Monthly recap, May — 2020

It was hell of a month! While we were peacefully and quietly working, a gem hunter picked our project and start spreading the word about Jarvis in 4chan and Reddit, and then it was like a wildfire. Everywhere! JRT and Jarvis got a lot of traction, 3 centralized exchanges listed it, as well as IDEX, and the price of JRT stabilized at $0.025 after rallying up to $0.047. This sudden attention helped us reaching our soft cap and now it seems that all the stars are aligned to move forward with confidence.

👨‍💻 Protocols

Margineum (Margin Protocol)

• $16.5M have been traded through the protocol generating 330 Dai of fees.
• We finished the remapping of the smart contract, the first step toward a more trustless protocol.
• We started onboarding a new LP for the protocol which will provide more markets and a higher leverage.

Synthereum (Synthetic protocol)

Relayer Erwan in action

• We finished v2 of the protocol with its first Relayer (called Erwan) and the code is available on our GitLab! This is a huge step forward for Jarvis!
• People around the world start to show interest as we get contacted by the communities from Switzerland, Poland, and South Africa to launch local stablecoin together using Synthereum.
• This is something quite unexpected: we thought of launching our non-dollar stablecoins especially for our wallet and our trading platform with also the hope that other DeFi protocol sees an interest (and many have it!), but we weren’t expecting to be able to reach crypto communities outside of DeFi; they want to list, create trading pairs, use it as a payment method or as on and off-ramp for crypto, etc.
• The hype around JRT this month was mainly due to people drawing a comparison between SNX ($80M market cap) and JRT ($1M market cap) since Synthereum is a competitor of Synthetix.

JRT

JRT price

• The speculation around JRT helped it skyrocketed from $0.008 to $0.042 with hundreds of thousands of dollars traded for several days.
• JRT price is stable now at $0.025 with a $1.1M market cap.
• We released an eagerly awaited article about JRT and its place within the Jarvis ecosystem:

The utility of Jarvis Reward Token

• 3 centralized exchanges listed us (without our agreement): Hotbit, Hoo, and Bilaxey.
• We have officially listed JRT on IDEX; Beyond this important step for the project, the point to remember is that the IDEX compliance team analyzed our token and declared that it was not considered a security token.
• The number of token holders has increased from 1,100 to 1,400 and we have noticed a big accumulation phase: many new addresses have appeared in the rich list (the list of the 20 biggest holders).
• We discussed a lot to simplify the system of Gold, Silver and Bronze tokens which posed many problems (see this document). The best solution and the one that has been chosen is to convert these tokens into new JRTs after increasing the total number in circulation by 150%.
• Unfortunately, the week that we had to increase the number of tokens and distribute them was the week of the huge Price Pump; performing this operation in the middle of a pump would have had a catastrophic effect, so we concluded with the participants in the discord conversation that it was better to wait until December 31, 2020.
• The price explosion combined with the conversion of Gold, Silver and Bronze tokens allows all participants in private and public sales to record a latent gain of 200 to 500%; indeed, with the different bonuses participants in token sales in 2017 actually bought it for $ 0.005, and those who participated in the public sale from 2018 to 2019 bought it between $ 0.007 and $ 0.01.

📱 dApps

Jarvis Market

https://jarvis.market

• We are progressing every day with the user interface of the platform. We first focus on making it more pleasant and reflecting Jarvis’ graphic code; once that is done, we will focus on improving the user experience such as fixing the various bugs, and improving the performance of the platform; once this is done, we can add new functionalities such as partial closing, multiple take profits and stop losses, dark and night mode, multi-screen and of course above all the famous mouse trading.
• To see the changes live, you can visit the demo version from time to time and consult our UI library.

Jarvis Wallet

https://jarvis.money

• Gasless transaction implemented, you can deploy wallet and pay for gas using DAI
• Implementation of a 0-fee policy, like in Argent: Jarvis will pay for certain transactions such as creating the wallet or adding a device, in order to increase the user experience (will only be available for mobile version of the wallet to avoid abuse).
• State management issues are fixed, removing a big security burden: you can now reload the webpage without risking losing your assets during the deployment.

• The Jarvis wallet can be used to connect to Gnosis Safe: test, go to their app and connect with your wallet; that will give you a good idea of how Unilogin works on our wallet to connect to other applications.
• More than $13k of Ether and Dai were bought with 0 fees in the wallet
• We released a tutorial to help you to create a wallet, which is still in beta.

🐱‍🏍 MISC

Reward programs

• The Liquidity program with Uniswap (find out more) and Bancor (find out more) has grown to $180K and now allows you to trade amounts over $10,000 without too much slippage.
• The deposits within the Sponsoring program (read more) with Aave EXPLODED and went up from $90k to 255k USD worth of stablecoins (1.4% of all the stablecoins deposited in Aave).
• It redirected more than $500 in interest (you can follow the evolution of interest redirected to this address) allowing us to finance more than $30k of crypto purchases in the wallet.
• The program generated a weekly return on investment (ROI) of up to 2.5% for its participants, notably thanks to the exploding price of JRT!
• The explosion of the JRT price led to a huge increase of the weekly ROI of the Sponsoring program; it creates a disbalance between the programs: the Sponsoring program is way less risky than the Liquidity one, and this should be reflected in the rewards.
• The dApp Sponsoring v2 has been finished: this dApp considerably improves the user experience which could boost participation in the program; it can also use Jarvis wallet as a means of connection and will eventually be integrated into the wallet.
• It will be released when its security audit is completed; we obtained a grant from Aave to help us bear the financial costs of such an audit.
• Zai, a community member, shared how he created borrowing loop on Aave to get more rewards, you can see the details in the bonus section of this tutorial.

Business

• Thanks to the affiliation natively integrated into the Aave protocol, we recorded the first official income of our Bulgarian company: 1.1k USD! It was through the use of the Sponsoring program dApp that we were able to generate this first income.
• Their affiliate program opens the way for so many opportunities with Aave (savings account by Aave, charity pool by Aave, leverage by Aave, collateral of our protocols in aDAI etc.). You can follow the Bulgarian company’s on-chain income at this address.
• The private sale is a success! We quickly reached our soft cap, giving us 18 months of runaway, and have now collected almost more than 300k euros. We are discussing with some crypto VCs, sophisticated investors and OTC desk who have heavily invested in Synthetix, and are very interested to invest in Jarvis. There won’t be room for everyone so we are wondering whether or not we should increase the ceiling of the hard cap. It’s a huge validation of our work to see smart money wanting to buy JRT.
• The funds collected beyond the first 200k (our first level) will allow us to invest in hiring new teammate, invest in security, legal, and liquidity.
• Therefore, we are now hiring again! Fullstack developer > becomeahero@jarvis.network

AMA

• We did 3 AMA sessions this month, and one of these has helped Jarvis to be under the spotlight.
• Here is the transcript of the first one.

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.