Hey Akropolitans (is this a thing or we should vote for the name? 👀 )
Delphi started functioning on Rinkeby testnet around a week ago, on August 3rd. After working literally 24/7, we’re now ready for the next big step — capped pre audited launch on mainnet.
What is Delphi Beta?
Delphi Beta is an early pre audited version of Delphi on Ethereum mainnet available to the whitelisted user only. You could have earned your spot by being early supporter, Sparta user, Delphi tester or by participating in the lottery we held! More on it here.
Why capped launch?
We stood in front of the dilemma — we care a lot about security, but we also want people to try Delphi on mainnet. Following the Guarded Launch idea proposed by Ken Deeter from Electric Capital, we decided to enforce a $50,000 cap on TVL (Total Value locked) and add whitelist to reduce security risks & attack vectors, as well as minimise possible losses. While people see the hype around DeFi, they might forget about risks that come with it.
We are starting with three primary pools (as it is an unaudited version) — Compound USDC, Compound DAI & AKRO Staking. More pools will come with audited launch ~ Aug 24.
What are the incentives?
As we shared earlier in Liquidity mining update, we will be allocating 1М $AKRO и 0.3% from ADEL TTS (180,000 $ADEL) to test liquidity mining in Delphi in the pre-audit capped launch.
We want to start as simple as possible, so $AKRO and $ADEL will be distributed proportionally to the liquidity supplied by users. We will be enhancing the model and adding coefficients starting from the audited launch.
How does it work?
As simple as choosing token amount & clicking on allocate/stake. That’s it; all the black magic happens on the backend side. Let’s take the Compound DAI pool as an example.
What else is in the pipeline?
We have been heads down working on integrating different pools & protocols to give more savings & investing opportunities to the users. We completed Balancer, Curve & Uniswap integrations already (Aave is pending). Still, we’re not rolling them out at this time only due to security reasons — these protocols are pretty complex, and we need to cover the code with tests first to ensure that everything is working correctly.
- [in progress] Further frontend enhancements
Everyone already saw our UI/UX prototype by now, but getting there still takes time — we’re working on further setting up our Subgraph to show all the data we outlined in the prototype.
- [in progress] Security audit
We started Delphi security audit with testnet launch — on August 3. The audit is ongoing at the moment and progresses nicely as we cover more code with tests & continuously communicate with our proven auditor — Certik team.
- [coming soon] $ADEL token generation event
We are aiming for TGE around full mainnet launch and will be sharing contract address & details as soon as it’s live.
Security notice — $ADEL has not been generated yet; please do not fall for scams. You can’t buy it anywhere — the token does not exist yet & ADEL will be locked for two weeks since full mainnet launch.
- [coming soon] Liquidity mining update
Current LM program outlined above is a testing ground for what is yet to come — we will be working with early supporters & community members on enhancing the model for liquidity mining. You can expect more updates near audited launch which will set how we’re going to move forward starting from full mainnet.