Newsletter, 21st of September
🔥 What happened last week…
- Margineum moving to USDC
- UMA gives a handful help to ship the mainnet faster
- The work on Jarvis Exchange UI is starting next week
- A lot of new hirings! The hiring process is coming to an end
- Farming BAL and UNI help financing Jarvis
A lot of positive news came out this week, starting from the excellent outcome of the hiring campaign, Uniswap unexpected gift, and UMA really helping us.
👨💻 Protocols
Margineum (Margin Protocol)
We are working on connecting the newly deployed backend with the updated smart contract of Marginem.
New infrastructure is almost set up, and we are now adding tools for monitoring the Dealing Desk Node activity.
Synthereum (Synthetic Protocol)
We have finally upgraded our smart contract to the latest UMA version.
Since few weeks we shared with you quite a few things that had to be done prior to the mainnet, which would probably have taken us around three months to complete (aToken wrapper, perpetual contract and trolling); in addition to adding extra work, it added complexity and risk to the code. But finally, we had a very cool and productive call with Hart Lambur from UMA this week: we just have solved the aToken wrapper, perpetual contract and trolling all at once during the call, without adding extra code, complexity, and therefore a risk to Synthereum by proposing a forked contract which will be supported by UMA. This means that the only two things separating us from the mainnet are refactoring the fee policy (as of today, the protocol and the LP-only charge a fee when a synthetic is minted, and we need to add a fee when collateral is redeemed or when a conversion is happening) and then changing the collateral from cDAI to aUSDC.
In regards aUSDC, UMA started to add a new function to their contract to withdraw any excess (in our case, the interests accrued). However, due to the situation with the gas, using aUSDC as collateral makes Synthereum very expensive to interact with (it adds around $40 to the minting and redeeming process). Therefore, we will launch with just USDC as collateral for the minting and redeeming synthetic assets, until gas prices go back to “normal” or ETH 2.0 arrives, or everything moves to Layer 2 solutions.
Moving from aUSDC or cDAI to a simple USDC collateral also makes Synthereum way less risky.
$JRT
$JRT is still in its downtrend.
When the overall market is going down, $JRT is following, but when the most DeFi tokens go up $JRT does not follow since it not being used for any farming activities, which drove the price of many tokens up.
It is quite obvious that we will need to remedy to this situation (farming with $JRT) and this will be addressed as we have a LOT of awesome ideas for that, but we will be waiting for the mainnet of Synthereum for that. It will also be strategic to be able to borrow money using $JRT as collateral.
Nevertheless, the number of $JRT holders did not drop.
📱 dApps
Jarvis market
Our last hiring, Jacek, a full-stack developer, joined us this week and accompanied Yuri with frontend development.
Jarvis exchange
https://jarvis.exchange (coming soon)
The work on the UI will most probably start next week with the help of Jacek, as soon as he and Yuri will finish the work on the UI package (which is shared across all our dApps).
Jarvis wallet
We had a lot of work this week, so we could not finish to write down all the requirements for the wallet so we will keep working on it throughout the weekend, and hopefully, we will finish it next week, so we can revert back to the companies we have been in touch with to kickstart this project.
🐱🏍 MISC
Liquidity program
Despite the price getting lower, the liquidity increased to $1,992,188.
- you can buy $20k worth of JRT with 5% slippage
- you can buy $50k worth of JRT with 7% slippage.
This week, for those who provided liquidity, 60,625 JRT per protocol were airdropped (181,875 JRT altogether, worth $16,732, which equal an average weekly ROI of 0.83% / yearly ROI of 43.16%).
- Uniswap: $360,317 (weekly ROI 1.54% / yearly ROI 80.49%)
- Bancor: $365,182; (weekly ROI 1.54% / yearly ROI 80.49%)
- Balancer: $1,266,689; (weekly ROI* 0.44% / yearly ROI 22.89%)
*excluding $BAL rewards
Sponsoring Program
The total amount deposited has slowly increased to $816,059. This week it generated $958 of interest, which allows sponsoring $54,742 worth of crypto purchase.
Aave participants shared 60,625 JRT this week, which translated to a weekly ROI of 0.68% and yearly ROI of 35.54%.
Hiring
The hiring process took the entire summer and resulted in delaying us a lot (it took us a lot of time to hire, interview, etc. and we were under-staffed the entire summer while the quantity of work increased).
However, since the end of August and the beginning of September, we have received many high-grade CVs, and the hiring process accelerated a lot; we also followed the very good advice of Mounir from Paraswap to hire senior freelancers to do not lose time. As a result, we are excited to say that now the team starts to be bigger and we are increasing considerably the capacity of execution.
In-house, Alessandro (Blockchain engineer) is working on Synthereum. Initially, he was working on other aspects of the projects but with Will’s departure (Will left us in June to focus on his own project, APY.finance), he had to replace him, get familiar with his code and with the UMA protocol. Asim (Full-stack developer with a focus on backend) worked this summer on the frontend of Jarvis Market but went back on working on the backend of both the dApp and the protocol since Yuri joined. Alexander and Dimitar will complete the in-house team in a few weeks from now. They are both senior Full-stack developers with a big focus on the backend. We are still looking for one to two additional blockchain engineers.
As for freelance, we currently have Yuri and Jacek (Full-stack developer with a focus on frontend) who happened to have already worked together. They both work on the UI of Jarvis market and then Jarvis exchange. Starting from the 1st of October, Edi and Igor are joining us. Edi is a very experienced Blockchain engineer who worked a lot with the Ethereum Foundation, and Igor is a senior Full-stack developer. Together they will help up us shipping Synthereum, and Jarvis Exchange.
We finally decided to work with freelancers rather than a company to work on the Jarvis Exchange, as it is faster and cheaper.
Budgeting
As you might remember we wanted to raise additional funds to increase the treasury since there was a lot of focus on money flooding DeFi, and we did not want to miss this opportunity. Finally due to good treasury management, trading, farming, and of course an unexpected present from Uniswap, we actually do not need to raise funds anymore. Jarvis, as a company, is currently self-sustainable, and we actually spend less money (even with new hires) than we are making. As an example, the cost of the 4 freelancers mentioned above is entirely covered by the sale of 50% of the $UNI token Jarvis has received this week.
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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