Newsletter, 18th of January
🔥 What happened last week…
- Forked UMA contracts deployed on mainnet
- UMA governance vote successfully passed
- Chainlink integration could be easier than anticipated
👨💻 Protocols
Synthereum (Synthetic Protocol)
Uma governance approved our forked contracts which had been audited by Halborn.
Synthereum is currently undergoing a security audit by Halborn but it was important for the vote that the modified contracts were audited first.
The vote allows us to use UMA contracts within the UMA ecosystem, leveraging their security mechanism.
The deployment day was epic! Sparing the exact details, we faced several issues, almost preventing us from launching. The last straw was the explosion of the gas fees few minutes before the deployment, costing us 4k USD.
Overall, the developers did an outstanding job making sure, everything is ready for the voting, making the victory even more enjoyable.
We are currently deploying the rest of the contracts. Luckily we do not have time constraints, therefore, we can choose an optimal time to save up on gas, as pool contracts are quite expensive in that regard. The remaining task will be to deploy the off-chain price feed and test it.
When all the contracts are tested to work as intended, the Synthereum will be finally launched on mainnet.
Passing the voting also means — Jarvis is a part of UMA developer mining program, therefore, will receive UMA tokens, which will be distributed among the community to bootstrap the mainnet launch.
In the meantime, we dug into technical details of integrating Chainlink in our code. Thanks to the modular structure of our contracts, changing the price feed system should not take more than a week. However, with the implementation of Chainlink system, we will have to retest everything, which should take another 2 or 3 weeks of work.
These tests, are designed to simulate user activity to identify possible bugs in the protocol.
$JRT
As the market anticipated the positive vote of UMA governance the JRT price went up. The number of addresses rose as well reaching 2.9k unique addresses.
🐱🏍 MISC
Liquidity program
Total liquidity: $2,284,553
- Uniswap V1: $18,776
- Uniswap V2: $899,738;
- Bancor: $586,316;
- Balancer: $208,508;
- Sushiswap: $571,215.
You can buy $20k worth of $JRT with 0.24% slippage and $50k with 2.68% slippage.
35,000 $JRT were airdropped for Uniswap LPs, and 15,000 $JRT for the Bancore ones (50,000 $JRT altogether, which was roughly $4,500).
- Uniswap weekly ROI 0.35% / yearly ROI 18.20%;
- Bancor weekly ROI 0.23% / yearly ROI 11.97%;
Sponsoring Program
TVL of the sponsoring program decreased, which means higher APY for the participants.
- Deposited capital: $387,711 (-13.59%)
- Interest generated: $972.38 (-29.88%)
- Allows financing: $55,564
Aave participants shared 20,000 $JRT this week, which translated to a weekly ROI of 0.46% and a yearly ROI of 24.14%.
This is all for now, stay safe, and see you next week!
Vsevolod.
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