Monthly recap, June — 2020
Another great month passed! Our private sale was oversubscribed, we launched Synthereum on the testnet and started working on the Jarvis exchange dApp; $40k worth of Ether and Dai has been bought with 0 fee in our wallet, which by the way is now able to connect to few dApps like 1inch; we launched a new exciting reward program and attracted more than $600k of deposit on the Sponsoring program with Aave; in the meantime, JRT reached a new ATH at 10 cents ! We could not work a lot on Margineum this month as we funnel all our resources towards the recruiting process, Synthereum and the Sponsoring dApps, not to mention we threat ourselves with a team building :)
👨💻 Protocols
Margineum (Margin Protocol)
- $5.5M have been traded in June, generating 110 Dai of fees.
- The first non-Jarvis LP which started its onboarding last month has finished all its paperwork to open multiple brokerage accounts as it will aggregate the liquidity of multiple venues; this will allow to provide a price feed for crypto, as well as providing much bigger leverage for all the asset classes, and an overall smaller minimum ticket size.
- We started discussions with Aleph.im to see if we could leverage their solution instead of using IPFS.
- We finished the script for Standard and Meta-transaction related to the HSM module where Validators and Liquidity providers will hold their private keys on their respective nodes.
Synthereum (Synthetic Protocol)
- Opatija 1.0 was launched on Kovan! https://gitlab.com/jarvis-network/smart-contracts/synthereum/SynFiat/-/tree/priceless. Anyone can now mint and convert priceless synthetic EUR, CHF, GBP and even gold on Ethereum. The testnet of Opatija was initially planned for Q3 but we have been quicker than anticipated.
- The first and unique Relayer has been launched — Erwan — checking for any request to mint, redeem or exchange synthetic assets. Erwan is for now the single point of failure and will, of course, be decentralized to mitigate this risk by developing a network a Relayers. This will come for the v1.2.
- The launch, and success, of the $COMP token, perturbed a bit our plan and will force us to update several aspects of the protocol before having a security audit.
$JRT
- This month JRT leveraged from the overall hype around DeFi tokens and reached a new all-time high at $0.11 cents ($0.14 at the time of writing).
- JRT also becomes more and more liquid as well: around $2.5M of liquidity sit across the various liquidity pools where the JRT is listed, allowing to have little to 0 slippages for an amount below $30k.
- We have listed the token on a new DEX, Balancer, and another CEX listed us on their own; as a reminder, we are officially listed on Uniswap v1 and v2, Bancor v1, Balancer, IDEX, Paraswap and 1inch.
- To address the issues with small CEX listing us, and to provide a secure and reliable alternative to DEXes, we have started working on listing JRT on tier-2 CEX which will increase the exposure of the tokens and its liquidity of course.
- Due to the very high demand for OTC deals to buy JRT, we also plan to build an OTC desk over the summer so people can buy and sell large amounts of JRT without altering the price.
- Zapper.fi, Debank.com, and Bancor added the token to their UI.
- 1,710 addresses now hold JRT!
📱 dApps
Jarvis market
- We successfully finished all the sprints this month, so we are quite satisfied and you can see the end result here.
Jarvis wallet
- As Unilogin is now being supported by more dApps through the web3modal and Blocknative’s onboard.js library, it is now possible to connect to a few dApps using your Jarvis wallet, including 1inch.exchange, the Sponsoring dApp, Kickstart, etc.
- Thanks to the success of our fundraising campaign, we decided to start working on our mobile application sooner than expected. So we are actively discussing with several companies and teams of freelancers, and we take this process very seriously as we had very unfortunate experiences with 3rd party developers before.
- The work on the new app design and the wireframes has started, including different UI elements and colour themes (dark, light, and night mode).
- In June, wallet facilitated almost $40k worth of crypto with zero commission. All thanks to our community redirecting their interests on the Sponsoring dApp.
Jarvis Exchange
https://jarvis.exchange (coming soon)
- We are very excited to finally start working on the infamous Jarvis exchange! While Jarvis market is a trading platform to do margin trading using Margineum, Jarvis exchange is the exchange platform to connect all the liquidity across all the assets classes, our WP narrative! Powered by Paraswap.io technologies, Jarvis exchange aggregates the liquidity of all the Dex and can interact with protocols such as Synthereum so you can exchange $JRT for jAAPL or $MRK for jEUR with no liquidity issue.
- We have launched a basic UI where you can mint and redeem synthetic assets (you will need Kovan Dai and Ether): https://kovan.jarvis.exchange/.
- And we have also finished a working demo: https://gitlab.com/jarvis-network/smart-contracts/synthereum/SynFiat/-/tree/update/ui; this working demo allows to mint, redeem and convert synthetic assets between them. For now, the exchange is not powered by Paraswap, it will come with a future version.
Sponsoring dApp
https://sponsoring.jarvis.network
- This month we added new stablecoins to our farming program, now we have: DAI, USDC, USDT, sUSD, BUSD, and TUSD.
- We also added the notification system to improve the UI and give users feedback on their actions and added a “Stop” button to stop redirecting interests.
- Finally, we have added support for many web3 wallet providers like Portis, Fortmatic, Coinbase wallet, and etc.
🐱🏍 MISC
Liquidity programs (Liquidity mining/farming)
- We can say it: it is a success! We have been incentivizing our community to supply liquidity since January, and there is currently $2.5M ($3.6M at the time of writing) of liquidity! It brings a lot of value, so thank you to all the liquidity providers taking so many risks for the project!
- We are SUPER EXCITED to introduce our new reward program on the Balancer exchange… so far the most exciting one. Why? Balancer is a Uniswap on steroids which allows you to lose less and earn more! And when you supply liquidity in Balancer, you do not only earn (farm) $JRT but also $BAL, the native token of their protocol. Read this article, because you need to level up your knowledge about this insane project:
- We also did some calculations and released some data analysis in an article, including the ROI of each program. You can read it here:
Sponsoring program
- This month we reduced the amount of JRT distributed through this program because the ROI was insanely high (+150% per year) while the risk was way lower than the Liquidity programs. We have decided to cap the ROI of this program at 1% per week; it means that depending on the price of JRT, instead of distributing 70k JRT per week we are distributing around 30K; the leftovers are shared across the liquidity pools to compensate the liquidity providers for the additional risks.
- After peaking at $613,173 of deposits and representing 2.5% of all the Aave’s deposits, our program entered in a competition with the giant Compound which started its own liquidity mining program with its $COMP token (if you have missed that, you have missed everything that happened in DeFi in June). As a result, more than $200k have left our program for Compound.
- To fight back we will be working on a Sponsoring program with Compound so, like with Balancer, our community could farm two tokens, $JRT and $COMP for this program.
AMA
We did a lot of AMA sessions with many communities in June and we will keep doing it n July, as it helps to raise the awareness of the project.
We also have held our own AMA session:
Team building
We treat ourselves with a team building, in an awesome place in the Bulgarian mountains. We will bring the team to the seaside this summer :)
Private sale
- Jarvis International, the entity organizing the private sale and issuing the Jarvis Reward token is thrilled to announce that private sale is over and have been oversubscribed. We raised $1.2M and had to refuse a few more… we actually paused the private sale and have used some of the remaining tokens to fund LP wallet which is supplying liquidity across various protocols and will do market making on some CEX: https://etherscan.io/token/0x8a9c67fee641579deba04928c4bc45f66e26343a?a=0xc31249ba48763df46388ba5c4e7565d62ed4801c
Hiring
- We continue to look for new hires and conduct a lot of interviews almost on a daily basis. The whole process is quite lengthy, especially the technical part, but it is a necessary step to scale up. As a result, it slowed us a lot this month since we dedicated a lot of time to that, but we are quite happy with some candidates. If you are, or you know, a senior Blockchain engineer (Solidity or Vyper) and/or a senior JS Full-stack, just send your candidatures to becomeahero@jarvis.network
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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⛔ Disclaimer: This article contains text, data, graphics, photographs, illustrations and information (“Information”) connected with Jarvis International and/or other entities part of the Jarvis group ( “Jarvis”). Jarvis attempts to ensure Information is accurate, however, Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. The publication of this article does not represent solicitation by Jarvis of buying the token “Jarvis Reward Token” and is not to be considered as a recommendation by Jarvis as to the suitability of any investment, if any, herein described. No action should be taken or omitted to be taken in reliance upon Information in this document. Jarvis accepts no liability for the results of any action taken on the basis of the Information.
