Dear Community,
It has been two productive weeks for us since our last project update as we continue marching towards the launch of Decentraland Leasing v1. Let me give you an overview of what the team has been working on over the last fortnight:
Smart Contract Integration for Decentraland Leasing
Following the completion of Create Lease and Accept Lease user flows as mentioned in our last project update, the team has now also completed the integration for Pay Leasing Fees (allow lessee to pay ongoing leasing fees) and Terminate Lease (allow either party to terminate lease with conditions).
On the other hand, QA is full-steam ahead with testing completed user flows and providing valuable input to our engineering team to fine-tune the product. This is to ensure the product will work as intended during launch.
In the meantime, we have also engaged PeckShield to perform a smart contract audit to ensure all potential loopholes are accounted for. The audit is scheduled to complete by the end of the week of 25 March.
Smart Contract Development for Cryptovoxels & Somnium Space Leasing
The team has spent time studying the feasibility of real estate leasing on Cryptovoxels and Sominum Space. We have decided to take an approach where operator rights are governed off-chain while all transactions are governed on-chain. We will release more details of the smart contract once development is close to completion. The smart contract for Cryptovoxels & Somnium Space Leasing is developed with the following considerations in mind:
- Future multi-chain deployment — We have taken into account that there might be a possibility for expanding the contract to a multichain solution — allowing our users to transact on other EVMs and L2s to avoid high gas cost on Ethereum Mainnet.
- Increased flexibility in leasing period — Decentraland Leasing v1 only allows leasing period in months. We have decided to change that and the new contract will allow leasing period in days or weeks in addition to months. This will allow greater flexibility for short-term land use such as concerts or live shows.
- Pay & claim leasing fees for multiple periods & leases — Decentraland Leasing v1 is rigid in a sense that users can only pay leasing fees for the current period and are not allowed to prepay for future leasing fees under the same leasing contract. With the new contract, lessee can pay leasing fees for multiple periods at once and landowner can claim leasing fees for multiple periods and from multiple leases at once. This will allow greater flexibility if either lessee or landowner want to optimize by saving on gas cost by performing less transactions.
- Leases represented by NFTs — As soon as a lease is initiated, an NFT representing the lease is minted and send to the landowner’s address. The NFT can then be used for claiming the leasing fees from the smart contract. This implementation will provide flexibility in allowing potential integrations into other DeFi solutions in the future. Imagine in the future, when a lease is initiated on your real estate, you can collateralize the NFT representing the lease for borrowing and other DeFi activities.
Release of Decentraland Traffic Data Dashboard
As traffic data is one of the most crucial pieces to determine the value of metaverse real estate, the team has decided to develop a simple dashboard that publishes traffic data of every coordinate on Decentraland. Data published include:
- Number of users
- Number of unique sessions
- Median session times
- Maximum concurrent users
Users can choose to view data in time ranges such as yesterday, last 7 days or last 30 days. Users can also sort the coordinates based on the metrics above, as well as searching for specific coordinates with the search bar.
We also took a deep dive into the data and published some interesting insights in a Twitter thread. You can take a look at the Twitter thread here, or visit the Decentraland Traffic Data Dashboard here.
In-Depth Article of the DOKO Vision
After releasing our initial “Introducing DOKO” article, we decided it would be a good idea to publish another article to go more in-depth into articulating the reason behind why we decided to found DOKO. In the article, we not only explained more about our vision, but also talked about how we are going to achieve our vision one step at a time.
You can read up about the DOKO Vision here.
This sums up DOKO’s project update for the last two weeks. Stay tuned for our next update!
About DOKO
DOKO aims to ignite the economic engine in metaverse by providing DeFi products tailored for metaverse real estate — an all-in-one platform that provides non-custodial real estate leasing, collateralized loans and a community-owned real estate treasuryDAO.
Join us on Discord, follow us on Twitter, or visit us at DOKO.ONE.
