Monthly Recap, July— 2020
Another month is finished! The biggest milestone was to launch both Synthereum and Jarvis Exchange on the testnet with synthetic Fiat, Indexes and Commodities! You can now mint and convert USD, EUR, CHF, GBP, Gold, Silver, Oil, and S&P 500.
We also received two positive legal opinions for the $JRT and get in touched with regulators in Saint Vincent.
In the meantime, we tightened our relations with Aleph and Chainlink to make Margineum trustless.
Few new ATH this month: $JRT price touched 3 times the 16 cents, and its liquidity overpassed $4M, and we received more than 2,600 USD of interests redirected through the sponsoring program which allow to finance the purchase of 150k USD worth of crypto in the wallet.
No success on the recruiting so far, but few interesting leads and a new strategy to move faster.
👨💻 Protocols
Margineum (Margin Protocol)
- A bit more than $1.5M have been traded in July, generating 30 Dai of fees.
- Throughout the month we tighten our link and relationship with both Chainlink and Aleph, which will help us to make Margineum more trustless and transparent. It will help us to go to market faster (using Aleph + Chainlink combo), and, as a bonus, will give us an exposure to the Chainlink community: working together with Chainlink is helpful, technology-wise, but also from a business and marketing point of view.
- One blocking element towards making Margineum trustless has been lifted: in order to make it trustless, transparent, auditable and verifiable, third parties (like Validators, Chainlink node, etc.) should be able to access the data from its source (i.e. from the broker or from the exchange) but most of them do not have a read-only API or literally forbid to share their data with a third party without the latter having a contract with them. But the partner we work with for liquidity aggregation has given their green light to do it so we will be able o provide read-only access to a whitelisted third party to read all the activity in Margineum and publish it on Aleph.
- This month, overall, we did not do a lot as our IT resources were funnelled in recruiting and in Synthereum.
Synthereum (Synthetic Protocol)
- Synthereum is successfully deployed on the Kovan testnet with USD, EUR, CHF, GBP, Gold, Silver, Crude Oil, and S&P 500, all backed by cDAI, as the first asset that can be minted, redeemed, and converted.
- We also drafted two UMIPs, UMIP-11 to add EUR/USD, GBP/USD, and CHF/USD as price identifiers on the mainnet of the UMA protocol, and UMIP-12 to add aUSDC as collateral; so far there is one blocking element: which API to use for the price of Forex pairs: most of them are paid price feed, and no-one knows if the free one can be trusted; there is a lot of on-going discussion on UMA’s discord on that matters, as it is not as simple as it may sound.
What is a UMIP? Like EIP (Ethereum Improvment Proposition), an UMa Improvement Proposition is a proposition to improve the protocol like adding a price identifier (a price identifier is a price feed used to issue a synthetic asset) or collateral.
- Due to the DAI inability to keep its peg to $1 and the increasing lack of liquidity, mainly due to farming, the decision was made to move to USDC, more specifically to move from cDAI to aUSDC (at least for now, since we would like to use maybe Cruve token in the future), for a soft-launch; this will tighten our link with Aave and will further facilitate any potential future integration; this move is not an easy task as we need to create a wrapper around USDC to make it compatible with UMA’s contract.
$JRT
- This month JRT was quite volatile and went as low as $0.088 before going back to test the ATH at 0.16 two times; this volatility is explained by different factors: first, there was a general correction of all the DeFi tokens at the beginning of the month; then, due to increase participation in our farming program (as soon as rewards were distributed, they were sold, creating downward pressure on the price); after we changed some aspects of our programs, it recovered from its big correction level and reached new ATH at 16 cents.
- The total number of JRT holders reaching 2.1k!
- This month we had a lot of discussion in Discord about the bonus token of the early bird, which scares a lot of potential investors; the best solution will be to do not distribute these tokens now, but rather to lock them in the DAO for an additional two years, and gradually release them in the circulation.
- $JRT has been officially listed on Bancor’s UI.
- The liquidity of $JRT reached $3.5M which reduced drastically the slippage
- We received 2 legal opinions: neither in Europe, nor in the Cayman, $JRT falls under a security token or financial instrument framework, the setup of the companies and of the various token sales have been done in a compliant way, and so is the current distribution of rewards through incentives programs.
📱 dApps
Jarvis market
- This month we dedicated our efforts on improving the performance of the platform by working on its architecture as well as on various elements such as the charting library;
- So far, we planned on working 3 months on the UI, and we overpassed these 3 months in July, but it mainly because we spent a lot of time on the recruitment and on Synthereum, which delayed a lot.
- Here is the last iteration on the platform: https://app.jarvis.market/
Jarvis exchange
https://jarvis.exchange (coming soon)
- Jarvis Exchange is successfully deployed on the Kovan testnet, you can see the beta UI here. You can now mint and convert EUR for SP500, and Silver for Oil :)
- Faucet to allow anyone to redeem kovan (fake) DAI and ETH was created and deployed, so anyone can play around with our testnet.
- We started designing the new UI and went through few iterations: from a copy-cat of the Jarvis market dapp (which may have been confusing for users: if the two dApps look alike a lot, how the user will clearly understand the different value proposition?) to a copy-cat of Uniswap.
Jarvis wallet
- More and more applications support Unilogin, for example, you can now connect to Zapper.
- Added support of many new assets including USDC, and support of USDC in our fiat on-ramp.
- The actual gas costs make the wallet hard to use: a deployment costs are around 12 USD, and backing up or adding a new device adds another 8–12 USD to it, which is definitely not scalable: we are thinking about other solutions here, and are considering moving away from contract wallet and to use a classic EOA wallet with Fortmatic, Tor.us or Portis as private key management solution.
Sponsoring dApp
https://sponsoring.jarvis.network
- Security audit for the v2 has been finished, and we have the security report on hands. Few minor and medium issues have been found and will be addressed before going live with it.
🐱🏍 MISC
Liquidity program
- $JRT liquidity broke a new record and reached $4M this month, and been stable around $3.5M throughout the month.
- We finished the algorithm for calculating the rewards which allow us to reward all the JRT pools across various protocols (we faced several issues with rewards distribution for the first two weeks, which cost us few days to fix, but all the issues are fixed now).
- All the whitelisted pools on Balancer are now receiving JRT rewards, you can see the full list here.
- Due to the high gas prices, it was decided to move to by-weekly reward distribution for all the programs. Rewards are distributed every Wednesday, at 5pm GMT.
Sponsoring Program
- The sponsoring pool reached ATH in the amount deposited — $752k.
- Interest generated also broke records throughout the month with the biggest one last week — $693, which allows financing almost 40k USD worth of crypto; for the entire month, we generated 2,625 USD which help us financing 150k USD of crypto.
- We started using Aleph to publish all the data regarding the distribution of the rewards.
Recruitment
- We still continue to interview people, we still haven't found our unicorn; it seems that the summer does not facilitate recruiting; yet, we have some leads on 1 or 2 very good developers that may be available later this year.
- We are experiencing a new strategy implemented: we will hire freelancers during the recruitment process, this way we will stop losing time and proceed with developments at greater speed.
Discussing with regulators
This month we get in touched with the regulators in St Vincent, who were actually pleased to receive an explanation to help them understand our technology and service; Jarvis market services are compliant with their jurisdiction.
Regulation and DeFi are not always the best friends, but we were very happy to see the positive feedback from a regulatory body, and this pushed us to contact and discuss with more regulators: after all, most of the “regulated” brokers in Europe make money by ripping their customers, without transparency, while Jarvis and its protocols are all about transparency, auditable, verifiable and unfalsifiable data.
DeFi is actually the dream of regulators for more transparent finance.
OTC
- Since the end Jarvis Ltd. private sale, a lot of late-in-the-game people and funds contacted us for OTC deals, and keep contacting us; while we agreed on doing some deals from our treasury, our strategy is actually now to do not sell our beloved $JRT at the current price and to accumulate as much $JRT as we can.
- Since we do not want to satisfy the demand from our treasury, we set up an OTC desk this month with the help of one of our investor; this allows anyone to buy or sell $JRT without slippage; for the one interested to buy or sell large amount that the market cannot absorb easily (> $20k) please contact us.
- So far, we received a lot of demand but no trades have had happened since buyers are looking to buy at a way cheaper price than seller are willing to sell :)
High-end profiles looking to provide liquidity
- We started receiving calls from various VCs, market makers, funds and savvy investors interested to supply liquidity for our protocols; 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.
AMA
- We conducted countless AMAs across different communities to spread the word about Jarvis.
- Pascal did our own AMA, where we talked about Jarvis as a whole and answered the questions provided by the community. You can watch the recording of the stream here:
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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