Clearpool Mainnet Update!
👋 Hello Poolsiders!
Exciting times are ahead as we now approach the final stages of our mainnet launch preparations!
We know you are all very excited to learn more details of the mainnet version and launch. We are pleased to announce that everything is on track, and we will launch in Q1 as planned!
Here’s what we’ve been working on in this final phase:
📈 Updated Interest Rate Model (IRMv2.0) 📈
This was deployed to the testnet when it was updated on 27th January. The main difference with the new model is how it behaves when pools are in a high utilization/warning and default state. This has been tested extensively by our community, team, and partners. It is working perfectly, meaning no further updates will be needed!
⛔ Updated Default Mechanism ⛔
Defaults are something that nobody wants to see on Clearpool, and we all hope that it never happens! But there has to be a fully tested and working mechanism for every eventuality. Based on feedback from our legal team, the default mechanism has also undergone an update, which provides even more protection for lenders. We will cover defaults in one of our upcoming “Clearpool for Beginners” articles (see below).
👨💻 Testing 👨💻
We continue to validate the behaviour of our smart contracts every day to ensure that they perform as intended. They do, every time! But we continue to test every possible eventuality to ensure, for example, that any recent updates have not impacted previous functionality.
🔏 Audit 🔏
Security is the number one priority so we started the audit process very early on. Our auditors are Pessimistic and CertiK. Because we started the process early, we have undergone multiple audits and we are pleased to say that we have not had any critical vulnerabilities identified by either auditor. The recent updates mentioned above are being audited, and this is one of the major final steps.
📚 Legal, Compliance & Regulatory 📚
Even in a decentralized environment, unsecured lending requires a robust legal framework. Our team has worked very closely both with our legal advisors and a global world-class law firm to create a suite of documents that will protect all parties in any eventuality. We have also worked very closely with our partner, X-Margin, to create a KYC procedure that is simple and easy for borrowers to follow but would satisfy any compliance team. Finally, we keep a close eye on regulatory developments to ensure that Clearpool will be able to continue regardless of any future rules that may be implemented by regulators around the world.
🧑🌾 Staking & Farming 🧑🌾
We recently announced details of the design for native CPOOL staking and farming. These contracts are in late-stage development and will go to audit following the previously mentioned updates. Staking will be released shortly after the mainnet, with farming to follow shortly after that.
❓Community questions and FUD❓
Our community knows that the team is and will always be active and responsive to their questions. Unfortunately, the team has recently had to spend a number of hours answering questions related to rumours and FUD. We have had a number of respectful conversations with the majority of community members who have expressed their questions respectfully. We remind everyone that our community groups have certain rules which apply to everyone. We would also remind everyone that we are real people, building a real product, with real users! We are fully public and have put our names to this project which we are fully committed to. It is ok if you think something that we did is not perfect, and if it is expressed in the right way then we will always discuss it with you!
🔍 Clearpool for Beginners 🔍
We have seen a number of you ask questions around the subject of exactly how Clearpool works, this compelled us to create a series of articles called “Clearpool for Beginners”. The first article in this series is titled Clearpool Explained in 3 Simple Points. Please take a look and keep an eye out for the next article coming soon!
🤝 Business Development & Partnerships 🤝
Our recently announced partnership with Qredo was very well received, both by our own community and by many others in the industry who reached out to congratulate us. The team is working on a number of other extremely exciting partnerships, especially on the institutional lending and borrowing ecosystem, where interest continues to grow.
We hope this gives you a good insight into what the team has been busy with recently. The things listed above are only a fraction of the total effort that our team has put in over the last three quarters to get us to the point where we will be able to launch our product later this quarter.
Why are we not announcing the date today? As you can see, there are still a lot of moving parts that are in the final stages, and although we have everything mapped out, we do not want to create any undue pressure. Once the last piece of the jigsaw has been put in place, and the final test has been completed, we will announce the date! A few days later, the day you have all been waiting for will arrive, and we are as excited as you are!
🙏 Thank you as always for your support, we are almost there!
The Clearpool Team