Newsletter, May 9th
🔥 What happened last week…
- Volume traded on Margin Protocol reached $2M
- Sponsoring pool v2 is done and the v1 holds $90k
- JRT price is stable at 0.01
👨💻 Protocols
Margin Protocol
New milestone conceded this week we overpassed $2M of trading volume and $1M just this week.
The work on the protocol update to improve the trustlessness and the security has finally begun. We have outlined 3 major risks to address with this update:
- The first risk is the private key management, as for now, there is a single key (whoever has its control can steal all the funds). We will be moving either toward a multi-signature architecture or toward a technology called MPC (Multi-Party Computation). In both cases, it will require the deployment of nodes, called validators. that will sign and authorize the withdrawal.
- Another risk is that the protocol holds users balance and trade history in a centralized manner. Validators will remove the so-called single point of failure by maintaining a copy of every off-chain trade and user balance before to validate the on-chain settlement. Another approach based on a dispute model combined with IPFS is also considered.
Nevertheless, we are starting to research and no decision has been date so far. It will require several meeting, discussion, and research before to start implementing these changes.
Synthetic Protocol
Due to the issues that were mentioned in the last newsletter, we have to create an off-chain bot that we will call a relayer, and therefore a lot of the smart contract architecture that has already been done and delivered has to be modified. We have well professed on this new task and complete 75% of it.
After that, we will have to work on off-chain relayer which could take up to two weeks.
📱 Applications
Jarvis Market
This week was short but productive. Even though it was a national day off on Wednesday and one of our developers had to take his Friday off for a surgery, we managed to finish two visual elements: the trade management window and the recent activity window.
We also encountered an unexpected issue: the Vietnamese team we are working with made many changes in their codebase which create a ton of conflict in our own code. It took us more than a week to fix everything but it also made us lose a lot of time.
Jarvis Wallet
As said last time, there will be no updates on the wallet for a while.
However, it is worth noticing than some of our community members started to enjoy the integrated free fiat-onramp sponsored by the sponsoring program.
One thing that will need to be addressed is how to make sure that people won’t abuse the system of free commissions? We are pleased to pay for users if they bring value to the ecosystem. We do not want to be only used as free fiat-onramp. All the ideas are welcome.
🐱🏍 Business
Reward programs
Liquidity pools have stabilized around more than 90k USD.
The sponsoring pool now hold around 95k USD and allowed to generate $85.94 this week, which allows us to finance the onramp costs of $4,910 of purchase.
The version 2 of the sponsoring pool is now finished and you can check how it will be way easier than the current version here: https://5eb6a8b89b1349e41229207c--jarvis-sponsoring-pool.netlify.app/
It is a demo running on Kovan, it will go on the mainnet after we have completed a security audit. We are now receiving offers from independent auditors.
JRT
JRT is performing good and keeps steady near our all-time high at a price of around $0.01.
AMA
This Friday Pascal also had an AMA session with Gains Associates a crypto investing group. We would like to thank all the participants and of course the organisers. We will make an article and give more in dept and detailed answers on some of the interesting questions.
This is all for now, stay safe, wash hands and see you next week!
Vsevolod.
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