Treasury V1 — Development Update
As we are getting closer to the launch of the Treasury, we wanted to give you an update on the development progress and what has been accomplished so far.
COTI’s Treasury is an algorithmic pool of $COTI that enables users to deposit $COTI and get token rewards for their participation. The Treasury pool grows over time as the COTI ecosystem transacts and pays fees (directly or indirectly) to the Treasury.
When users deposit (stake) $COTI into the Treasury, they are entitled to a share of the overall Treasury pool, which will continuously grow as more fees are collected from the COTI product ecosystem. As we approach the Treasury V1 launch, we are happy to share some insights on development progress and outline the development roadmap for the coming weeks.
So far, the team has done extensive research into Layer 2 protocols and other DeFi investment products. The full product spec is completed and we are now working full-time on the implementation.
Before we began to implement the treasury software we recognized that there are a few crucial steps needed to be done:
- DB-app is an application that synchronizes the COTI network into an easy-to-query relational database. This app allows us to query transaction status with a wider range of queries and with greater efficiency.
- COTI-crypto: We made improvements and support to our COTI node sdk (coti-crypto) to support the needed treasury signatures.
- An experimental version of the API we get from COTI node. This will support more complex queries on the node state.
After all of the above was done, we proceeded to the implementation phase:
- Integration with the COTI node sdk: This process is critical in protecting funds and ensuring nothing is lost, regardless of the circumstances.
- Integration with multiple exchanges: We have integrated API’s from most of the major exchanges to make sure our currency rate is accurate and that our system is foolproof.
- We consulted our math division to implement the calculations of distributions less actions consuming.
- Liquidation, while being a pain for the user, is necessary to ensure a robust platform for our end users. We considered all options to ensure that there are never any unjustifiable liquidations. The team also came up with the concept of “grace periods” to mitigate any errors.
- With all the API development in place, we are now in the final stages of integration between COTI VIPER and Treasury API. The UI looks great and we are hard at work to ensure a seamless UX experience to platform users.
Currently, our system is under multiple tests across the unit, integration, and acceptance processes; performing these tests will lead to a much better product for our end users. We will also load the networks with higher than average volumes to ensure that there will be no system issues due to increased volume ahead of launch.
What are the next steps?
Our plan for the future is to utilize our new multi-currency capability and to make the treasury more decentralized. We already started exploring the concepts of $tCOTI and governance COTI; these will likely be rolled out as the next milestones of the Treasury.
The Treasury is one of the main pillars of COTI’s long-term growth plans. Looking ahead, we are planning an upgraded version of the Treasury to be launched this year. Using multiple technologies and services, a wide range of clients across the institutional and enterprise level will be able to transact and send $COTI fees to the Treasury pool.
We believe that a significant amount of payments will be accumulated in COTI’s Treasury, benefiting depositors and holders.
We will be sharing more updates and milestones — expect more announcements soon.
For all of our updates and to join the conversation, be sure to check out our channels:
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf