Newsletter, 28th of December
🔥 What happened last week…
- Mainnet planned for the beginning of January after the UMA’s vote
- Sushiswap listed $JRT in their Onsen menu (current APY of 141%)
- The Jarvis Exchange is ready for launch
- A community member forked Sushi’s MasterChef contract to adapt it to Jarvis upcoming jEUR-USDC farming program
- Token unlock postponed to April
The team cancels their holidays to deliver. We run into several issues that are being addressed and now we are two votes away from the mainnet. Unfortunately, it will not be possible to launch Synthereum this year, as we are waiting for UMA governance to vote on one UMIP that requires extra-review by token holders.
👨💻 Protocols
Synthereum (Synthetic Protocol)
There are still some issues to be fixed:
- the web3 library issue with mint, redeem and exchange is fixed but needs now to be merged in the codebase;
- the work on the Meta-signatures is also done and is now awaiting for being merged;
- Same goes with the UMA fork that has to be merged in our code as well;
- And finally, there is still an issue with the price feed that will be fixed in the upcoming week.
Our first official UMIPS will be put into a vote on 30th of December, which includes adding Forex price identifier for EUR/USD, GBP/USD, CHF/USD. We needed to add more price feed APIs and it was quite complicated to find some which have a free plan to get historical data; we found 3.
The second UMIP is for UMA governance to accept the fork of their contracts. Even though it has been reviewed by their team and our security advisor Halborn, we still need to present it to token holders. Unfortunately, due to the holidays and end of the year period, we won’t be able to submit this proposal until the 30th as token holders need more time to review it and understand the risks it brings.
After these votes pass, we will be finally able to go on the mainnet. We cannot go live if votes turn out to be negative, but we actually expect a positive outcome.
Finally, another issue came up this weekend which slowed us down a bit: we cannot verify our contract on Etherscan. The issue is that UMA is using an older version of an Open Zeppelin library while we are using the most recent one. UMA cannot update to the new one, for now, so a solution is to integrate in our codebase the new feature that the last version of the library is bringing, so we can still use the outdated one.
$JRT
This last week, was quite volatile with JRT price jumping back and forth.
These movements were caused by two events: SushiSwap selected JRT to be a part of their Onsen Liquidity Program. It provides LP with 141% APY but it also is the first step towards synergies we want to develop with SushiSwap.
You can supply liquidity on Sushiswap here: https://sushiswap.fi/pair/0xf1360c4ae1cead17b588ec1111983d2791b760d3.
Do not forget to stake your SLP (Sushi Liquidity Provider token) in order to receive the Sushi rewards. 1/3 of the rewards are immediately claimable and 2/3 are locked for 6 months.
Another reason can be explained by some low-IQ FOMO and FUD on 4chan (with a lot of inaccurate information).
Nevertheless, due to these events, we gained more token holders and overpassed 2.6k mark.
📱 dApps
Jarvis exchange
As we said last week, we finished everything we need for launch, so we started working on the tasks for the next year, which include making UI more responsive, on both desktop and mobile versions.
The mobile version is done, and after we are done with merging all the code we mentioned above, we will review and merge the mobile UI for Jarvis Exchange.
🐱🏍 MISC
Reward programs
We are pleased to announce that a valuable member of our community, J4y, has been forking the Sushiswap farming contract for Jarvis, and named it IronMan. We will be reviewing and auditing his code, to use in our upcoming new farming programs.
J4y may be the first one to receive a grant in $JRT :)
Liquidity program
The total liquidity increased this week and reached $1,305,906.
- Uniswap: $356,173;
- Bancor: $453,429;
- Balancer: $359,028;
- Sushiswap: $137,276.
You can buy $20k worth of $JRT with 4.14% slippage and $50k with 8.77%% slippage.
20,000 $JRT per protocol were airdropped to all the reward program participants (60,00 $JRT altogether, which was roughly $3,420).
- Uniswap weekly ROI 0.32% / yearly ROI 16.64%;
- Bancor weekly ROI 0.25% / yearly ROI 13.07%;
- Balancer weekly ROI* 0.31% / yearly ROI 16.51%.
- excluding $BAL rewards
Note: the current APY for providing liquidity on Sushiswap is 141%.
Sponsoring Program
Sponsoring pool TVL slightly decreased, which means higher APY for the rest of the participants
- Deposited capital: $619,542 (-2.58%)
- Interest generated: $917.34 (-21.18%)
As you remember we are donating all the interest collected to those in need. The interest collected from the second week of January will be donated to the local dog charity, the next one will be given to Cedric Herrou, and we have some ideas for this third week. The only problem is that only our first donation was in crypto, we would need to find a way to donate to the others in crypto or convert them into fiat.
Business
At the end of this year, we were supposed to send 68M $JRT to the participants of our private sale; few investors reached out to us saying that there was no point of receiving their tokens now as the DAO is not ready, nor is the mainnet, and the liquidity is still low.
Therefore we asked each of our investors, and most of them decided to postpone the release of their token to April, to show to the market that they are here to hold.
Here is the new breakdown:
- 68,204,729.54 $JRT were supposed to be distributed;
- 13,341,210.42 $JRT will be distributed to the participants who decided not to postpone;
- 22,210,868.50 $JRT will not be distributed, as participants decided to postpone the release;
- We are waiting for answers for the remaining 32,652,650.51 $JRT.
The vast majority of the participants who asked for their tokens are not going to sell; they just want to have their tokens at their disposal. Few wanted to sell their tokens to cash out some profits, through OTC; but they finally decided to do not.
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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⛔ Risk Warning: Investing in digital financial assets involves a high degree of risk and volatility and is not suitable for all investors; do not risk more money than you can afford to lose. Please consult an independent professional financial or legal advisor to make sure the product is right for you.
⛔ 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.
