Newsletter, May 16
š„ What happened last weekā¦
- Volume traded on Margin protocol reached $10M
- Synthereum v2 and its relayer is done
- Gasless deployment and deployment with Dai for the contract wallet
- $13k of Ether and Dai has been bought with 0 fees in our wallet so far
- Sponsoring pool is flirting with $100k and offers to yield up to 120%
- Our grant application has been accepted by Aave
- Open discussion for increasing the JRT total supply
šØāš» Protocols
Margin Protocol
This week we overpassed the 10M USD milestone thanks to one simple trick: we lifted the restrictions on deposit and order size on the trading platform Jarvis market.
Thatās $100 of fees collected by the protocols and another $100 collected by the LP.
As mentioned last week, we are working on increasing the trustlessness of the protocol to get ready for the official launch. The first task will be to work on the smart contract mapping, to clearly separate users funds from LPās as well as the two commissions pool (for the LP and for the protocol). This is a necessary step to move forward to collect the first fees.
Many discussions this week were around IPFS, which might be both a critical element to secure the way validators will work, and a way to publish verified and trusted data like trading volumes, trading history (so anyone could publish their verified, immutable, and unfalsifiable trading history) commissions collected, etc.
Synthetic Protocol
Synthetic protocol progresses at a steady pace. As we mentioned last time, we had to refactor the contracts to support relayers. The smart contracts and relayer bot are now complete, all that remains is hooking up the UI!
JRT
This week we had long discussions and debates with the community regarding the simplification of our complex bonus design.
It started a few months ago with few members of our community asking us if they could receive 2, 4 or 10 Gold token instead of a single one (so they wonāt need to chose who are their favourite kids for the heritage); then it was few others who voiced that the system was making their investment illiquid; then it was potential investors who could not get their head around the concept, or who could not evaluate properly the value of a single JRT; then it was the arrival of technical challenges, for the DAO, for the fees, for the staking, etcā¦
After few discussions with JRT holders, one of them purposed a simple yet perfect idea: to increase by 150% the fees that JRT holder as well as the token supply, and to convert the Gold, Silver and Bronze token into their equivalence in JRT, so no one will get diluted.
Letās see with an example with two token holders (one having bought their tokens in a token sale, and one having bought then on Uniswap) both holding 22.5k JRT:
- Before, the one who bought JRT in Uniswap had 0.01% of the total supply, and there could collect 0.01% of the 30% fee pool, so 0.003%. The one who bought during the public sale had a Silver token providing him with a bonus of 8.25, so they would collect 0.02475% of the fees.
- After, the one who bought JRT in Uniswap will have his share of the total supply dropped to 0.004%, so they will collect 0.004% of the 75% fee pool, so 0.003%. The one who bought during the public sale will receive 163,125 additional JRT, and will, therefore, have 0.0328ā¦% of the total supply, so they will collect 0.0328ā¦% of the 75% fee pool, so 0.02475%.
As you can see there is no change but the share of the total supply.
We have wrapped all the argument in this document. Read it carefully and we expect to have your feedback.
What does it mean for the participant to any of our sale: you will receive additional JRT insteaf of an NFT. You will therefore have a more accurate valuation of your investment (and most of you will have a very good surprise when you will do the maths).
š± Applications
Jarvis Market
This week marks the end of another 2-weeks sprint. Most of the UI components are done and the platform is getting closer to the final result as you can see it on the demo version: https://app-demo.jarvis.exchange/
Jarvis wallet
The contract wallet can now be deployed with DAI! However, do not use the feature yet as gasless payment (to pay the gas with Dai instead of Ether) has yet to be implemented.
Another achievement this week was the ability to subsidize deployment fees: in the future mobile application, the user wonāt need to pay to deploy their wallet.
The wallet also reached its first $10k milestone: we successfully facilitated the purchase of $13k worth of crypto with zero fees in a month.
š±āš A bit moreā¦
Rewards program
The liquidity pools are quite stable at 85k USD for both pools. The pools barely grow for a month now. To address this issue, we will need to make the pool more accessible (we finally have verified our JRT contract which was preventing the JRT to be displayed in the Uniswap interface, it is now a matter of days before it will appear there). We will also have to make the pool more appealing by publishing more data about their real ROI to attract more capital, and of course, start sharing the protocols fees with the current participant of the liquidity reward program.
The sponsoring pool keeps growing as it is now flirting with 100k USD deposited. This week it generated $75.24. The second version of the UI is finished and is now waiting for its security audit.
Overall we see that people are pretty happy with the program and start sharing their ROI.
The biggest ROI shared by a participant is actually quite impressive: 8.59% since 4 weeks at the current market price, which equals to almost 120% yearly.
Another example, the user with the biggest DAI deposit (13.5k approx.) received 7.3k JRT this week. At the current price this reward worths $73, which is approx a 0.54% weekly ROI / 30% yearly ROI. Better than the 3% they could have made on Aave without redirecting the interests.
Grants
We are happy that our grant request has been approved by Aave. This will help us financing the security audit of the sponsoring pool; we already received few price estimation of such an audit ā 2k to 4k USD. We would like to see more offers to make a final decision and once the V2 is audited, we would launch it on the manner.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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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.
