Newsletter, May 2nd
🔥 What happened last week…
- Volume traded on Margin Protocol reached $920k
- A new taking mechanism for the JRT through Synthereum
- The revamping of the Jarvis market trading platform is on track
- Sponsoring pool holds $90k and subsidizes a purchase volume of 800 USD per day
- JRT price reached an all-time high $0.011
👨💻 Protocols
Margin Protocol
The activity of a few motivated traders was enough to put Jarvis Market back the business this week; they scalped and did a lot of intraday trading on indexes reaching a total volume of $920k. We noticed an issue in the calculation of commission on indexes as you can see on the screenshot. The fees were x10 lower than what they are supposed to be. This will be corrected.
Synthetic Protocol
Will have identified a new issue that will postpone the testnet delivery for at least a week or two.
This issue finds its source in a design conflict between UMA’s priceless contract and Synthereum liquidity pool. We already talked about one issue related to that few weeks ago that has been addressed.
This new issue creates a possible vector attack against the LP funds if a user were to mint jToken outside of Jarvis UI and acted maliciously: they could deposit just 10% and force the LP to deposit 100% (instead of the opposite).
Even though the introduction of leverage is on our roadmap, it is not expected behaviour on the v1. After discussions with Alison and Will, the only viable solution would be to create an off-chain bot, an order book matching users and LP funds and eventually refusing malicious orders.
Unfortunately, it adds a centralised layer and therefore a single point of failure and of censorship. This layer will need to be decentralized in the future, providing a new opportunity for the network validators and for staking JRT.
The bot should take a week or two to be developed.
After that, a few things will need to be finished concerning the UI.
📱 Applications
Jarvis Market
The first two weeks sprint of work has been done. Monday a new two weeks will start and we will now focus on modifying the platform background and add the burner wallet design within the platform.
After that, the UI should be finished and we can release the new design; we will then focus on working on the performance of the platform and fixing the few issues that are still unsolved.
In the meantime, we started working on the user knowledge base, a series of articles about how the platform works, how to use it, the risks involved etc.
Jarvis Wallet
The Unilogin team works on the requested missing features of our wallet and have set a deadline for the end of May. This new feature is the missing piece of the UX puzzle: it will allow gasless transaction (so no need anymore for ETH in the wallet to pay gas) and to subsidise some fees like the wallet deployment to increase the overall user experience.
🐱🏍 Business
Reward programs
The liquidity reward program continues to amaze us as we are getting closer to the $100k liquidity depth milestone. We now accumulate $90k across Uniswap and Bancor.
The sponsorship reward program also shows a massive growth with the first big deposit above 10k, making the whole pool close to $90k. This pool now generates enough interest to subsidize the no-fee purchase of 800 dollars every day.
The work on the V2 of the sponsoring pool is almost finished. It will greatly increase the UX and adds more stablecoins. It will also calculate the rewards automatically, as for now we do it manually every Wednesday and these rewards will need to be claimed. A V3 will include more features, including JRT staking and more data to be tracked on-chain.
JRT
We reached our all-time high since listing at $0.011!
A (not) funny story
This week we got banned by our bank, and we found it out the hard way: they sent a mail (in 2020) to our empty office (quarantine…) to deliver us a 1-month notice without even making sure if the recipient receives it.
Obviously we did not get this mail and we understood that our bank account was closed at the end of the month, one week before having to pay salaries, offices, etc.
Fortunately, we had taken precautious measures several months ago since we were already banned from our previous bank and we had open a backup bank account.
Funny enough we received this news at the same time as we were writing our knowledge base about how smart contract can be riskier than a bank.
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.
