Newsletter, 8th of March
🔥 What happened last week…
- Synthereum TVL reached $180k and almost $100k of synthetics minted
- First governance discussion in Discord and Telegram
- The remaining JRT minted
- AMA with Chainlink
- One of the Synthereum use cases tested
- JRT on xDai
- APY of 31%, 9% and 46% on Uniswap, Bancor and Sushiswap
👨💻 Protocols
Synthereum (Synthetic Protocol)
All the roles of Synthereum protocols have been moved to the multi-signature wallet. Next week we will test it, and deploy on the mainnet.
In the meantime, the TVL of Synthereum reached $180k and $100k of jSynths have been minted so far.
Governance
One of the use cases for JRT is to stake it in the DAO to acquire voting power. Not only it will allow to decide on the various parameters of the protocol, but also enable holders to control DAO’s treasury.
As we are a part of UMA’s developer mining program, we receive every week a certain amount of the 50k UMA tokens, proportional to the total value of synthetic assets minted on Synthereum, compared to all the synthetic assets minted on the UMA protocol.
The first week we received 50 UMA, then 72, and the more synthetic assets are minted the more DAO wins. The bigger the DAO, the better for JRT holders and for our ecosystem.
Last week, a conversation emerged on what to do with the UMA tokens we are receiving. The participants agreed to use these tokens to farm Sushi on SushiSwap.
You can follow the address to see the evolution of the DAO, YOUR DAO, here:
- On Zapper, you can see the UMA tokens used to farm
- On Zerion you can follow the fees in USDC accumulating
While we will introduce soon our own farming program that will boost the TVL and assets minted, and therefore the quantity of UMA we receive, we decided to ask the community to mint more jSynths in the meantime.
If we increase the number of synthetic assets minted now, we can easily get 4–5k USD in UMA tokens every week while waiting for the farming to start.
The only problem is gas costs associated with minting. So the new question arose: should we incentivize people to mint?
After a long discussion, a consensus was reached. People decided to keep the UMA token for the Jarvis DAO (long term vision) and issue some NFTs to those who will mint this week.
We will also see what we can do with those NFT in the future.
Some courageous community members started to mint as many jSynths as they can to help the DAO earn more UMA tokens.
$JRT
This week JRT went down, back to $0.15.
The number of addresses increased by two dozen over the week and reached 3,219.
The remaining JRT tokens were minted to reach the total supply, which is now 565M JRT.
An update was made on Coingecko, reflecting the correct amount.
JRT was also onboarded on the xDAI sidechain: 0xccf1279c3406ad1181bee00dab4b28b23d17ddb1
📱 dApps
Jarvis Exchange
https://jarvis.exchange (coming soon)
Many bugs were fixed during the week. We also added a basic notification system for the transactions (which will be further improved) to the platform that will be part of the next release.
🐱🏍 MISC
Liquidity program
BAO Finance added JRT to their farming program on BAOSWAP. If you wish to join the farming program, we have a tutorial in our Discord in #yield-farming channel (keep in mind that 95% of the farmed BAO will be locked for almost 3 years; the project is not audited and done by an anonymous person. Do not take risks if you are not comfortable with it).
Total liquidity: $4,355,840
- Uniswap V1: $18,952;
- Uniswap V2: $1,139,370;
- Bancor: $1,670,978;
- Balancer: $210,861;
- Sushiswap: $1,315,679.
You can buy $20k worth of $JRT with 2.16% slippage and $50k with 3.28% slippage.
35,000 $JRT were airdropped for Uniswap LPs, and 15,000 $JRT for the Bancore ones (50,000 $JRT altogether, which was roughly $10,000).
- Uniswap weekly ROI 0.61% / yearly ROI 31.94%;
- Bancor weekly ROI 0.18% / yearly ROI 9.33%;
- SushiSwap weekly ROI 0.97% / yearly ROI 46.56%.*
*SushiSwap LPs receive Sushi tokens as rewards
Sponsoring Program
- Deposited capital: $333,576 (63.78%)
- Interest generated: $429 (-11.62%)
- Allows financing: $24,514
Aave participants shared 20,000 $JRT this week, which translated to a weekly ROI of 1.19% and a yearly ROI of 62.35%.
Business
We did an AMA with Chainlink, where we explained Synthereum, the roadmap for the near future, and the usage of Chainlink`s OCR:
We also did an interview with Brad Laurie which will be published soon.
A case study in Cameroon
In the meantime, we tested one of the Synthereum use cases mentioned in the research paper: bringing liquid non-synthetic assets to any country. One of our investors from Cameroon facilitated the purchase of ETH using CFA (Franc CFA).
He held a reserve of 5000 jEUR; he sold $1000 of jEUR in exchange of $1000 of CFA (CFA and EURO are pegged to each other); he then burnt the $1000 jEUR for 1000 USDC; he purchased ETH on Uniswap with these $1000, and sent them to the buyer. The buyer bought ETH at a cheaper price than any other exchange market in Cameroun.
This is all for now, stay safe, and see you next week!
Vsevolod.
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