Newsletter, 22nd of March
🔥 What happened last week…
- Synthereum TVL reached 704k and $450k of synthetics have been minted.
- The borrowing pool for Synthereum is under development.
- A busy week at the Senate with two proposals to start liquidity incentives earlier.
- On-chain dashboard using The Graph finished.
- Jarvis team welcomes a new team member, Rene, UIX designer.
- APY of 27%, 8% and 50% on Uniswap, Bancor and Sushiswap
👨💻 Protocols
Synthereum (Synthetic Protocol)
- jSynths minted: $450k
- TVL: $704k
- $25k of available liquidity to mint around $50k of jSynths
A new audit will start soon, after the completion of which, more liquidity will be added.
After a few long discussions and brainstorming at the beginning of the week, we started to write a smart contract for the borrowing pools.
Governance
Members of our community decided to be more active this week in the Senate, and propose to incentivize buyers (Synthereum minters) and sellers (Synthereum LPs) before starting officially our AMM farming program. We proposed to our community to start a pre-farming incentive program.
Since we are a part of UMA developer mining program, we receive UMA tokens every week, depending on the amount of synthetic assets minted in comparison to other projects built on top of UMA.
The ultimate goal of the new program is to incentivize our community to mint more jSynth in order to receive more UMA tokens.
After the heated discussion in the discord, the proposals were written on snapshot for every JRT holder to vote.
The current state of voting is not ideal but will suffice for the time being, until Jarvis DAO will be launched.
A total of two proposals were voted over the past several days:
- How should we incentivize users to mint jFiat?
- How should we incentivize the Synthereum LP?
The specifics of the first proposal dictated us to create sub-proposals to figure out the exact parameters.
Result: 30% of UMA tokens received by the protocol will be sold for USDC to mint jFiat, which should result in an approximate APY of 60%. Anyone who holds jFiat either in a wallet or in SushiSwap pool will receive a reward.
The reward will be distributed by the end of the four-week period, starting from 19.03.21 (23:00 GMT). It will be paid in a combination of jFiat and JRT.
Over a hundred people voted on proposals with around 20M JRT used for voting.
Thanks to this first proposal, the $500k hard cap was almost reached 24h after the vote, without making any announcements.
$JRT
The whole week the JRT price was ranging around $0.18 mark, finishing the week at $0.17.
However, the number of addresses increased by more than a hundred, reaching 3,333 unique addresses.
📱 dApps
Jarvis Exchange
In the meantime, new we finished the notification system, you will have more feedback when interacting with the interface.
Currently, we are working on the history tab, as well as, adding some new features to the chart (you would be able to switch asset pair directly on it).
Minter app
The final name is yet to be determined.
We worked on the UI of the upcoming borrowing pool UI.
Dashboard
The on-chain data analysis dashboard, powered by TheGraph, was finally finished. It will be deployed soon.
🐱🏍 MISC
Liquidity program
Total liquidity: $4,625,003
- Uniswap V1: $19,534;
- Uniswap V2: $1,190,022;
- Bancor: $1,567,247;
- Balancer: $482,226;
- Sushiswap: $1,365,974.
You can buy $20k worth of $JRT with 1.17% slippage and $50k with 2.44% slippage.
35,000 $JRT are added to the next airdrop for Uniswap LPs, and 15,000 $JRT for the Bancore ones (50,000 $JRT altogether, which was roughly $9,000).
- Uniswap weekly ROI 0.52% / yearly ROI 27.52%;
- Bancor weekly ROI 0.17% / yearly ROI 8.95%;
- SushiSwap weekly ROI 1.05% / yearly ROI 50.74%.*
*SushiSwap LPs receive Sushi tokens as rewards
Sponsoring Program
- Deposited capital: $356,534 (6.88%)
- Interest generated: $735 (71.43%)
- Allows financing: $42,000
Aave participants share 20,000 $JRT, which translated to a weekly ROI of 1.12% and a yearly ROI of 58.33%.
Recruitment
This week, we welcomed a new UIX designer to the Jarvis family — Rene. He will be helping Tio, and his first task is improving the Jarvis Exchange.
This is all for now, stay safe, and see you next week!
Vsevolod.
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