Newsletter, 21st of December
🔥 What happened last week…
- The migration script for deploying Synthereum is completed
- New UMIP drafted
- Talks with Chainlink for future cooperation
- Jarvis Exchange UI is done and awaits testing
👨💻 Protocols
Synthereum (Synthetic Protocol)
We completed the migration script (we used JavaScript instead of TypeScript in order to go faster) which allows deploying all the smart contracts of Synthereum.
80% of the work on the Meta-signature is done, and we are quite confident to complete it next week.
The remaining task is to actually fix an issue in our web3 library (which allows a front-end to call the mint, convert and burn functions) which prevent us from testing it with a simple UI.
UMA has reviewed our derivative contract and it is now reviewing Synthereum code to grant us a creator status; we discussed with UMA that the Emergency Shutdown function will be able to be called by both the UMA’s DAO and Jarvis’. This function settles all the synthetic asset (every holder of jEUR would receive their equivalent in USDC).
In the meantime, as preparation for the mainnet, we are now drafting an UMIP to use USDC as collateral and updated our EUR/USD, CHF/USD and GBP/USDC UMIPs.
The finish line is a bit bumpy, but we keep working and nothing will stop us.
We had a call with Chainlink to get more information regarding their upcoming OCR (Off-Chain Reporting), and more specifically what refresh rate we could be hoping for. Without revealing too much info about it, it will definitely allow us to update the price on the L1 as often as it is required to combat front-running. Which means that we are seriously considering working with Chainlink during the first quarter of 2021.
It will make our life easier! We have been working on our oracle solution for the past 2 months now. A lot of resources have been put and are still being put in it. Relaying on Chainlink will ease our dev work and could free them to work on other things.
It will also make our protocol safer and way more decentralized. Now we have a real-time off-chain price feed that requires a certain amount of trust, even though, as a user, you can know at which price you will get executed before accepting the transaction. Yet, the price feed is centrally maintained and can be censored, shut down, etc. Adopting Chainlink will bring us closer to being an unstoppable protocol that entirely runs on-chain.
$JRT
JRT price ranged around $0.06 throughout the week and dropped to $0.05.
The number of addresses is stable at 2.5k holders.
📱 dApps
Jarvis exchange
All the work planned for the launch is finished, However, because of the issue in the web3 library that we have built, we can not test all the trading functions yet.
You can check it here: https://5fdd29b3d49bea1b0d09f508--jarvis-exchange-ng.netlify.app/
Since we have finished this project, we started working on the 2021 tasks: a fully-responsive version with an improved UX (user feedbacks, loading screens, animation etc.).
🐱🏍 MISC
Incentives program
This week was last week for reward reduction. From now on and until further notice, 20k JRT per protocol will be distributed. Incentive programs are meant to be changed next year to mainly focus on Uniswap for JRT-ETH and JRT-USDC, as well as launching some new programs for our synthetic assets.
Liquidity program
The total liquidity dropped but it is still above 1M USD ($1,193,231)
- Uniswap: $349,058;
- Bancor: $414,896;
- Balancer: $429,277.
You can buy $20k worth of $JRT with 2.6%% slippage and $50k with 7.73%% slippage.
20,000 $JRT per protocol were airdropped to all the reward program participants (60,00 $JRT altogether, which was roughly $3,720).
- Uniswap weekly ROI 0.35% / yearly ROI 18.47%;
- Bancor weekly ROI 0.29% / yearly ROI 15.54%;
- Balancer weekly ROI* 0.28% / yearly ROI 15.02%.
*excluding $BAL rewards
Sponsoring Program
Sponsoring TVL slightly dropped, however, the interest generated is still above 1k!
- Deposited capital: $635,926 (-16.47%)
- Interest generated: $1,163 (15.08%)
This week we will donate to Emmaüs Roya for helping Cedric Herrou.
As with the liquidity programs, it was the last week of reward reduction. Aave participants shared 20,00 $JRT this week, which translated to a weekly ROI of 0.19% and a yearly ROI of 10.23%.
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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