Newsletter, July 6th
š„ What happened last weekā¦
- $0.68M traded through Margineum this week
- Beta-ish Jarvis Exchange UI is finished
- Liquidity across 3 protocols reached 3.5M
- JRT reached a new ATH at $0.16
- First Jarvis Network AMA
This week we funnelled all our resources towards completing the first UI of Jarvis exchange to demo the potential of Synthereum, the new algorithm for our various reward programs and the recruitment of course while witnessing new ATH on our beloved JRT.
šØāš» Protocols
Margineum (Margin Protocol)
$686k have been traded this week on the protocol.
This brings the total volume traded at $23.57M and generated almost 500 Dai of fee, 250 for the DAO and 250 for the liquidity provider.
Synthereum (Synthetic Protocol)
After the launch of Opatija v1 last time, we are now preparing the next protocol upgrade prior to the security audit: we had few discussions with the developers about two new releases, the v1.1 before the audit and v1.2, v1.3 and v1.4 for later this year.
The v1.1 mainly consists of three big changes:
- rewriting Erwan in Typescript instead of Python, which among many advantages will ease the communication with Margineum;
- using an aggregated price feed within Erwan instead of a single one to reduce the risk of a price feed being down;
- temporarily replace rDAI (and hence cDAI) with aDAI until the launch of the v1.2. Our initial plan was to actually modify the code to be able to redeem $COMP, but it will not be as easy as it may sound; but the main reason behind this move is to mitigate the dependency and hence the risk to a single stablecoin (especially with the current situation around Dai, provoked by the $COMP craze); but to support cUSDC as an example, we should either fork rDAI or integrating directly cToken, which we rather do for the sake of simplicity, security, etc.; but, cToken are more complex to work with than rDAI, mainly due to the way the exchange rate is calculated; therefore, the best short term move will be to use aDAI (and/or aUSDC) instead; apart from further strengthening our relationship with Aave (and letās be honest, to earn more from the affiliation) aDAI is easier to work with and also less risky for the protocol which will ease the mainnet launch.
The next versions will support a jUSD, wrapping many other stablecoins including cTokens, will allow us to have multiple liquidity providers and will decentralize the Relayers by introducing our staking mechanism.
$JRT
JRT reached a new ATH at $0.16 and even at $0.22 on some low liquid (manipulated?) centralized exchanges.
Reminder: only take into account the price from DEXs (Idex, Uniswap, Bancor and Balancer). We will be adding some CEX to that list this summer, as you know :)
The number of addresses holding JRT has increased to 1.7k.
Finally, the $JRT is officially listed on Bancorās UI.
š± dApps
Jarvis market
We finished all the task from this sprint! Like every week you can check the end result here.
Jarvis Exchange
https://jarvis.exchange (coming soon)
We have completed the very first simple UI, you can see the code here.
Next step will be to deploy this interface instead of the current one (https://kovan.jarvis.exchange) and then to integrate Paraswap.
Jarvis wallet
This week we had different discussions on how to move forward with the mobile application and we are exploring another approach, faster and cheaper: to use the mobile as a data-locker, key management, and universal login device instead of having a full mobile application, and to use Unilogin+WalletConnect to connect to the web wallet.
You will have an application which generate and holds the private key on your phone and deploy the Gnosis Safe contract. Whenever you want to interact with a dApp like Jarvis Wallet, Exchange or Market, you simply scan a QR code or use a deeplink, or Unilogin.
This could allow us to go-to-market waaay faster and cheaper, we are now discussing this possibility internally as we could reuse all the work previously done on Jarvis market (as we will use the same graphic library https://www.chromatic.com/library?appId=5e996bcb06bee2002261205e) and the job done on our burner wallet (https://hello.jarvis.money/ do not send money there unless you know how to extract the private key, the relayer for meta-tx is not up and running).
š±āš MISC
Liquidity program
Liquidity skyrocketed and now more than $3.5M sits across 3 protocols ($620k on Uniswap, $2.4M on Balancer, and $480K on Bancor).
This drastically reduces slippage which is now almost non-existent for orders below $20k.
The overall results are astonishing, and validate the role of these programs!
We even got to the top 10 on Uniswap v1 (dirty secret: it is mostly because most of the big pools moved to v2).
3 new pools with 70/30 ratio were added to the Balancer reward program: JRT/WETH, JRT/USDC, JRT/DAI. This way you can farm more $BAL as $BAL rewards are greater on 70/30 pools than on 90/10 ones.
We started working on new algorithms for reward distribution in the fairest way, according to the amount of JRT provided, and time-weighted; Uniswap and Bancor ones are finished, Balancer is yet to be done. Once the algorithms are up and running, we can launch the Cambrian phase :)
Sponsoring Program
Jarvis sponsoring started a slow recovery after last week bloodbath. At the moment pool holds more than $400K in stablecoins, that generated $200.
Recruitment
Like last week, we spend a LOT of time to review candidates, job interviews, technical evaluation, etc. We are pretty confident that we can find very good full-stack devs, it a bit harder of course to find someone who knows solidity and blockchain, but we will get there.
AMA
Apart from conducting AMAs across different telegram communities, we did our own AMA, where we talked about Jarvis as a whole and answered the questions provided by the community. You can watch the recording of the stream here:
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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