Newsletter, 11th of January
🔥 What happened last week…
- Verification and deployment issues of Synthereum contacts solved
- Forked UMA contracts passed Halborn audit
- Liquidity programs adjusted
- Hiring process resumed
- Jarvis team welcomes new member
Initially, we planned to do all the necessary testing, and deploy the contracts while we wait for UMA community to vote, but we faced several issues, delaying us for a week.
👨💻 Protocols
Synthereum (Synthetic Protocol)
We run into a few issues last week.
- First, we could not verify our contracts on Etherscan (difficult to share details about that without getting too technical). Testing of unverified contracts makes the whole process way more complicated and longer, and having unverified contracts is not very serious. The issue was solved mid-week, and we want to thank everyone who helped us, Mounir from Paraswap, Tito and Krasi from JellySwap, and some guys from a few DeFi groups.
- Then, when we launched the verification process, we ran into another issue: we reached the maximum character limit... We solved it by removing the comments in our code. These comments still appear in our code repository but won’t appear on the contracts in Etherscan. Removing these comments was not an easy task when you have a hundred smart contracts with thousands of lines of code. We ended up writing an algorithm to assist us and we finally resolved this issue and verified some of the contracts last weekend.
Unfortunately, we lost a week on these issues.
Our first UMIP to add Forex price identifier was approved by UMA governance. The second and most important one had been reviewed and commented on their GitHub and later shared with their Discord community. You can join the discussion if you want to have a deeper understanding of Synthereum: https://discord.gg/xQe9HQngEs
In the meantime, Halborn has audited our forked UMA contracts and started auditing Synthereum itself. Two low vulnerabilities were found in those contracts, which soon will be addressed.
$JRT
As we were preparing the yearly recap, we noticed an interesting metric, after a huge initial sell-off by bounty participants, the number of holders was only growing, even with the price drop in September. It now stands at 2.8k unique addresses.
JRT price was slowly going up since the 1st of January, overpassing $0.10 during the weekend, finishing the week at around $0.09 mark.
📱 dApps
Jarvis exchange
Although the frontend developers were on holidays for most of the week, they still managed to optimized a bit the UI library and the JS code to optimize the loading times of the Jarvis Exchange.
🐱🏍 MISC
Reward programs
After almost a year, we decided to adjust our reward programs. From now on only following pools will be receiving the incentives:
- Uniswap V2 JRT-ETH, 35k JRT per week
- Bancor JRT-BNT, 15k JRT per week
The reasoning behind such a reward allocation is simple: Uniswap became the main decentralized exchange, therefore we want to refocus all the liquidity on it. We have decided to keep Bancor over Balancer as it is always picked by DEX aggregators. However, the rewards are lower than on Uniswap because it carries less risk since it has Impermanent Loss protection and allows single-side deposit. Sushi also became very interesting but it already has an incentive program, called Onsen, so no need to have our own, for now, but there will be one in the future.
The sponsoring program is maintained with 20 000 JRT per week. The program helps to finance our future synthetic fiat on-ramp which will provide 0-fee synthetic asset purchase with debit cards, bank wires, apple pay etc. For now we maintain the program on Aave V1.
It will eventually be used to sponsor the cost associated with the Chainlink price feeds.
Liquidity program
JRT liquidity overpassed 2M across 4 decentralized protocols, totalling to $2,077,541 overall.
- Uniswap: $715,580;
- Bancor: $447,142;
- Balancer: $434,722;
- Sushiswap: $480,097.
You can buy $20k worth of $JRT with 5.31% slippage and $50k with 7.83% slippage.
20,000 $JRT per protocol were airdropped to all the reward program participants (60,000 $JRT altogether, which was roughly $5,700).
- Uniswap weekly ROI 0.26% / yearly ROI 13.8%;
- Bancor weekly ROI 0.42% / yearly ROI 22.09%;
- Balancer weekly ROI* 0.43% / yearly ROI 22.72%.
excluding $BAL rewards
Sponsoring Program
Jarvis got a belated New Year’s gift, the interest generated by the sponsoring pool reached 1.3k USD!
- Deposited capital: $448,711 (-29.10%)
- Interest generated: $1,386 (27.58%)
- Allows financing: $79,200
Hiring
The hiring had been resumed:
- we already talked with several candidates and found some good leads as well for the Solidity developer position;
- we will be looking for UIX designer to join our team as well, to speed up our current work and to work on our future dApps ecosystem.
A new intern joined Jarvis crew this January, Thibault is a DeFi-native person, who will work with us for the next 5 months. His first task is to write a research paper on Synthereum that could serve as a whitepaper, to help everyone to better understand the scope of what we do.
Community
It was decided to merge two Discords, as it was pointed out to us — English Discord had little traction. Our French community is quite big and active, and we asked them to do the effort and speak English. Although some still stayed in the French one, the end goal is to have only one Discord.
Finally, as we are getting closer to mainnet launch, we really want to make our channel, place for discussion not only about Jarvis but also other projects in the space, as well as trading, and some memes on the side.
This is all for now, stay safe, and see you next week!
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.
