Newsletter, 28th of July
- Synthereum contracts deployed on Mumbai testnet
- Fiat on/off-ramp launched together with Mt Pelerin
- APR of 10%, 17%, and 13% for jEUR, jGBP, and jCHF
👨💻 Protocols
Synthereum (Synthetic Protocol)
- jSynths minted: $1,271k
- TVL: $2,497k
- Liquidity available: $3,163,596 of jSynths
All the necessary updates for the Polygon version of Synthereum are done, the contracts are deployed on Mumbai testnet (both Broker and Bank contracts). Now we are going to run different tests. 2 new UMIPSs have to be created for the UMA governance to vote on, in order to register the Polygon contracts with the UMA DVM.
It was quite challenging, as Chainlink could not deploy the price feed on the testnet for some time (as they are busy working on other tasks) so we had to create our own fake price feed in order to run our tests, therefore it took a bit more time than expected.
As you are aware, we have recently launched the Maastricht contract to mint jFRANC, jITL, etc. It is a simple wrapper of jEUR, as those currencies cannot fluctuate. However, it was just a prerequisite for more serious work: fixed-rate synthetic assets. These are the currencies that are pegged to another one (like BGN or CFA which are pegged to EUR).
We are currently working on the contract to launch these kinds of currencies, however, unlike the Maastricht contract, those currencies need a bit more functions to manage the risk of depeg.
$JRT
Together with the market pump, JRT reached the 0.047 mark.
📱 dApps
OCLR
The testing goes as planned. So far we tested most of the core functionalities added to the frontend. The last task to complete the integration is adding more tokens to the token list within the app.
The logic to pick up the best route to get the best rate was integrated as well.
Bank
The preliminary version for the Bank dApp should be done in a couple of weeks, which will allow us to properly test and resolve any UI outstanding issues we might face before launching it officially.
🐱🏍 MISC
JRT liquidity
Total liquidity: $2,313,719
- Uniswap V1: $9,126;
- Uniswap V2: $254,553;
- Bancor: $466,157;
- Balancer: $721,906;
- Sushiswap: $861,977*.
*SushiSwap weekly ROI 0.59% / yearly ROI 27.88% (paid in Sushi).
You can buy $20k worth of $JRT with 2.27% slippage and $50k with 5.2% slippage.
Yield Farming Program
- AUR/USDC: $59,625 TVL, 53.52% APR
- (Uni V2) JRT/ETH: $215,256 TVL, 14.83% APR
- (Sushi) JRT/ETH: $178,845 TVL, 17.84% APR
- jEUR/USDC: $954,254 TVL, 10.03% APR
- jGBP/USDC: $542,612 TVL, 17.64% APR
- jCHF/USDC: $732,588 TVL, 13.07% APR
APYs are given at the moment of writing this newsletter and can change as more liquidity is being added to the pools
Sponsoring Program
- Deposited capital: $283,294 (-10.20%)
- Interest generated: $493 (133.65%)
- Allows financing: $28,171
Aave participants share 20,000 $JRT, which translated to a weekly ROI of 0.28% and a yearly ROI of 14.68%.
Fiat on/offramp
We are excited to announce that Mt Pelerin is now supporting and providing a fiat gateway for our synthetic assets. Mt Pelerin offers to buy and sell them directly with fiat currencies on its mobile app Bridge Wallet.
Available in 171 countries, the app lets users purchase jEUR, jGBP, and jCHF by bank transfer (and by card soon) and receive them directly 1-for-1 on an Ethereum address.
To celebrate the launch you can exchange fiat for jFIAT and vice versa with 0 fees until 2M of volume is reached.
Learn more in the dedicated article:
This is all for now, stay safe, and see you next week!
Vsevolod.
The possibilities are limitless
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