Newsletter, 28th of September

🔥 What happened last week…

• New Margineum backend deployed
• UMA made changes to their smart contract to support us
• UI package for Jarvis market, exchange and wallet is complete
• 50% and 15% APY for the Liquidity and Sponsoring program
• Sponsoring pool overpassed 1M USD in TVL

This week was quite productive! UMA shipped their modified smart contract to support Synthereum features, we finished the refactoring of the latter’s fee structure and completed few tasks on the other projects.

👨‍💻 Protocols

Margineum (Margin Protocol)

This week we worked on connecting price feed to a new backend as it was not done yet. There are still some issues to be solved (we are experiencing a few disconnections) and we are working on them.

In meantime, we finished and deployed the new infrastructure and Halborn, our security advisors, reviewed it.

Synthereum (Synthetic Protocol)

We have finished refactoring the fee structure and the only thing left on this task is to run proper tests; we are quite happy as the whole process was not as time-consuming as we anticipated. Now, fees will be paid in USDC, and charged when the asset is minted, redeemed, or converted.

50% of the fees will to the DAO and the rest to the liquidity providers.

UMA went faster than expected as well: they already made changes to their smart contract and Open Zeppelin already audited it, which allows supporting aToken, perpetual contract and removes the risk of trolling.

The next step would be to move from cDAI to USDC, and to finally publish the article introducing Synthereum v1 as well as our vision and roadmap.

$JRT

The price was going down throughout the week reaching $0.054 and bounced back at the end of the week, flirting with the 7 cents.

The number of addresses remains the same, above 2,500.

📱 dApps

Jarvis market

https://jarvis.market

We fully completed all the additions to the UI package common to all our applications! After finishing designing the notifications and search bar in the UI package, we started working on the theming which would allow having different colour schemes.

On a side note, we are proud to have contributed to the Blocknative’s “notification.js” open-source library by making our first merge request there to improve it, which has been accepted.

Jarvis wallet

https://jarvis.money

This week again, we had too much work to finish the requirements. This is mainly due to the shift in our attention, as it was given to the new hires, as we need to onboard them, and write down missing requirements for the Jarvis market and exchange’s UI.

🐱‍🏍 MISC

Liquidity program

Despite the fall in price, the liquidity was quite stable totalling to $1,743,398.

• you can buy $20k worth of $JRT with 6.98% slippage
• you can buy $50k worth of $JRT with 13% slippage.

57,500 $JRT per protocol were airdropped to those providing liquidity (172,500 $JRT altogether, which is roughly $11,212).

• Uniswap: $337,204; (weekly ROI 1.11% / yearly ROI 57.63%)
• Bancor: $293,186; (weekly ROI 1.27% / yearly ROI 66.28%)
• Balancer : $1,113,008; (weekly ROI* 0.34% / yearly ROI 17.46%)

*excluding $BAL rewards

Sponsoring Program

The total amount deposited overpassed $1M, close to $1.2M!

• Deposited capital: $1,196,771 (+46.65%)
• Interest generated: $1,409.34 (+44.55%)
• Allows financing: $80,533

Aave participants shared 57,500 $JRT this week, which translated to a weekly ROI of 0.29% and yearly ROI of 15.1%.

Hiring

This week we had a very interesting call with blockchain engineer candidate which is in our top list at the moment.

This is all for now, stay safe, wash hands and see you next month!

Vsevolod.

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