Newsletter, June 22nd
š„ What happened last weekā¦
- $1.4M traded through Margineum this week
- Deployment of Opatija: Synthereum and Erwan are live on Kovan
- Poll: what to do with the $COMP and $UMA tokens that Synthereum will collect?
- $jDAI value proposition expands thanks to liquidity mining programs
- JRT reached a new ATH at $0.095
- $38k of crypto purchase facilitated through Jarvis Wallet
- Added support to more web3 providers for sponsoring dApp
- New reward program launched with Balancer
- Gitcoin grant for Jarvis Network is open
This week we did not do a lot, since we were on a retreat with the team half of the week. However, this newsletter is quite exciting as we will discuss about liquidity mining of $COMP, $BAL and $UMA token as well as a bit more info about our $jDAI token.
šØāš» Protocols
Margineum (Margin Protocol)
The weekly total volume traded through Margineum is $1.4M. There is only one active trader now.
We did not progress yet on the protocol as we are still a small team and that we focus our resources toward Synthereum and toward the reward programs algorithm and dApps. Our new hiring campaign has started to address this issue and hopefully, it will be resolved soon.
Synthereum (Synthetic Protocol)
This week, Will and Alessandro worked together on resolving the issue we mentioned last week (for the one curious, you can read the conversation in the UMAās Discord channel).
As we fixed it, we were able to deploy Opatija: Erwan and Synthereum are now live on Kovan!
We are now working on deploying a temporary UI to do some testing. Erwan consumes a lot of resources as it sends more than 100k requests per day which is the upper limit of our Infura free plan. Time to change :)
Unless you have lived in a cave, you may have heard of the new trending keywords āliquidity miningā.
Synthetix has experienced this for a year now, and we have been following their path by launching various āreward programsā (that we could rephrase for liquidity mining to increase the SEO) which reward with JRT the users supplying liquidity on Uniswap, Bancor and now Balancer, or who are redirecting their interests with Aave.
Now, Balancer with its $BAL, and Compound with its $COMP are incentivizing users to use their protocol by distributing them a fair amount of their tokens.
And it works incredibly well. Thanks to the price of the $COMP pumping hard this week, lenders on Compound may earn ROI from 60 to 160% per year! As a result, for the past 7 days, Compound attracted $400M of capital, and dethrone the king Maker in numerous places: it is now the protocol with the largest TLV (Total Locked Value) and the DeFi token with the highest market cap.
Balancer is also positioned to overpass Uniswap in term of TLV and in volume, thanks to both its value proposition and its liquidity mining program, and we may see the $BAL token following the same path.
We also saw UMA planning on joining the party. A new trend is starting, pumping the entire DeFi space.
How Jarvis benefits from this? Well, Synthererum is built on the top of UMA and uses cDAI as collateral; therefore, the protocol will receive these $UMA and $COMP; we also plan to add aDAI as collateral as well as using Balancer to create perpetual synthetic assets (this is not the case in the current version of Synthereum) or to use Balancerās pools as collateral (like PieDAO is doing with their BTC++ and USD++); this would allow Synthereum to receive $BAL as wellā¦
The question is: what to do with these $COMP, $BAL, $UMA (and maybe $LEND?) to benefit the ecosystem the most? We did a poll on Twitter to have a first input, but this will need to be seriously discussed this summer on Discord. There are many possibilities. The most exciting one would be to keep some of these tokens in the Jarvis DAO, allowing her (our DAO is a she) to become a key actor within DeFi. We also think our DAO should hold a significant amount of BTC, but this is from another time :)
In any case, it sure is a very strategic advantage for Synthereum! This will make our $jDAI one of the most exciting shade or DAI to hold: liquidity providers in Syntehreum will receive $jDAI, an interest-bearing Dai accruing interests, commissions, and probable $COMP and $UMA tokens.
We still have not written anything about the jDAI; but the cool thing about it (apart from its name) is that it will allow jDAI holders to earn up to 3x more interests on their DAI than if they were depositing them in Compound or Aave only.
This is due to the unique design of our Synthetic assets: users deposit 75% of the collateral, while liquidity providers deposit the 25% left; the accrued interests of the collateral are redirected to the liquidity provider; it means that they deposit 25% but earn interests on the whole 100%.
$JRT
This week we reached an all-time high again, almost touching the 10 cents psychological resistance level.
The JRT becomes more and more liquid as well: around $1.5M of liquidity sits across the various liquidity pools where the JRT is listed. One month ago, buying $11,500 worth of JRT was moving the price up to 25%; now one can buy 10x more for the same slippageā¦
Great news, Zapper.fi now fully supports JRT: you can view your balance as well as your Balancer and Uniswap pools, and you can even do cool things such as adding liquidity on Uniswap with only DAI, wBTC or ETH, or such as rebalancing your Curve pool into a JRT pool :) Go to give it a try on https://www.zapper.fi/invest.
š± dApps
Jarvis market
We fixed many UI issues this week but we could not do too much due to our team building.
You can see the last updates here: https://5eeca18a2ee05fca797d6c5f--jrv-market-ng.netlify.app/
Jarvis wallet
As we mentioned before, we now have the financial capacity to hire a team that could build the mobile wallet. We are actively discussing with several companies and teams of freelancers and we take this process very seriously as we had very unfortunate experiences with 3rd party developers before.
In the meantime, we continue designing the different UI elements and colour themes (dark, light, and night mode) and continue working on the wireframes.
This week, our partner Ramp Network shared with us the amount of dollars of purchase that we have facilitated through the beta wallet: $36k!
These almost $40k worth of crypto have been bought free of any commission, entirely thanks to YOU, our community, through the Sponsoring program. You can see the transaction here, from our Company wallet.
Jarvis Exchange
https://jarvis.exchange (coming soon)
We have progressed accordingly to our time estimations for the first version of the Jarvis exchange.
Sponsoring dApp
https://sponsoring.jarvis.network
We have added support of many web3 wallet providers like Portis, Fortmatic, Coinbase wallet, and etc. This may allow more people to get into the program as well as leveraging from Portis and Fortmaticās community.
We also made some small improvements to the UI; it worth to mention that this UI is not the final one. We have added the support for the new version of the WalletConnect, we invite everyone to try it out on your phone.
As for the audit for the v2, it has been started this week.
š±āš MISC
Liquidity program
The different pools now hold $1.4M of liquidity with $400k alone in Uniswap, $150k in Bancor and an astonishing $875k in Balancer, the last protocol to benefit from our Liquidity program; please read the following article:
The way Balancer works allowed us to have huge liquidity pretty fast; however, do not be fooled by the number since firstly, you can have 90/10 pools (deposit 90% of JRT and only 10% of USDC), so it is quite easy to achieve such huge numbers, and secondly, it does not mean that the slippage is lower than on Uniswap (we talk more on that in the article).
Sponsoring Program
The total amount deposited as well as the interests generated this week increased to respectively $613k and $349.
However, during the week, we saw a withdrawal from few whales, who decided to deposit in Compound to leverage from their liquidity mining program; it will be reflected in the total amount deposited next week.
It means our program is now in competition with Compound. As a result, we will launch soon a Sponsoring program on Compound, which will allow users to receive both $JRT and $COMP token.
Gitcoin Grant
A new round of Gitcoin grats started, and we are also taking part in it. With our recent success in raising funds, we do not need this grant as much. So we invite you to check all the other cool projects there (for example ā Paraswap, Mooni, and Aleph), and if you have DAI left, drop us some, since we still need more:
Recruitment
We have received a significant number of candidatures and shortlisted some, but then again itās a long process.
Teambuilding
Stefani found an amazing place for our team building in Bulgaria. Unfortunately, not all the team could join due to the current sanitary situation.
It was a nice change in pace after these crazy months. we posted some pictures on our Instagram :)
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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