Monthly Recap — August 2020

August is over! Sythereum and the Jarvis exchange have been launched on Kovan testnet for everyone to play, $JRT price together with its liquidity reached new ATH and was listed on Bitmax. We officially partnered with Aleph, to make our protocols trustelss, as well as with a liquidity aggregation company to speed-up the work on Margineum, and we finished the month with welcoming new team members.

👨‍💻 Protocols

Margineum (Margin Protocol)

• $693k have been traded through the protocol.
• We announced an important partnership with Aleph. It lays the foundation of a more trustless protocol! Aleph will help us storing data in a decentralized and distributed manner to ensure that the data cannot be altered, modified, deleted; it is the first step toward trustlessness, the second step being the non-custodial feature. Apart from features at the protocol layer, Aleph also enables many new in-app features: it will help to build leaderboard for trading contest, allows anyone to publicly publish unfalsifiable track records, and enable social features like hosting shared trade ideas, analysis, chats and will facilitate social or copy trading. It will also allow to publish information about volume and fees collected. Aleph will save us a lot of time and resources (probably 6 months of work). More details in the announcement:

Jarvis Network partnering with Aleph.im advancing the trustlessness of Margineum protocol

• The new Margineum LP was successfully onboarded and funded their trading accounts with $50k; they will be leveraging a new tech partner which provides a liquidity aggregator which will have to be integrated within Margineum’s dealing desk node as soon as this new partner release both their FIX API and REST API. This new partnership will help us speeding-up our development and will provide many features that we will not have to develop ourself.
• To prepare for the transition to a more scalable and production scale solution, the refactoring of the Dealing Desk Node has started, using Terraform.

Synthereum (Synthetic Protocol)

• Synthereum protocol is live on the testnet!
• We have decided to move from DAI to USDC, and from Compound to Aave (the collateral of our synthetic assets is actually rDAI, a cDAI wrapper to redirect the interest earned in Compound); since UMA contract cannot support interest-bearing token, we first started to write down the requirements to develop our own rDAI-like for aUSDC, a wrapper which will redirect all the interest generated in Aave. But finally, UMA decided that they will help us and will support aUSDC.
• We have added a few features for the LP, like adding/withdrawing liquidity from the pool and claiming the fees and interests earned.
• An alert system for LPs was developed as well: when funds in the pool drop below a specific threshold, LP will receive an alert to act and avoid liquidation; it can be sent by email, telegram, discord or teams.
• Circle (the company behind USDC) announced that they will add the permit() function to USDC to make it gasless. This means that you will no longer need to hold ETH to use Synthereum as the entire “chain of production” of the protocol becomes gasless, from providing the collateral (USDC) to send, convert or redeem synthetic assets.

$JRT

• JRT reached new ATH at $0.37 on Bitmax and $0.30 on all the other exchange, however, it did not stay there for long: $JRT had a positive performance during the month, starting at 0.13 and finishing at 0.19 (+46.15%)

• the $JRT was listed on Bitmax. This listing goes beyond a mere partnership as we have a clear strategy in mind with few exchanges.
• We published an article about token distribution, the circulation supply, and the DAO. We invite you to get acquainted with it:

Token distribution, circulating supply and DAO

• Another legal opinion was received, this time from the Cayman Islands, where Jarvis Network is incorporated, stated that the $JRT was not a security token and the way the funds have been raised has been done in a duly compliant manner.
• Amount of holders overpassed 2.5k and reached 2,562 (+462 and +22% since last month).

📱 dApps

Jarvis market

https://jarvis.market

• We completed all the work on performance improvement
• On the UI side, we finished the new trading window to open, close, and modify trades and our new teammate, Yuri, started completing our graphic libraries as some of the elements were missing.
• As usual, you can take a look at our latest iteration on Ropsten: https://5f2d045d953e723856ce5cb4--jrv-market-ng.netlify.app/

Jarvis exchange

https://jarvis.exchange (coming soon)

• Together with the launch of Synthereum on Kovan, we launched https://kovan.jarvis.exchange!
• A faucet was created so you can redeem Kovan DAI and Kovan ETH to test the protocol; this faucet will be re-used in the Jarvis market dApp, since legacy trader like to test a new “broker” or trading platform with virtual money.
• Both the design for the mobile and the desktop versions are now complete! We are now preparing the requirements and user stories to start the development of the final UI for Jarvis Exchange.

Jarvis wallet

https://jarvis.money

• With the rise of gas prices, it has been decided to move from a contract wallet to an EOA one.
• After several discussions with different private key management solutions, it was decided to use Torus whitelabel solution. We have already started the work on the wallet design to readapt it to the Torus user flow. Torus allows to create or recover your wallet using your email or social media accounts.
• The contract wallet will still be used within the Jarvis wallet, but won’t be the main one; it will be integrated as a feature called “Safe”. Therefore, users will enjoy a smooth and easy onboarding through Torus, and can still leverage from an ultra-secure multi-sig contract wallet.
• As we said above, we are quite pleased to see gasless transactions on USDC, as it will immensely increase UX in all of our applications. Together with our 0-fee fiat on-ramp, it will create one of the best user-experience to gain exposure to various markets in a decentralized and trustless way.

🐱‍🏍 MISC

Liquidity program

• $JRT liquidity broke new records during August overpassing $4M across Uniswap, Bancor, and Balancer pools. With the drop of the market, it did not stay there for long and has been stable at around $3.3M throughout the month.
• It was decided to decrease the reward pool per program each week until it reaches 20k JRT per program by the end of the year, starting from 26.08.2020. There are two main reasons behind this decision: to reduce inflation and start a narrative around the scarcity of the token, and to start saving up tokens for the future DAO so more programs could be launched when we will go on mainnet.

Sponsoring Program:

• The sponsoring program went on milestone spree and broke records several times for TVL and interest collected. The new record for interests generated reached $855 for one week, and the total amount deposited on Aave overpassed one million reaching all the way to 1.2M.
• This month we collected $2.3k which allows us to sponsor $131k! Since the beginning of this program, we collected $6,064 which allows sponsoring $346,514 worth of crypto purchase.

Recruitment

• Throughout the whole summer, we have been looking for new developers to join our team, and finally, by the end of August, Yuri a sharp-minded senior full-stack developer joined the team. Two more developers will join us soon as well.

Teambuilding

Sofia team at the seaside:)

• In the meantime, Sofia team change boring office walls to a wast seaside. For a week we worked tirelessly by the pool, visited the old town, and enjoyed beautiful sunsets while minting some synthetic assets on Kovan.

Business

• For the past month, we have been receiving calls from various VCs, market makers, funds and savvy investors interested to supply liquidity for our protocols. Initially, we planned on using some of the funds we raised to provide liquidity ourselves; we will keep being a liquidity provider (as it is one of our source of revenue) but we will be happy to onboard more liquidity providers to scale Jarvis.
• The strategic budget planning was finally done, and it was decided to budget everything for having two years of runaway! It will give us a monthly budget of around 50k USD and a 260k USD budget for security audits (110k), outsourcing (100k) and liquidity (50k USD).
• In August we decided to move from AMAs to a podcast format, this helps raise awareness not just for Jarvis but also for people behind it. We are always happy to participate and share our thoughts (not all of them are in English however), you can see the full list here:

This is all for now, stay safe, wash hands and see you next month!

Vsevolod.

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