Monthly Recap — September 2020

September was quite a productive month, especially for Synthereum! We were very lucky to have the full support of UMA to go faster and our dev team already integrated new changes. We also have welcomed new team members which allows us to scale.

👨‍💻 Protocols

Margineum (Margin Protocol)

• $1.6M have been traded through the mainnet in September.
• The refactoring of the Dealing Desk Node (DDN) that started last month is finished, and all its services are fully deployed on our new architecture. However, the final tests are yet to be done, and our security advisors Halborn are reviewing it.
• The liquidity aggregator successfully connected with the institutional liquidity provider from whom the price feed will be taken and which will be used to maintain a market neutral exposure for the Margineum LP. Unfortunately, the liquidity aggregator did not completely finish their FIX API (only the price feed works but not the trading) so we could not start to integrate them in the DDN, as well as released its API through which it will be connected to the first Dealing Desk Node.
• We also made our first tests with Aleph to push a sample of data on their network.

Even if we mainly focus all our resources toward Synthereum in September, we did some good progress; we still do not have enough manpower since the devs we are recruiting will only start after a month or two, but the API of the liquidity aggregator and the solution we are currently using (OneZero bridge) are very similar so as soon as our partner finishes the API we will be able to integrate them quite fast.

Synthereum (Synthetic Protocol)

• Using UMA to launch synthetic assets is super easy and straightforward. But building a complex solution on the top of UMA like we are doing, is more complicated as we need to cope with some limitations of their protocol (non-perpetual contracts, no support for aToken, etc.). These limitations were not impossible to circumvent but it was at the expense of months of work and thousands of more lines of codes. Luckily, after few very productive calls with UMA, they renewed their full support by agreeing to make changes in their contracts but also to support some forked contracts. The contracts have been adjusted and Open Zeppelin already audited them. We have probably won at least 3 to 6 months of work thanks to that!
• We updated Synthereum contracts to the latest version of UMA.
• We also moved from rDAI to USDC which immediately reduced gas costs from 1M Wei (around $100) down to 100k Wei ($10). There is still some gas optimisation to be done, but it is a good start.
• The fee structure was refactored, to be paid in USDC but also to charge a fee not only during the minting but also for converting and redeeming.
• In meantime, our new blockchain engineer Edi started with converting the Relayer from Python to Typescript. Currently, he is studying the code and documentation and will soon start with the conversion.

It was a very bullish and productive month for Synthereum v1. Thanks to UMA and also our Alessandro, we were able to move faster than expected.

$JRT

• JRT left the uptrend that made everyone vibrating, to a downtrend alongside with all the DeFi tokens. It went as low as 6 cents and is now still around it.
• However, the number of JRT holders did not change throughout the month and stays about 2.5k.

📱 dApps

Jarvis market

https://jarvis.market

• We fully completed all the additions to the UI package common to all our applications and started the integration of some of the elements from the UI package into the trading platform.
• In meantime, we have contributed to the Blocknative’s “notification.js” open-source library by making our first merge request there to improve it, which has been accepted.

We were super happy to onboard a senior fullstack dev to work on Jarvis market which allowed us to free Asim from working on the UI, so he can focus on Margineum’s backend.

Jarvis exchange

https://jarvis.exchange (coming soon)

• A new infrastructure was deployed in order to maintain the current beta version of Jarvis Exchange while we can deploy a separate internal version to work on.
• It was decided to use in-house resources to build Jarvis Exchange instead of going for the 3rd party solutions. And it was a good decision! The work on UI of Jarvis Exchange has started!
• The beta UI was updated to reflect the recent changes such as a move to USDC and fees refactoring (you can see it here).

This month we were super happy to onboard new devs to work on the Jarvis exchange in-house instead of outsourcing it.

Jarvis wallet

https://jarvis.money

• We did not have time this month to work on the requirements and user stories for the new Jarvis wallet powered by tor.us.

🐱‍🏍 MISC

Liquidity program

• The liquidity across all the protocols remained stable at around $1.7M last month.

Sponsoring program

• This month was quite stable with liquidity close to $1M. The program generated $4,733 of interests, allowing us to finance $270,477 of crypto purchase.

Security

• Last month, our new long term partners Halborn have joined us. They will be our security advisors and will conduct ongoing audits, alongside with their valuable advises and code review.

Recruitment

• The hiring process that took us all summer is almost over. Four new project contractors joined our team Jury, Jacek, Edi, and Igor. Together with the core team, they will help us to ship Synthereum. New in-house devs will join us soon as well. There are still a couple of open positions for blockchain developers in-house, and we have some pretty strong candidates.

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

Vsevolod.

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