Newsletter, 27th of September
- Solidity code for Synthereum’s own liquidation system is finished
- OCLR contract v2 to support Uniswap v2 forks, v3 and KyberDMM
- FixedRate v2 to support more features is finished
- EURO pool created on Balancer v2 for upcoming EURO-yield pool
- New discussions open in the forum for the Senate to discuss
- APR of 29% for JRT-ETH on SushiSwap
👨💻 Protocols
Synthereum (Synthetic Protocol)
- jSynths minted: $620k (ETH) $209k (POLYGON)
- TVL: $880k (ETH), $1.04M (POLYGON)
- Liquidity available: $327k (ETH) and $3.1M (POLYGON)
We have finished the solidity part of the new version of Sythereum’s liquidity pools with an on-chain liquidation system powered by Chainlink, instead of using the DVM of UMA, so we can deploy the protocol on other chains without restrictions.
Now the biggest part remains: the unit testing and the audit of this new version.
We are starting now the solidity code for the self-minting powered by Chainlink too.
The OCLR v2 has been unit-tested (now manual testing is required) and deployed; while the v1 was only supporting a single AMM and was not upgradable, the v2 can support any AMM and can route trades through different AMMs to leverage the best liquidity.
For example for a jEUR-wBTC trade, Quickswap have a better liquidity than Sushiswap, but for jCHF-SUSHI, Sushiswap has a better rate. The OCLR route can be chosen by the user or by the UI (for example, the UI can chose the best route for a given trade).
For now, OCLR v2 only supports Uniswap v2 forks (Sushiswap, Quickswap etc.), Uniswap v3, and KyberDMM. Adding new AMM with a different design such as Balancer or Dodo is planned, but it will require additional work.
The FixedRate v2 code was finished and unit-tested. The FixedRate v2 allows swapping FixedRate jFIATs between them, and supports meta-transactions.
Governance
A community member from Discord opened a forum discussion to readjust the current sponsoring program with Aave v1. You can join the discussion on Discord or forum. We are currently holding the vote on pausing the current program until the readjustments are done. Vote.
The discussion on whether we should prolong Emperor Mode is open on the forum.
$JRT
JRT price was ranging between $0.06 and $0.05, finishing the week at $0.052 mark.
A community call has been organized to discuss the upgrade of the future token economics and to include gamification into it to measure and reward engagement.
📱 dApps
Yield Farming
Staking buttons were deactivated (you can only unstake now), as not to cause confusion. If you still have not claimed the AUR rewards, you have time until the 4th of October (Block #13363992).
An updated version of the yield app for supporting the upcoming liquidity mining program on Polygon has been done.
🐱🏍 MISC
JRT liquidity
Total liquidity: $2,248,694
Mainnet:
- Uniswap V1: $10,889;
- Uniswap V2: $117,996;
- Bancor: $473,795;
- Balancer v1: $91,354;
- Sushiswap: $890,109*.
SushiSwap weekly ROI 0.56% / yearly ROI 26.92% (paid in Sushi).
We are currently trying to discuss with Sushi team to increase the sushi rewards for JRT/ETH pool, however, since the Sushi team is quite busy, that might take a while.
You can buy $20k worth of $JRT with 2.06% slippage and $50k with 5.88% slippage.
Polygon:
- Balancer v2: $375,902
- Quickswap: $288,649
EUR yield
We have created a EURO-only pool on Balancer v2 on Polygon, with the help of Balancer’s team, to prepare our upcoming EUR-yield farming program.
This is all for now, stay safe, and see you next week!
Vsevolod.
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