to hear your feedback.
Make sure to check the Beta-testing announcement as well!
Here are the links to access our dApp :
- Stable beta version of Testnet v0.4 — https://pool.akropolis.io/
- Stable Subgraph version: https://thegraph.com/explorer/subgraph/alekspickle/akropolis-os2-stable
- Frontend stage — all changes pushed and tested here first: https://pool2.akropolis.io/
- Test Subgraph version: https://thegraph.com/explorer/subgraph/alekspickle/akropolis-os
Here are the main updates to the new Testnet v0.4:
- Updated calculations and display for the pool and users balances. Now, they are entirely dependent on the Bonding Curve mechanics (learn more here), and take into account current pool exit costs
- Added a step-by-step guide and FAQ for all pool mechanics — check it here.
- Added ability to activate a loan and receive the funds to his/her ETH address without needing to move their funds from the pool;
- Added ability to repay a loan;
- Added ability to withdraw stake from the loan proposal;
- Added “Interest share” column to the My guarantees and Liquidations pages — showing the APR % users will receive
- Added “Unlock x DAI” button to the My guarantees and Liquidations pages- allowing users to withdraw your stake and earned interest from the loan.
- Added “Current profit” — shows the difference between the initial deposit and the current funds available for withdrawal.
We’re planning to add the following features and improvements before our soft mainnet launch:
- Liquidation of overdue loans;
- Distribution of interest from the loan repayment between pool members;
- Small changes, bug fixes, pool stabilization.
Technical risk management
Taking into account recent discussions around possibilities of attacks on different DeFi protocols — logical flaws in the code, bugs, attacks enabled by introducing new features, we decided to share what we’re doing to minimize the risks as much as possible:
- Thorough security audit with Certik;
- Modelling of different scenarios to test contracts logic and find possible flaws;
- Setting up bug bounty and working with white-hat hackers to identify DeFi-specific attack vectors.
The recent flash loan attack on BzX highlighted a number of issues we have been discussing internally and raised new ones. Our protocol already contains the following inherent limitations that minimise the potential attack surface. We are monitoring the ecosystem for further improvements.
- Maximum loan amount (subject to change through governance vote)
- The maximum amount of funds in the pool allocated for loans (subject to change through governance vote)
- Our loans are fully collateralized for the system — 50% is provided by the borrower, 50% — by pool members.
Thus, if someone wants to game the system or attack our pool, s/he will face certain limitations that would make an attack unprofitable — a hacker will need to stake 50% of the loan amount as well as find supporters who will vouch for him. Whilst the supporters can, of course, be fabricated, the economic incentives do not support a hack of this type.
In order to limit the attack surface caused by pToken price fluctuations, as well as entry and exit pricing fluctuations, we implemented a 10-day-delay for any changes made through governance vote. This will be an additional stabilizer for the system, as well as help make timely decisions in case of a possible attempt to change critical system parameters by hackers.
As always, you can check the Ethereum and Substrate roadmap here. Track our progress with each card, including links to key repositories and deployments.
Our development is on track and we are steadily moving towards the launch of our product on mainnet.
- [completed] Launched Testnet v0.4 on Rinkeby testnet.
- [completed] Launched a new stable version of our dApp to work with Testnet v0.3, accessible at pool.akropolis.io
- [completed] Launched a stage version where all new updates are rolled out first, accessible at https://pool2.akropolis.io/.
- [in progress] Product smart contract audit with CertiK.
Our DAO implementation on Substrate is progressing.
- [completed] Added multitoken module to our DAO which enable support of a range of tokens in a DAO. The first ones to be added are USDT, USDC and DAI.
- [in progress] Complete PolkaDAI Bridge integration and Thebes Testnet launch.
Open Source Development
Here’s the work completed since receiving a grant from Web3 Foundation in December:
- [completed] [submitted ahead of schedule] The second milestone of the Polkahub project is completed and passed all acceptance criteria. In the new version, you can create accounts in Polkahub and keep a registry of all your Substrate nodes. Find all relevant documentation in the main project repository https://github.com/akropolisio/polkahub-monorepo
- [in progress] [due ahead of schedule] We are working on the third milestone, which will include launching Polkahub web portal and updating security measures.
We’re preparing for a soft mainnet launch at the beginning of March. We want to work closely with our pool members to perfect the user experience, economics and pool mechanics. This means that we’re going to open access to the pool gradually as we continue to enhance it. Ping us on Discord to make sure you get a spot!
- [Ethereum roadmap] Continuous beta-testing of our platform — both in terms of code logic and UX;
- [Ethereum roadmap] Integrating with DefiZap, Compound, iEarn, Uniswap, etc.
- [Ethereum roadmap] AkroDAO launched to manage the pool. Creating a governance module with AKRO token.
- [Ethereum roadmap] Aztec SDK integration in order to anonymise incoming funds and distributions into/from the pool by the pool members. Since Aztec SDK is still in alpha, we intend to conservatively integrate it into our Rinkeby testnet for the time being.
- [OpenSource development] Completing the Polkahub grant by delivering the 3rd milestone;
- [Substrate roadmap] Launching the Thebes and Sparta Testnet releases for our DAO framework on Substrate. This completes our Polkadot roadmap.
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