Newsletter, 5th of October
🔥 What happened last week…
- Synthereum moved to USDC
- New devs joined the team
- Jarvis Exchange UI updated to reflect new additions
- From 20% to 70% APY for our yield farming program
- The Bitmex news reminds DeFi that the KYC and AML issue would need to be addressed
👨💻 Protocols
Margineum (Margin Protocol)
The backend service of the Dealing Desk Node is fully deployed on our new architecture. This week we finished integrating the old price feed which is currently being used by the current LP. We are still doing some final tests before moving on with the integration of the new LP with its new price feed which includes various cryptos and will also start working on adding and improving features on the backend.
Synthereum (Synthetic Protocol)
We are moving faster than expected. The transition from cDAI to USDC is done. The immediate benefit is obviously the gas reduction: it went from about 1,000 gwei to a hundred (from $100 to $10 at the current price). There is still a lot of gas optimization to be done, but we are pretty happy with the result so far.
In meantime, the new blockchain engineer joined the project, Edi. He is starting with converting the Relayer from Python to Typescript. He is studying code and documentation at the moment and will start working on it this week.
$JRT
Price went up to $0.09 during the week only to fall back by the end of it.
The number of addresses is stable and stays above 2.5k.
📱 dApps
Jarvis market
We have started the integration of some of the elements from UI package into the trading platform.
After that, some bugs will need to be addressed before starting adding cool new trading features.
Jarvis exchange
https://jarvis.exchange (coming soon)
We updated the UI of the beta of Jarvis Exchange so it can reflect all the last changes, you can use USDC and see the commissions for mint, redeem, and conversion actions (here). We also started working on the UI of Jarvis Exchange, there are two major tasks: implementing the initial background together with the header, and creating the chart component where users can see the prices of different assets.
🐱🏍 MISC
Liquidity program
Liquidity continues to be stable at $1,695,307.
- you can buy $20k worth of $JRT with 6.03% slippage
- you can buy $50k worth of $JRT with 13% slippage.
54,375 $JRT per protocol were airdropped to all the reward program participants (163,125 $JRT altogether, which was roughly $13,376).
- Uniswap: 330,373; (weekly ROI 1.34% / yearly ROI 70.17%)
- Bancor: 357,868; (weekly ROI 1.24% / yearly ROI 64.78%)
- Balancer: 1,007,066; (weekly ROI* 0.44% / yearly ROI 23.02%)
*excluding $BAL rewards
Sponsoring Program
The total amount deposited is still above 1M, although the interest generated is slightly smaller than usual.
- Deposited capital: $1,004,588 (-16.06%)
- Interest generated: $616.42 (-36.78%)
- Allows financing: $35,224
Aave participants shared 54,375 $JRT this week, which translated to a weekly ROI of 0.44% and yearly ROI of 23.07%.
Hiring
Two amazing developers joined our team this week — Igor and Edi.
In meantime, we keep conducting interviews for the blockchain position in-house.
Bitmex news
This week, the CFTC and the DoJ have announced that they will sue Bitmex (all its related companies and founders). Among all the reasons, the one that concerns us here can be shortened to a lack of KYC/AML. The lack of KYC facilitated US citizens to use VPN to pass the geoblock IP restrictions to use their services, while Bitmex is not authorized to provide them with such; this may result in big fines. The lack of AML is far more serious and can lead to jail time since US criminals or terrorists could have used Bitmex for money laundering.
This reminds us that despite building DeFi protocols, which are supposed to be KYC-less and AML-less, a non-anonymous team and centrally hosted interface may be liable in front of the law and the regulation. The focus on decentralizing the tech (the protocols) at its maximum should be a priority as well as understanding that DeFi protocol with CeFi interfaces with KYC and AML are not incompatible, but rather the most powerful and sustainable model. Especially in a world where decentralized KYC and AML can be performed (hello Aleph x Synaps and Coinfirm).
This is all for now, stay safe, wash hands and see you next month!
Vsevolod.
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