Newsletter, 24th of August
🔥 What happened last week…
- 34k USD traded through Margineum
- kovan.jarvis.exchange is live!
- New article about token distribution and DAO is released
- Jarvis wallet will be powered by Torus
- Sponsoring pool is 2k shy from reaching 1M in total deposits
- New hirings
This week was very motivating! We finally sent an offer to two developers to join our team after 2 months of extensive hiring campaign and we officially released the Jarvis Exchange on Kovan!
👨💻 Protocols
Margineum (Margin Protocol)
34k USD have been traded through Margin Protocol this week.
In order to fix an issue with Synthereum’s price feed (powered by Margineum as of today) we did some work on the backend.
Synthereum (Synthetic Protocol)
Overall, everything works, but sometimes issues with price feed occur, and some transactions get rejected.
In the meantime, we set up some features like an alert system for LPs when funds in the pool drop below a specific threshold, to alert the LP of liquidation risk; it will send an alert by email, telegram, discord or teams.
$JRT
The $JRT fell this week to find a support on its previous resistance at 16 cents.
We published an article about token distribution, the circulation supply, and the DAO. We invite you to get acquainted with it:
📱 dApps
Jarvis exchange
https://jarvis.exchange (coming soon)
We officially launched the dApp on https://kovan.jarvis.exchange, funded the faucet, and the liquidity pools.
Remember that, on the current version:
- price feed does not work on the weekend, it is therefore not possible to mint/redeem/swap on the weekend;
- there are some issues sometimes with the price feed (we are working on it).
Go have fun, mint synthetic assets, post pictures on Twitter, Telegram, etc.
Jarvis wallet
After a few discussions and a call with Torus, it was decided to use their solution instead of Unilogin as the Main wallet.
In the meantime, we started the work on the wallet design to readapt it to the Torus user flow.
We do not give up on our Unilogin/Gnosis Safe wallet; it remains, as of today, the most secure contract wallet ever! The idea is to onboard users using the Main wallet (powered by Torus whitelabel solution) which allows seamless creation of the wallet (creation of a wallet using Google, Facebook or with your email), and to invite users to use a “Safe feature” to move most of their funds in the Gnosis Safe wallet and its multi-sig architecture (so one of the keys could be held by your ledger as ex).
In addition to the best user onboarding ever, Torus whitelabel solution allows us to have our own “Connect with Jarvis wallet” button (this will increase our branding a lot).
The tradeoff, however, is that we will have to give up meta-transaction. We will still have native meta-transaction for our synthetic assets through the addition of the permit() function, but still, it means that you will need ETH in the wallet to pay for other transfers.
🐱🏍 MISC
Liquidity program
Liquidity dropped to 3.3M due to the recent price drop.
Current liquidity distribution:
- Uniswap: $926,034
- Bancor: $ 706,962
- Balancer: $1,727,797
Sponsoring Program
It was a crazy week for the sponsoring pool, we beat new ATH and getting closer to our milestone of 1M in total deposited capital in Aave! We have $997,888 (need another $2.2k), which generated $544, allowing financing $31,085 worth of crypto purchase.
Recruitment
After two months, we finally have found 2 (we are still looking for one to two more dev) full-stack developers who will join the team in one week, and another one in one month.
We are now getting ready to welcome them by working on their onboarding (documentation, first tasks, etc.).
Budgeting
The strategic budget planning was finally done, and it was decided to budget everything for having two years of runaway! It will give us a monthly budget of around 50k USD and a 260k USD budget for security audits (110k), outsourcing (100k) and liquidity (50k USD).
We are also planning to do another fundraising campaign before the end of this year in order to double our treasury, in order to face a potential defi/crypto winter.
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
The possibilities are limitless
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⛔ Disclaimer: This article contains text, data, graphics, photographs, illustrations and information (“Information”) connected with Jarvis International and/or other entities part of the Jarvis group ( “Jarvis”). Jarvis attempts to ensure Information is accurate, however, Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. The publication of this article does not represent solicitation by Jarvis of buying the token “Jarvis Reward Token” and is not to be considered as a recommendation by Jarvis as to the suitability of any investment, if any, herein described. No action should be taken or omitted to be taken in reliance upon Information in this document. Jarvis accepts no liability for the results of any action taken on the basis of the Information.
