Updates on Centaur
Today we bring to you some updates on the development roadmap of Centaur as a company. As you may have seen, the product on the Defi side has pretty much been delivered with CentaurSwap being the core product. It was launched last year on both Ethereum and Polygon mainnet and the team had put in a significant amount of effort in business development, working with other dexes and aggregators to try to bring adoption to the Swap.
We are proud of the product that has been delivered — it is not a Uniswap/Sushiswap fork, the algorithm to the single-side staking mechanism was completely ours and the swap had worked perfectly with no vulnerabilities. However, adoption had been lacklustre without liquidity from capitals who have their own ecosystem they want to support. We were also faced with hiring issues as we see talented developers leaving the team for companies with deeper pockets.
In our pursuit to launch CentaurSwap V2, we have also been in contact with 4 different oracle providers but unfortunately, there is no existing solution that can address market data for small cap projects in a real-time manner. The prices where either drawn from pools with very low liquidity or from website with significant delays, this will open up our swap to risk of flash loans attack and therefore draining the pool assets.
As such, the board has decided to concentrate efforts on the CeFi side of things, where the efforts in “banking the unbanked” had received support from corporations and non-governmental organisations (NGOs). Progress had been positive and the team is optimistic about the adoption on the eventual launch of the product which will bring about a great deal of social benefit.
A large amount of funds had been committed to the liquidity pools on Uniswap, Quickswap and CentaurSwap over the past 1.5years and these liquidity will remain intact for the community to utilise while we focus efforts on the CeFi side, which will take a longer time to come to fruition. The intention to bridge centralised and decentralised finance remains and the integration will be considered whenever possible. Update will continue to be fed to this channel if they are permitted under NDAs.
As part of the restructuring, Sean will step down from the team to pursue his endeavours in decentralised technologies and we believe he will be a great asset wherever he may be. The communications team will continue to serve the community while the rest of the team will take a step back to focus on growing the CeFi developments. It is understood that this may come as a surprise to many community members but we believe such corporate movement is the best solution for both the company and Sean as an individual.
Thank you for being a part of the Centaur Community.
By combining the best elements of decentralised finance with measured regulatory control, Centaur is bridging DeFi and traditional finance. For more information, please visit our website, join our Telegram community discussion group and announcement channel.