Gyroscope: community update Q4 2022
We are FTL Labs, the development team given the community mandate to develop the initial version of the Gyroscope Protocol. We wanted to give an update on the progress made on the project and what to expect in Q1 2023.
Several of Gyroscope’s key innovations are now released into a test-in-production environment. Recent events in the industry highlight the need for decentralized DeFi infrastructure, such as Gyroscope, more than ever.
A few highlights
- The 2-, 3- and E-CLPs are live (capped, on Polygon for testing)
- 3-CLPs are now included in 1inch order routing, adding on the prior integration with Balancer’s Smart Order Router
- A new approach to on-chain price feed redundancy has been launched (the Consolidated Price Feed)
- We presented the Dynamic Stability Module at Devcon
Coming next
- A ‘proto’ version of the stablecoin will be released in January ‘23
- The Gyroscope governance system will be audited in Q1 ‘23
- Subsequently, the full-scale uncapped stablecoin system will launch on Ethereum, also targeting Q1 2023. Governance is scheduled to launch around that time so the stablecoin system will be decentralized from day one
Traction to date
The Gyroscope CLPs have experienced very active community testing, with over 500 active addresses interacting with the pools and nearly 100k in TVL (near the asset cap for the pools). Peak daily volumes of the 3-CLP have now reached nearly 100k USD, which is more than the TVL of the capped pool.
The Gyroscope Discord community remains very active with over 12k members and daily message counts over 300.
Following the high participation in the testnet game, nearly 3000 Sybil-resistant NFTs have been minted by founding members, who will help to seed the Gyroscope governance launch.
Codebase rollout philosophy
We are committed to a responsible roll-out of the protocol code. The code has been heavily audited by Trail of Bits, Runtime Verification, and Nethermind. To complement the audits, we have launched pieces of the protocol in production with small asset caps. The aim is to observe the protocol functioning in the wild for some time before moving to a full-scale system launch. The Concentrated Liquidity Pools (CLPs) and Consolidated Price Feed are already being observed in this manner.
The next step to look forward to is the deployment of the ‘proto’ GYD stablecoin system, which will be deployed on top of these pieces.
Gyroscope Governance
The Gyroscope governance system is designed in a way to bring many different types of stakeholders together to form an enduring decentralized governance group from the very beginning of the protocol. These stakeholders will include Gyroscope founding NFT holders, LPs in Gyroscope liquidity pools, and a council of friendly DAOs that are building together with Gyroscope. The governance system is designed to also build in Gyroscope governance token holders over time.
The governance system also builds in new checks and balances as well as a focus on governance automation. The Gyroscope design is constructed in new ways that automates normal policy decisions. The result is that governance is relegated to strategic decisions, which can be performed slowly accounting for the realistic setting of decentralized governance.
Look out for more information on the proposed governance design and community discussions around calibration soon.
Growth strategy for the Gyroscope launch
At FTL Labs, we see the business strategy of growing Gyroscope adoption as mapped out below. Post-launch, this will also be a major topic for Gyroscope governance to discuss, with opportunities for more parties to become involved.
