Newsletter, 8th of February
🔥 What happened last week…
- Contracts of Synthereum v1 deployed on the mainnet
- Contracts of Synthereum v1.1 deployed on the testnet
- Chainlink integration is being tested
- New dashboard dApps are in development
- APY of 19%, 12% and 73% on Uniswap, Bancor and Sushiswap
👨💻 Protocols
Synthereum (Synthetic Protocol)
All the smart contracts of the Synthereum v1 (with the Relayer) are on the mainnet. As a reminder, some contracts were already on the mainnet prior to the UMA vote, but we could not deploy all of them before the said vote. The remaining task is to refactor part of the Relayer for the mainnet.
We tried to look for the cheapest timeframe in terms of gas… At some point, we would have needed to pay 6 ETH to deploy the remaining contracts, which would make the total deployment cost close to 11 ETH. We waited 2 days, but unfortunately, the gas price did not drop. Therefore, we decided to only launch the EUR and GBP pools to lower the deployment costs.
In the meantime, the deployment script for the Synthereum 1.2 (using Chainlink) has been finished, and the tests for the minting and burning functions were completed. The Chainlink version is already on Kovan.
One issue has been found and will need to be addressed (send 0 USDC to mint 0.00…01 jEUR). Apart from this issue, only the testing of the exchange function and of the bridge contract for the Chainlink price feed need to be tested.
If no mistakes are found in these tests, we will be ready to go on the mainnet.
$JRT
JRT price finally broke out from $0.1 resistance mid-week finishing at $0.109. The number of addresses is still above 2.9k and getting close to 3k.
📱 dApps
Jarvis exchange
https://jarvis.exchange (coming soon)
While the UI is already deployed on the testnet, deploying the UI on the mainnet requires a bit more work.
We also completed the Chainlink integration in the UI to support Syntherevum v1.1.
In the meantime, we did some progress on the revamp of the Jarvis Exchange.
On a side note, a new background was designed since we sold the initial one on Open Sea. If you remember, we want Jarvis dApps backgrounds to be linked to NFTs that are held in your wallet.
New dApps
In December, a community member forked SushiSwap farming and staking dApp to retrofit it for our needs. We will soon start the work on our own dApp for our liquidity providers.
We also started working on our on-chain data analysis dashboard. It will showcase all the data related to Synthereum and Jarvis Network to have a good overview and to see the evolution of the network.
🐱🏍 MISC
Liquidity program
Total liquidity: $2,643,954
- Uniswap V1: $15,828;
- Uniswap V2: $936,699;
- Bancor: $619,936;
- Balancer: $164,128;
- Sushiswap: $907,363.
You can buy $20k worth of $JRT with 3.16% slippage and $50k with 4.97% slippage.
35,000 $JRT were airdropped for Uniswap LPs, and 15,000 $JRT for the Bancore ones (50,000 $JRT altogether, which was roughly $5,000).
- Uniswap weekly ROI 0.37% / yearly ROI 19.42%;
- Bancor weekly ROI 0.24% / yearly ROI 12.58%;
- SushiSwap weekly ROI 1.4% / yearly ROI 73.07%.*
*SushiSwap LPs receive Sushi tokens as rewards
Sponsoring Program
Sponsoring pool TVL and interest generated took a hit this week.
- Deposited capital: $354,544 (-31.63%)
- Interest generated: $649 (-40.08%)
- Allows financing: $37,105
Aave participants shared 20,000 $JRT this week, which translated to a weekly ROI of 0.56% and a yearly ROI of 29.33%.
Business
This weekend we met with quant traders to explain our business needs in terms of liquidity provision, and market-making on Forex for Synthereum. As they have the expertise and the tools to optimize market making, we proposed them to work together on it.
This is all for now, stay safe, and see you next week!
Vsevolod.
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