Monthly Recap — February 2021
February was quite an eventful and so exciting month! We launched the Synthereum protocol on the mainnet together with the Jarvis Exchange. We announced our official partnership with Chainlink and released a 40 pages research paper on Synthereum to better understand the positioning, the tech, and the use cases.
👨💻 Protocols
Synthereum (Synthetic Protocol)
- Synthereum V1.2 which utilizes Chainlink oracle solution was launched.
- The initial Synthereum launch was done in stealth mode to test the protocol before sharing it with the community. However, it did not stop some of our community members who follow our Gitlab, to mint synthetic assets directly interacting with the contracts.
- jSynths were soon listed on the SushiSwap, where the first arbitrage between Jarvis Exchange and SushiSwap happened.
- Synthereum TVL reached 90k USD.
- The first security audit of Synthereum has started.
- A research paper was published, to provide the investors, users, liquidity providers and community members, all the necessary information for understanding the protocol and how to use it.
$JRT
- With the launch of Synthereum and Jarvis Exchange, the JRT price also launched almost reaching the previous ATH. However, it did not stay there for long and was ranging between 0.15 and 0.2 for the rest of the month.
- The number of JRT holders greatly increased over the month reaching 3.2k.
- An article regarding JRT distribution was published:
📱 dApps
Jarvis Exchange
https://jarvis.exchange (coming soon)
- Jarvis Exchange went live with a temporary UI, which was later upgraded to the final one. This UI will receive many upgrades over time.
- With the launch of Synthereum, we prepared a small introduction article to introduce the platform and what you can expect from it in the future.
- Within the same month, a lot of improvements have been done in the UI, like the state management (to remember the colour theme you were using, the last trading pair, etc.).
Jarvis wallet
- The work on Jarvis Wallet resumed with the redesign of the UI elements of the wallet. We already found the team to do it and sent them the requirements.
New dApps
- A community member forked SushiSwap farming and staking dApp to retrofit it for our needs. We will soon start the work on our own dApp for our liquidity providers.
- We also started working on our on-chain data analysis dashboard. It will showcase all the data related to Synthereum and Jarvis Network to have a good overview and to see the evolution of the network.
🐱🏍 MISC
Liquidity program
- 200k $JRT were airdropped to the liquidity providers in February which resulted in an average APY of 22.29% for Uniswap, and 13.75% for Bancor.
- By the end of the month, JRT liquidity reached 3,8M
Sponsoring program
- The program managed to collect $2,549 in interests allowing financing $145,657 of crypto purchase.
- We airdropped 80k $JRT to the participants, resulting in an average APY of 59.52%
Business
- We did an official announcement together with Chainlink:
- We started the work to create on-ramp solutions for our synthetic assets.
- Coincidentally, several funds with who we have been in touch after our summer sale reached out to us. We mainly talked about liquidity provision and market making for our synthetic assets.
- We also met with quant traders to explain our business needs in terms of liquidity provision, and market-making on Forex for Synthereum. As they have the expertise and the tools to optimize market making, we proposed them to work together on it.
Recruitment
- We have been in touch with a couple of headhunters, to help us in the recruitment effort. The candidates we have at this point did not satisfy us.
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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