Newsletter, 14th of September
🔥 What happened last week…
- Liquidity aggregator and LP successfully connected
- New backend infrastructure for Jarvis Market is deployed
- A third developer is joining the team
👨💻 Protocols
Margineum (Margin Protocol)
The liquidity aggregator which will be connected to the first Dealing Desk Node has finally released its API! We will start to review all the documentation and start planning on integrating them into the node quite soon.
At the same time, the aggregator successfully connected with the broker from whom the price feed will be taken and which will be used to maintain a market neutral exposure.
Synthereum (Synthetic Protocol)
We are still working on updating our protocol to the latest version of UMA.
Apart from that, there are still two challenges to solve before we can go on mainnet:
- Perpetual: UMA only allows to issue synthetic asset with an expiration date; the way their protocol does work would make perpetual synthetic assets too risky; but what we have built on the top of UMA mitigates the risk associated with perpetual; either we have to build a wrapper and automate the rollover between expired contracts and new ones, or we wait for UMA’s own solution to issue perpetual, or we convince UMA holders to support a new template (a fork of some of their contract) which would only be used by Jarvis, and which will allow issuing perpetuals.
- Trolling: since UMA does not use an on-chain price feed, one mechanism in place to prevent abusive minting is to do not allow to mint synthetic assets with a collateral ratio below the average collateral ratio of this asset. Since Jarvis synthetic assets are minted with a collateral ratio of 120% for fiat and 140% for commodities, the average collateral ratio of jEUR will always be 120%; but because UMA’s contract is permissionless, they can be called by someone else than Jarvis contracts, and someone could decide to deposit 10k of USDC to mint 1 EUR, pushing upward the average collateral ratio, and preventing Jarvis to mint new jEUR. The way to solve this issue would be to either support a forked contract with a whitelist (only Jarvis contract addresses could call the mint function) or to ask UMA to do not use an average collateral ratio but rather a standard deviation as an example.
We expressed these thoughts on their Discord and are now waiting for feedback.
$JRT
$JRT was quite stable this week around 10 cents, and so is the number of addresses holding it.
Unlike other DeFi tokens, our beloved $JRT is not (yet) supported by any farming program, the latter being responsible for the growth of other DeFi tokens.
📱 dApps
Jarvis market
The UI package (our frontend building blocks) was improved as well as new components were added to it.
Jarvis exchange
https://jarvis.exchange (coming soon)
We have sent the requirements to a few companies and freelancers and had different calls with them.
A new infrastructure was deployed in order to maintain the current version of Jarvis Exchange while we can deploy a separate internal version to work on.
Jarvis wallet
The documentation with tasks and user stories is almost done. In meantime, after a few calls with various companies, we may have found the one which will build the whole new wallet on the top of Tor.us.
🐱🏍 MISC
Liquidity program
Liquidity dropped to 1.7M USD (1,784,831). You can still buy JRT up to 30k USD with minimal slippage.
- Uniswap: $353,337
- Bancor: $416,268
- Balancer: $1,015,226
Sponsoring Program
The program managed to generate almost 1k USD this week, which allows subsidizing the fees for $55,714 worth of crypto purchase.
Recruitment
Another developer accepted our offer! He will start in one month.
We also have found another full-stack developer to join the team, and a second freelancer in addition to Yuri to speed up the work.
We are still looking for a Blockchain dev to help Alessandro shipping Synthereum this quarter.
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
The possibilities are limitless
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⛔ Risk Warning: Investing in digital financial assets involves a high degree of risk and volatility and is not suitable for all investors; do not risk more money than you can afford to lose. Please consult an independent professional financial or legal advisor to make sure the product is right for you.
⛔ 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.
