Newsletter, 26th of April
- Tests for the Bank contract are completed
- Jarvis governance forum is live
- Proposal #4 for jFiat incentives passed
- Ongoing discussion on how to use the protocol treasury
- Farming dApp is almost complete
- First jFiat yield equals to 120% APY
- APY of 35%, 8%, and 23% on Uniswap, Bancor, and Sushiswap
👨💻 Protocols
Synthereum (Synthetic Protocol)
- jSynths minted: $700k
- TVL: $1,062k
- $3,160 of available liquidity to mint around $6,320 of jSynths
The testing of the Bank contract (self minting) is complete and it is now ready to be audited by Halborn and Ubik next month. The latter needs at least one more week to finish the audit of the Broker contract (liquidity pools).
The first atomic swap between Synthereum and Uniswap have been performed on Kovan testnet:
https://kovan.etherscan.io/tx/0x386d0e8711972a38d6e22af7c1794de3aabb776f7c5d9676b9b6daa0b3526e98
Transaction performed a sell of wBTC to USDC on Uniswap, and used USDC to mint jEUR.
Governance
This week, the Senate voted to pursue the current jFiat program until the official launch of the farming dapp.
In the meantime, we launched our forum: https://forum.jarvis.network/ where we started our first big discussion — What to do with the UMA tokens we receive?
We already have several proposals, and currently, we need to funnel them into concrete strategies before we can move to the voting phase.
$JRT
JRT price ranged in 0.13–0.17 bracket throughout the week, finishing at $0.14 mark.
The number of addresses dropped by a couple of dozen but it still holds above 3.6k unique holders.
📱 dApps
Jarvis Exchange
The new version design for Jarvis Exchange UI is done and the usability tests are completed.
Farming dApp
We started working on the UI using a forked version of the new Sushiswap UI
🐱🏍 MISC
jFiat program
After one month of our jFiat farming program, we calculated the yield, you can see the breakdown here.
The monthly yield is 10% (5.6% paid in jFiat and 4.4% paid in JRT) which equals to 120% APY. Since the governance voted to keep the program running, the rewards will be sent altogether after its completion.
Liquidity program
Total liquidity: $4,407,955
- Uniswap V1: $22,484;
- Uniswap V2: $776,829;
- Bancor: $1,321,153;
- Balancer: $551,660;
- Sushiswap: $1,735,829.
You can buy $20k worth of $JRT with 1.17% slippage and $50k with 2.5% 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 $7,500).
Farming dApp will add claiming function to existing reward programs, therefore, to save on the gas fees, we will group all the rewards of last week until the official launch.
- Uniswap weekly ROI 0.67% / yearly ROI 35.14%;
- Bancor weekly ROI 0.17% / yearly ROI 8.85%;
- SushiSwap weekly ROI 0.48% / yearly ROI 24.36%.*
*SushiSwap LPs receive Sushi tokens as rewards
Sponsoring Program
- Deposited capital: $451,821 (0%)
- Interest generated: $1,060 (4.21%)
- Allows financing: $60,571
Aave participants share 20,000 $JRT, which translated to a weekly ROI of 0.66% and a yearly ROI of 34.52%.
Early-investors
The claiming contract for the early investors is complete and sent for audit.
Recruitment
We started to conduct interviews with the chosen candidates.
This is all for now, stay safe, and see you next week!
Vsevolod.
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