Newsletter, June 29th
🔥 What happened last week…
- $980K traded through Margineum this week
- A new step on onboarding LP in Margineum
- Our first priceless synthetic assets are live on Kovan
- $2.5M of liquidity for JRT across Uniswap, Bancor, and Balancer
- AMA session planned for 30th of June
- Getting ready to start a listing campaign on few bigger centralized exchanges to increase JRT liquidity and awareness
This week our productivity was affected by a very time-consuming task: recruitment. We have started 3-weeks ago our hiring campaign, and this week we interviewed at least 2 people per day.
👨💻 Protocols
Margineum (Margin Protocol)
980k USD was traded through the protocol this week which is still very low, but there is only one beta-tester left.
A few weeks ago, we started the onboarding of a new liquidity provider, a lengthy administrative process: the LP had to open an account with several brokers to provide an aggregated price feed on more assets that the current LP has, including cryptos. This LP will also be keen on offering more leverage: 20x on cryptos and 100x on indexes; it will also allow to open a smaller trade-sized ticket against a bigger fee.
Margineum is not a permissionless protocol: to become a LP, you will need to pledge your candidature in the future DAO (we may include staking JRT as well), run a “desk node”, deposit capital, and give a read-only access to the API from where the prices are sourced.
Synthereum (Synthetic Protocol)
This week we fixed all the issues and deployed all the contracts on Kovan. Then, like many central banks, we started printing money: jEUR, jCHF and jGBP. We even printed some ounce of gold.
But unlike central banks, we did not print money out of thin air, since our synthetic assets are backed by cDAI.
Do you want to print money too? Go to try it (you need Kovan Dai and Eth for that…. no worry we will build a faucet): https://kovan.jarvis.exchange/.
Since we started working on the protocol a long time ago before the $COMP announcement and distribution, our code has not been designed to redeem the tokens and distribute them… so we will need additional work here. This task will be followed by a few more prior to doing any security audit:
- rewrite the code of Erwan in Typescript (for now Erwan is written in Python);
- make it easier to scale ( add different collateral and price-feed) and easier (and cheaper) to audit by having a more micro-service architecture type;
- wrapping the synthetic assets into a perpetual contract (for now, our assets have an expiry).
After the completion of these 3 tasks, we will have our first audit with reputable firms and independent auditors, followed by our highly anticipated mainnet!
More work has to be done on the liquidity pools structure but this is not a priority at the moment since we will be the sole liquidity provider for several months. Another issue to resolve will be how to mint an asset when its underlying market is closed; we have few ideas already.
$JRT
This week JRT was quite stable around 9.5 cents, it reached a new all-time high at above 10 cents. Since one more centralized exchange (CEX) listed us without our agreement and since our token is officially listed on DEXes only (Uniswap, Bancor, Balancer, IDEX, Paraswap and 1inch), these CEX are the only alternative to DEX to trade JRT. Therefore, we have decided to start considering seriously a listing on a few reputable CEX.
It was something we wanted to avoid, as we wanted to get listed on CEX only after the launch of the project, but the current situation forces us to remain agile and move forward and faster with CEX listing.
Of course we will not give any name or date.
Alongside with CEX listing, we will also need to work on an OTC desk: we are receiving requests almost every day to buy JRT through OTC, ranging from 50 to 250k; we do not have to neglect the OTC liquidity for having a healthy ecosystem and may reassure many investors that they could seamlessly buy and sell large amounts of JRT.
Last week Zapper integrated JRT within their interface: this week, we went through the process of being listed in the UI of Balancer (the Uniswap team does not answer to our request to list the token in their UI for months now…), DeBank, Bancor, and DeFi Pulse.
📱 dApps
Jarvis market
As we said, this week was quite busy for the IT team, fully involved in the hiring process.
Nevertheless, we succeed to complete our 2 weeks sprint (thanks to the IT team who worked a lot this weekend), with new UI elements integrated are that you can view here.
Jarvis Exchange
https://jarvis.exchange (coming soon)
We are still working on the Uniswap-like UI, but you can already play with a very basic UI: https://kovan.jarvis.exchange.
As a reminder, Jarvis Exchange will be the interface to swap any ERC20 tokens including synthetic assets, but also to mint and redeem the latter. We will start with a Uniswap-like UI before to have a “pro-mode” ala dex.ag or dex.blue (both have designed an order-book displaying the liquidity at each prices on Uniswap and other liquidity pools).
Jarvis wallet
This week we discussed with Marek and Alex from Unilogin on how to move forward with a mobile application. Long story short: there are still a few weeks of work on their protocol before to be able to work on the mobile application.
Either them or us will have to work on a SDK to develop a mobile application, but prior to that, they will need to do some changes on their protocol.
- As you know, Unilogin allows sponsoring the gas (pay for our users) but for now it is black or white: either we pay for everything or for nothing; we asked Unilogin to have the ability to decide what we will sponsor (as ex the deployment will be free, but not sending tokens or interacting with DeFi).
- Also, we got great feedback from a colourblind tester who had issues with the colourful emojis; this confirms that emojis are not the best UX choice, so we asked Unilogin to replace it by a QR code and/or by letters and numbers.
Even if we cannot start working on SDK for mobile before these changes are completed, we could start working on some aspect of the mobile application, like integrating designs elements. We will be discussing these matters with the company we will chose to work with.
🐱🏍 MISC
Liquidity program
The JRT has now $2.5M USD of liquidity spread across 3 protocols ($484k on Uniswap, $1.7M on Balancer, and $302K on Bancor).
Thanks to these liquidity levels, you can now buy for $25k of JRT with a 10% slippage and $100k of JRT for less than 20%.
This week Balancer LPs received their first $BAL and $JRT rewards, respectively Tuesday and Wednesday, increasing their ROI a lot. It is so far the most rewarding program for now.
We continue to discuss with the Bancor team to help us migrating from USDB to BNT pool without slippage; they are still working on a proposal.
Sponsoring Program
As expected, this week was a bloodbath: our sponsoring program is in direct competition with several liquidity mining programs for stablecoins, and especially the $COMP one. As an example this week the USDT pool have melted by more than 60%.
A way to fight back is to launch a new Reward program on Compound. We will be working on it, so our farmers will be able to farm $JRT and $COMP at the same time.
Recruitment
This week was mostly dedicated to job interviews, first non-technical and then more technical. The whole process is quite lengthy, especially the technical part, but it is a necessary step to scale up.
AMAs
Recently we have been contacted by many telegram communities that want to do to some Ask Me Anything (AMA) sessions with us. It is actually quite useful: it helps us as we receive a lot of questions we may have not thought about, and it raised the awareness about Jarvis Network.
We will be having our own AMA session on the 30th of June, on our YouTube channel. The goal is to share our plans, visions and challenges with you, that we have highlighted a few weeks ago in the internal meeting that followed the completion of our successful fundraising.
PS: we won’t share a new roadmap as we first need to finish the hiring process.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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