Newsletter, June 14th
🔥 What happened last week…
- $20M has been traded since inception on Margineum
- A new dApp in production: Jarvis Exchange, to trade synthetic assets
- Uniswap pools enter top20
- Rewards program hold more than 1 Million USD!
- Sponsoring dApp v1.1 added with 3 new stablecoins
- Awareness around Jarvis is increasing
- Jarvis Int. successfully closing the private sale
👨💻 Protocols
Margereum (Margin Protocol)
We did $1.8Mthis week, the total volume since inception overpassed $20M. Keep in mind that it is still in closed beta with a limited amount of users!
Unfortunately this week we did not make any progress on the protocol, as we had to focus our resources on deploying Synthereum and the Sponsoring dApp v1.1. We are hiring to cope with all the work!
Synthereum (Synthetic assets)
This week we worked on deploying the contracts and the Relayer on the Kovan testnet but we encountered an issue as UMA updated their code on Kovan, forcing us to spend some time on adjusting ours. We have yet to wait for them to verify their contract on Etherscan before moving forward with fixing the issues and continue the deployment.
In the meantime, we started working on a better interface to seamlessly interact with our synthetic assets: the Jarvis Exchange.
$JRT
Another crazy week! At the moment the price is close to 7 cents, +600% over the past month; the market cap reached $4M and the daily volume traded is flirting with the million-dollar daily. $JRT was featured a few times in the top gainers this week too.
We are thrilled to see that the number of addresses holding JRT has increased by 50% with more than 1500 holders now. The more the JRT is distributed, the better!
For the record, a fat finger propulsed the JRT to $0.12 this week on IDEX.
📱 dApps
Jarvis market
We are happy to say that all the tasks planned for this 2 weeks sprint are successfully done! You can see the last advancement here: https://5ee0cf738db0aa01ab416541--jrv-market-ng.netlify.app/
We now have to polish the UI, especially on the font-size. Then we will need to clean the code and merge it into production. This will be our goal for the next two weeks.
Jarvis Exchange
https://jarvis.exchange (coming soon)
We are very excited to finally start working on the infamous Jarvis exchange!
Our earlier supporters may remember that the initial project and whitepaper was around an exchange heavily inspired by Abra and sitting on an interoperable network of liquidity pools.
The Jarvis exchange was meant to facilitate the exchange any assets (BTC for AAPL, TSLA for OIL, GOLD for ETH etc.) thanks to a network of liquidity pools interconnected; back then (2018–19) the technology and the Ethereum ecosystem was not ready for such project, so we focused on our Margin protocol and on Jarvis market.
But with the advent of liquidity pools, the compatibility of protocols, unified by Dex aggregators like Paraswap.io and technology framework like UMA, and pushed by the success of Synthetix, we now think it is now the right time to focus on this side of the project.
Jarvis exchange is different from Jarvis Market. Jarvis exchange is a Dex leveraging from Synthereum while Jarvis market is more like a broker leveraging from Margineum.
The Jarvis exchange will be a uniswap-like (simple mode) and order book-like (pro mode) Dex aggregator for the exchange of synthetics and any other type of ERC20. Powered by the Paraswap technology, it will allow converting $USDC, $JRT or $LEND for $jEUR, $jAAPL or $jXAU at the best price of the market. Thanks to the integrating of Ren Protocol and Jelly Market you will even be able to convert your BTC for $jBTC.
Right now, we are building the first version of the App, a Uniswap-like Dex to convert $DAI, $jEUR, $jCHF, $jGBP and $jXAU on Kovan. We will then slowly evolved from here to a fully-featured Dex platform. Do not expect a Layer-2 solution there as we need full composability. Plus, a L2 solution would compete with the value proposition of Jarvis market.
Jarvis wallet
With the recent success of the fundraising campaign, we can change our plan and start working on the mobile application sooner than we expected.
We have started this week to work on the design and the wireframes. Tio, our designer, is tasked with this important mission; in the meantime, we are looking to hire a company to work on the wallet.
As a reminder, the current web wallet has been done and is maintained by Unilogin and ETHworks, and is only to demo the Unilogin technology. Having a mobile wallet will be a huge step for the Jarvis ecosystem.
Sponsoring dApp
https://sponsoring.jarvis.network
Instead of waiting for the v2 (whose audit has started this week), we launched the sponsoring dApp v1.1, which adds 3 more stable coins (TUSD, sUSD, BUSD), Blocknative notification and login system.
🐱🏍 MISC
Reward Programs
Usually, the sponsoring pool takes all the attention, but this week, all the programs broke records and we entered in the top20 of Uniswap!
- Uniswap v1 pool now holds $406k, allowing us to enter the top20. The overall liquidity of JRT sitting in liquidity pools is $550K! From this week, we started to pay the rewards to the Uniswap v2 providers as well. We also launched a new Bancor pool (JRT/BNT) and two pools on Balancer (JRT/USDC and JRT/wETH); until we do not publish new articles and tutorial about it, these pools won’t be part of any reward program. The rewards have been increased by +50% to better reflect the risk taken by the Uniswap and Bancor LPs.
- Sponsoring pool continues its record spree with almost 530K USD deposited, which is roughly 2.5% of all the Aave deposits! However, the rewards have been divided by 2 to better reflect the risk in comparison to the one taken by participants in the Liquidity program.
Altogether, our reward program has more than 1 Million dollars deposited! It is a huge success.
Private Sale
Jarvis International — the entity organizing the private sale — is thrilled to announce that private sale is over and have been oversubscribed. We had to refuse a lot of investors (a problem we wish for every startup).
Despite the huge demand, Jarvis International has decided to stop the sale and instead will provide liquidity across different liquidity pools. It will allow selling JRT to a wider audience instead to sell it to few people, in an automatic way, and at a higher price than with any OTC deal; it will also deepen the liquidity pools; everyone wins.
Thanks to this success, we can look and start working on things and projects that we were unable to do before. For example, we wanted to only focus on the Jarvis market and on Margineum and work on the wallet way later; the same goes for Jarvis exchange. Right now, we can hire a dedicated team for the wallet, and we have already hired a small team in New York to work on Jarvis exchange.
We are also looking to hire an additional two team members to help us here in Sofia with the trading platform and our protocols. Since we are still a small team, and quite frankly, we need more manpower to be more efficient.
Roadmap updated
With all the new possibilities open to us right now, we need to know whom to hire and what to prioritize. So we did a quite a long meeting with our project manager Ilyian, to draft all the things that we have to work on.
It was actually quite exciting and it reminds us of the crazy thing we want to bring to the world. We thought you may like it too, so will be having an AMA session at the end of this month where we will unveil our roadmap with more details.
Awareness
We have been approached by a couple of famous YouTubers in the field, that want to do a video about us. This will show Jarvis to even more people, and we always welcome new community members. We have asked them to wait a bit before to do a video, as we would like first to launch the first version of the Jarvis exchange before.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
The possibilities are limitless
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⛔ 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.
⛔ Disclaimer: This article contains text, data, graphics, photographs, illustrations and information (“Information”) connected with Jarvis International and/or other entities part of the Jarvis group ( “Jarvis”). Jarvis attempts to ensure Information is accurate, however, Information is provided “AS IS” and on an “AS AVAILABLE” 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 “Jarvis Reward Token” 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.
