Newsletter, July 20th
š„ What happened last weekā¦
- 280k USD traded through Margineum this week
- Our first UMIPs drafted to add EURUSDC, GBPUSDC, CHFUSDC to UMA
- Correction on the $JRT on the market while OTC deal skyrocket
- Rewards for Bancor and Uniswap are now paid weekly
- Sponsoring program hit $610k of deposits and generated $650 of interests this week
- Development of a kETH and kDAI faucet to prepare the testnet launch of jarvis exchange
šØāš» Protocols
Margineum (Margin Protocol)
This week 280k USD has been traded through the protocol as our main beta-testers are in holidays.
Synthereum (Synthetic Protocol)
As a part of our marketing effort, we were working on adding more assets on the testnet, and we are now waiting for UMA to add these new assets (called price identifier).
We have also starting to write our first UMIP (UMA Improvement Proposition) to add EURUSDC, GBPUSDC and CFHUSDC as price identifier in UMA: the UMA token holder will have to vote to approve these prices identifier which will allow us to launch them on the mainnet.
$JRT
This week the $JRT did a big correction and went as low as 0.090 dollars. before going back near 0.12.
It is interesting to note a few things:
- there is an increasing number of addresses holding $JRT (+95 new addresses since last week, +5%);
- several new addresses are participating to our reward programs and are selling $JRT right after; the recent traction around the token as well as some articles introducing our rewards program have attracted short-term farmers, putting some pressure on the price; a way to address this concern is to introduce a locking period for the reward, which will prevent short-term holders to sell (or even to participate in our programs);
- there is a huge increase in OTC demand even if there seems to be slightly less demand on the market; we keep selling a bit from our treasury but the demand is higher than what we are willing to sell (we do not sell the token at a too cheap price since we know its true potential); to address this issue, we will soon launch OTC desk with two partners to allow anyone to sell their token in order to satisfy the big OTC demand.
Anyway, letās not complain: $JRT is still up more +1000% since the beginning of the pump, and +2000% since the first token sale price while no official mainnet product live, the $JRT has quite a good market cap.
š± dApps
Jarvis market
The new sprint with the goal of improving the performance of the platform has started this Monday; technically speaking we are refactoring the entire Redux files structure.
Apart from that, we have finished all the work on the UI side. Overall we are pretty close to the end of this task, and we are more than happy to have respected our initial estimation (3 months, we started this task mid-April). We will have a very reasonable delay of 1ā2 weeks which is quite good considering the fact that only one developer is working on it at the moment.
Jarvis exchange
https://jarvis.exchange (coming soon)
As we said before, our goal for this sprint is to deploy a UI, which will be a foundation to start the PR campaign, so we are working on that. We also have started building a faucet which will allow anyone to redeem Kovan DAI and ETH, so we can easily invite people to test the platform.
Actually the faucet is a very valuable small project as it will be also used for the Jarvis Market platform since we will have a demo mode which will require Kovan DAI as well.
Jarvis wallet
We are happy to see that more and more applications support Unilogin, for example, you can now connect to Zapper and 1inch.
š±āš MISC
Liquidity program
To help us save on the gas, the Uniswap and Bancor rewards are no longer daily but weekly until further notice.
Even with the dump in the price, the liquidity remained stable, mainly driven by the launch of the Cambrian phase of our reward programs, rewarding all the Uniswap, Bancor and Balancer pools.
As a result, the total liquidity is now amounting $3.4M and slippage are getting smaller:
- buying $10k occurs a 2.5% slippage
- buying $20k occurs a 3.7% slippage
- buying $50k occurs a 7% slippage
- buying $100k occurs a 12% slippage
This week was the first week for all the pools on Balancer containing JRT to receive rewards. We faced several issues during the reward calculation which caused a delay.
To start the new algorithm, we need to feed it with data (the state of all the balancer at a given date); the data was taken from Etherscan from a csv file, butā¦ we needed to edit the csv file andā¦ it happens that Excel and Google spreadsheet round numbers when there are more than 18 charactersā¦ rounding the numbers messed up the algorithm which could not track accurately the balances of everyone. We did solve this issue on Thursday and only paid the Uniswap and Bancor rewards on this day, and the Balancer rewards the day after.
Sponsoring Program
This week, we got closer to our ATH with almost 610k USD of total deposits but broke a record with $652 of interest generated, which allows financing almost 38k USD.
We are quite happy with this, especially since this program is very strategic for the end-user and we start accumulation a nice bag that will help us finance onboarding of many users as we go to the mainnet.
OTC
We had a discussion with two of our investors who will help us to set up an OTC desk, so in a few days from now, the desk could be ready. And this would be really good for the Jarvis ecosystem.
Recruitment
We still have not found yet our unicorn, so the recruitment continues, but is slowing down during the summer as some candidates are having some holidays.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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ā Risk Warning: Investing in digital financial assets involves a high degree of risk and volatility and is not suitable for all investors; do not risk more money than you can afford to lose. Please consult an independent professional financial or legal advisor to make sure the product is right for you.
ā Disclaimer: This article contains text, data, graphics, photographs, illustrations and information (āInformationā) connected with Jarvis International and/or other entities part of the Jarvis group ( āJarvisā). Jarvis attempts to ensure Information is accurate, however, Information is provided āAS ISā and on an āAS AVAILABLEā basis and may not be accurate or up to date. The publication of this article does not represent solicitation by Jarvis of buying the token āJarvis Reward Tokenā and is not to be considered as a recommendation by Jarvis as to the suitability of any investment, if any, herein described. No action should be taken or omitted to be taken in reliance upon Information in this document. Jarvis accepts no liability for the results of any action taken on the basis of the Information.
