Newsletter, July 13th
🔥 What happened last week…
- $150K traded through Margineum this week
- Margineum as the prime broker for DeFi
- Synthereum will use aUSDC
- Audit of the of Sponsoring dApp v2 is done
- Sponsoring pool breaks new record — $639 interest generated
This one is going to be one of the smallest newsletters that we have done in awhile.
👨💻 Protocols
Margineum (Margin Protocol)
This weeks volume is quite slow, just 150k USD has been traded through the protocol, as the active traders on the Jarvis market beta are having a well-deserved break.
A tweet which was crying for the need of a prime broker for DeFi https://twitter.com/_wilbur4ce_/status/1281620454147596289 helped us realizing that Margineum may have WAY more potential and use cases than we initially thought. Margineum, despite being on a L2 solution (bye-bye composability) and mostly built off-chain, can actually help all the derivatives issuers (synthetic assets, futures, options etc.) to scale.
Margineum is already an important component in Synthereum, which helps our synthetic assets to be more scalable by reducing the need of collateral and by allowing LP to remain market neutral, but maybe there are many more use cases that will send this protocol to the moon.
Synthereum (Synthetic Protocol)
Last week, in our newsletter, we were highlighting our will to move away from cDAI and to consider aDAI and/or aUSDC for our soft launch; after some exchanges with UMA regarding the current risk around DAI we decided to start with aUSDC, a less risky option.
We could not dream about a worse timing, as it appears that back in June, Circle has frozen the USDC belonging to an address tied to criminal activity. Yet, USDC does not have all the risks bored by DAI, and since our target are mostly non-crypto users, it makes more sense to do this switch.
$JRT
This week JRT was mostly ranging between 16 and 14 cents, and it has broken the 14 cent support this Friday to reach a support at 12.5, in the context of a general correction on the crypto market, especially DeFi tokens.
JRT holders are steadily increasing and now reached 1,782 addresses.
In the meantime, we are working on another DEX listing in addition to the CEX listing coming soon.
📱 dApps
Jarvis market
Another sprint is finished! Some issues with stop loss calculation remain, but apart from that everything is good and working.
All the work that has been done will be soon merged with the current version of Jarvis Market to unveil the new UI.
Jarvis exchange
https://jarvis.exchange (coming soon)
Jarvis exchange will be our main focus in the next sprint, to deploy the new UI, with some surprises we hope you’ll like.
Sponsoring dApp
https://sponsoring.jarvis.network
As a reminder, the Sponsoring dApp is the basis of our Staking and Reward program dApp, which will allow anyone to easily join any program, track their ROI, access to on-chain data etc. We are starting with the Sponsoring program, which was the most challenging.
The security audit for the v2 has been finished, and we have the security report on hands. Few minor and medium issues have been found and will be addressed before going live with it.
🐱🏍 MISC
Liquidity program
Liquidity dropped a bit since last week, but the overall number remains impressive with $3.1M spread across 3 protocols ($700k on Uniswap, $1.9M on Balancer, and $490K on Bancor).
This week we completed our open-source algorithm which helps to calculate time-weight based rewards across all the protocols (check our repo).
This new algorithm allows rewarding all the liquidity providers in a more accurate and fairer way, especially on Balancer (since you can create an infinite amount of pools).
This allows us to launch the Cambrian phase described in our article! You can now create your own pools on Balancer and get rewarded!
🛑 Eligible balancer pools are whitelisted and we reward according to the amount of JRT you have supplied. If you do decide to create your own pool, please send it to us so we will whitelist it (this is done to avoid abuse).
Sponsoring Program
We are getting back on track! There were a lot of deposits in USDC this week helping us to reach a total amount deposited of $468k worth of stablecoins, and thanks to the incredible interest rate last week, we set a new record as we received $639 of interest, allowing us to sponsor 36k USD of crypto purchase.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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