Genesis Vision: Development Plans
As you all know, our top priority is our clients — we thrive to ensure we give you the ultimate experience when using our platform. As the cryptocurrency space gains demand, the growing pains have also become more visible. The most obvious being Ethereum transaction costs. We have always kept in mind the high fees, but during our DeFi development we had to adapt and change our strategy. A Live DeFi platform on Ethereum with such fees would be detrimental to our protocol, so we had to make some adjustments — for both ourselves and for our users.
To put this into perspective, a Uniswap transaction currently costs over $100, while even a simple ERC-20 transfer is ~ $50. These operations are vital for an Asset Management platform like ours and admittedly — in the current state with Ethereum, our model is simply unsustainable.
We imagine Genesis Vision Managers not being happy knowing they need around $5000 just for the gas to cover the deployment operations alone, to run a Program.
We announced that the top 10 Funds and 10 Programs will be migrated to Ethereum on launch, but this operation now costs over $50,000 to simply deploy and initialize smart contracts. We also feel such an expense like this could be utilized better.
In order to reduce operational gas costs, we worked on a number of workaround solutions including our own liquidity and operations batching, but even that — unfortunately doesn’t help much.
This environment forces us to amend our initial plans accordingly. At the moment the development of all Ethereum components, except the assets and liquidity bridges solutions — will be halted as we switch over to alternative blockchains (BSC and xDai).
Don’t be put off just yet! We are not completely abandoning our plans with Ethereum, we are just holding fire at least until things get a little more sustainable. We know some of you have really been anticipating the next DeFi update and we really appreciate your patience whilst we rapidly adjust.
The Current Development State
If you’ve kept an eye on our progress, you know that we’ve put a lot of effort into the current Genesis Vision Protocol development. Since the DeFi platform announcement, we have achieved encouraging results. BSC and xDai gateways have successfully launched, and are actively being used as of our initial roadmap. The core of our DeFi platform with Programs and Funds, collateralized by their underlying assets is almost ready.
Our current highest priority is the development of DeFi Programs and Funds, operating with the popular decentralized exchanges and trading platforms on BSC and xDai chain. In case you missed it, we also announced a collaboration with Perpetual Protocol, which is in the process of being integrated.
The cryptocurrency world is extremely active right now, and we have to keep all hands on deck. It hurts to realize that some of our ideas lose their relevance while we work on them, but that’s inevitable in such a developing space.
In order to add more transparency to our development process we’ve decided to replace fixed release dates with the a public weekly report, entailing our accomplishments and nearest milestones. The first report will be published next week on Friday. This allows a little flexibility while external factors are constantly changing, and also allows us to give you more details about our progress!
We will continue to strive and plough ahead with the Genesis Vision Protocol. We are truly happy with the support you have shown us, so stay tuned for all our weekly reports as there will be a lot to unveil along the way!
See you soon, Visioners!
