Newsletter, May 24th
🔥 What happened last week…
- $15M traded through the Margin protocol
- Token utility and economy published
- Gasless transaction live in the Jarvis wallet
- JRT price gained +340% after a huge shoutout
- Both reward pools overpassed $100k
- Private sale collected almost 200k
It was one of the most insane weeks at Jarvis! JRT price and volume exchanged skyrocketed, we received an incredible amount of attention, almost reached our private sale soft cap, been listed in few exchanges… all of this after a couple of posts on Reddit and 4chan.
More details at the end of this newsletter.
👨💻 Protocols
Margin protocol
While we slightly overpassed the $15M milestone traded through the protocol, we continued working on the funds mapping in the smart contract the first step needed to drastically increase its security and trustlessness.
In the meantime, we have accepted to welcome a new liquidity provider who just started its onboarding process. It will take up to two weeks for the LP to open an account with its broker, from where the prices will be sourced and where it will hedge its exposure; this new LP will provide better pricing on some instrument, smaller ticket size, higher leverage, but most importantly cryptocurrencies trading! Then, as the beta version has only be designed to work with a single liquidity provider, a lot of work will be needed to build an API abstraction layer to easily plug new price source in the future.
Synthereum (Synthetic protocol)
Everything (almost) is finished from the smart contract to the simple dApp to allow anyone to mint EUR, CHF and GBP priceless synthetic assets on Kovan. We will be preparing an article to highlight how do the priceless contract and the relayers work and unveil a more detailed roadmap for what could become one of the most valuable pieces in our ecosystem and a certainly valuable building block for DeFi.
(Almost) = we initially did not want to use the relayers to withdraw collateral, but it actually creates an issue for the liquidity provider who would like to hedge their exposure using the Margin protocol; we would need few more days to add the relayers to the redeem function.
JRT
This week we published a highly requested article to highlight the utility and the token economics around the Jarvis Reward Token. We invite you to read it and ask questions in our #jrt-token channel on Discord.
But the biggest news of the week is the 340% price movement from $0.008 to $0.042, before stabilizing around $0.025. More details about this crazy spike at the end of this newsletter.
📱 dApp
Jarvis market
We continue to make progress to the trading platform that you can track on our testnet version and our graphic library and adding new changes to the demo version.
Something worth to be noted: we noticed a small organic growth of users despite the fact of the unfinished product in beta. A couple of new traders joined this week: one currently trading with IG and who will move on Jarvis market to trade DAX, and few more after one of the most active Jarvis market’s user create a small group dedicated to day trading DAX as well.
It is quite pleasing to see users of our small community starting to use the platform.
Jarvis wallet
Gasless transactions are finally done! You now can pay the insanely-high-transaction-fees-on-Ethereum in DAI to deploy the wallet, send transaction, create a recovery key or connect another device.
Go give it a try! https://beta.jarvis.network and if you do not have DAI, enjoy our integrated 0-fee fiat-onramp.
It is a WEB WALLET, so even if the smart contract are secure (built on the top of Gnosis Safe) the private key is stored in your web browser; this is why we kindly ask you to do not hold more than $5 there. You can of course buy few hundred or thousands of dollar worth of Dai or Ether, but do not let your funds sleep in the wallet: there is no pin code, no password, so anyone who could access your device could access your account, and if you erase all your browser data you might lose access to your account if you did not generate a backup key or if you have not added another device.
As we say last week, it is also possible for the Jarvis wallet to subsidize the fee and provide an Argent-like fee abstraction wallet. This feature would not be added to the web version for obvious reason but will pave the road ahead for a great user-friendly mobile application.
🐱🏍 MISC
Rewards program
This week both reward programs overpassed $100k in deposit!
- Uniswap v1 pool now holds $131k (with a peak at $ 140k) and is now the 31th biggest pool. Uniswap launched v2 this week, but we decided not to move there as it will dilute the already low liquidity. Only LPs in the v1 are eligible for the reward program.
- The Aave sponsoring pool reached $112.5k and generated $78.66, allowing us to finance $4.5k of crypto purchase.
We are pleased to see the community feedback with the reward program. However, in the light of the recent surge of the JRT price, we might need to adjust the sponsoring pool rewards which became too rewarding this week, reaching 150% in some instances while participants take less risk than the one in Uniswap (who could lose their JRT due to the impermanent losses); therefore, we might increase the Uniswap LP rewards and decrease the Aave’s one.
A crazy week…
Just one chart:
It all started last week when after our AMA session with Gains Associates, in which our project was noticed by few gems hunter who happened to be very followed and know how to raise the awareness around a project. Last Monday, he/she/they wrote a post about Jarvis on 4Chan which has later been shared in Reddit; by comparing Synthereum to Synthetix (which has a $80M market cap) they presented JRT as a future x100 token.
After that, a lot of long term and short term investors rushed into Uniswap to grab some tokens, and the crazy week started.
As it was expected, such attention brought some P&D (pump and dump), the $JRT tag was all over on Twitter, our token went on trending on Coingecko two days in a row, and we even got our first memes inspired by Iron man.
We received dozens of listing proposals that we have declined. However, 3 exchanges decided to list JRT on their own; we do not encourage or disavow you to trade on those exchanges, just keep in mind that we do not know them, their reliability, security etc.
This sudden highlight helped us attracting capital: within a single week, we raised almost 200k euros (our soft cap) which, added to our current treasury, allow us to have 18 months of a runaway in front of us. The private sale is still going on so do not hesitate to contact us to know about the conditions.
As some of you know, we do prefer to work quietly, without making waves and in the shadows, and only come to the light when we are more than ready, to do not create fasle expectation but rather to surprise everyone. Although, even if I do think that all this attention comes a bit early for us, it got us highly motivated as we saw how many people believe in us and our project, and understand its real value.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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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.
