Lum — Launching on-chain Rewards & Reviews
Traffic is being ramped-up, full production should be reached during Q2, rewards are being tested in iso-production mode
You were many to notice new traffic on both the Lum Network main-net and the Osmosis Liquidity Pools, time to breakdown what’s happening, what it means for the Lum Network and where we are heading!
Reviews traceability & transparency
As detailed initially in this article, the launch of the full on-chain reviews stamping is live and both Lum Network and Skeepers teams are ramping-up the traffic on a weekly basis 🚀
You may have seen this kind of transactions…
Yet we are careful and doing things slowly. And we were right to be cautious before releasing such a massive volume too quickly. As a reminder, we will at the end of this ramp up phase add millions of reviews each month on-chain.
The first time we increased the traffic up to thousands of transactions per minutes the network began experiencing heavy latency and validators missing blocks. This is due to the Beam module design which must be patched prior to increasing the traffic.
We are currently wrapping up a network upgrade to improve the Beam module and ensure a better network stability prior to increasing the current traffic.
Upcoming explorer update
The new Beam display for reviews has already been teased in this tweet and it will be released shortly alongside the network upgrade. Thus enabling everyone to browse, explorer and verify user generated content such as reviews as well as their associated $LUM rewards 🤩
This explorer feature shall also become directly accessible from Skeepers interfaces in the near future for all on-chain reviews to increase user trust in the content they see online 🤝
And speaking of $LUM rewards…
One of our most expected features! Since rewarding millions of users for their time, creativity and content is nowadays expected by both retailers and end-users.
The feature and the underlying systems are currently being tested in iso-production mode, a set of retailers has been granted access and simulations are on-going.
Meaning that retailers are not actually being charged while we test and validate the behaviour of both the Lum Gateway and the Liquidity Pools swaps (more details in the last section of this article) according to actual production traffic.
Lumki gets a new look
After months of preparation, it appeared during focus groups that people confused Lumki, Skeepers, the Lum Foundation and their business affiliation.
In order to clarify this topic and avoid further confusion for end-users the decision to rename Lumki into Skeepers Rewards appeared to be the best path moving forward!
The update will be rolled out in the coming days alongside the full integration of the Lum in the core application for both retailers and customers. Moreover, the mobile application will be deprecated in favour of the web application, thus enabling easier integrations with other Lum Network tools and services.
Lum Gateway — Custodial wallets and atomic swaps
The Lum Gateway is one of the most critical component of the Lum Network ecosystem. It is dedicated to businesses to interact with the decentralised layer using simple technical integrations.
And this comes with the need to manage custodial wallets, the associated transactions processing as well as atomic swaps between $FIAT and $LUM assets.
The above graph shows the current implementation status of the Gateway interactions with both Lum Network and Osmosis:
Experimental Feature #1 (blue)
Feature used to send $LUM rewards from retailers to end-users using fiat currency as input. It is experimental for now and only used as a simulation of what will happen once fully available to retailers.
- Rewards are paid in $FIAT by retailers throughout Skeepers integration
- $FIAT rewards requests are batched to buy LUM on Osmosis
- At the time of writing those requests are processed using the LUM/OSMO Pool (#608) and may move to the LUM/UST Pool (#615) once the feature is considered stable and ready for real production use
Experimental Feature #2 (purple)
Feature used to withdraw $LUM rewards for end-users and get fiat currency as output once they reach the $20 worth of rewards threshold (Skeepers Rewards withdrawal protection).
- To experiment the upcoming release of this feature we currently simulate withdrawal as if they happened instantly (hence the asynchronous but instant trigger of the “batch sell” action)
- This ensures that we do not affect market price nor deplete our current hot wallets during the experiment while keeping an iso-production configuration
- Similar to experimental feature #1 we use the LUM/OSMO Pool during the iso-production phase
Those two experimental features are inherently dependent of one another and will move from experiment to “real” production at the same time. This is scheduled to happen during Q2. ETA might vary depending on business, technical and operational challenges.
As soon as this goes into full production, the following changes will happen:
- Batch Buy of $LUM will be enabled for all merchants upon requesting $FIAT rewards transfer to end-users
- Batch Sell of $LUM trigger will be upon user reaching the $20 threshold and making a withdrawal request
Where we are heading
The Lum Network team has been heavily focused during the first quarter of 2022 into launching the Skeepers use cases into production. The challenges were many but enabled us to create resilient and re-usable tools for future partners.
During Q2 we will be focusing on:
- Moving Skeepers use case from partial production to full production
- Scaling the team and our network of contributors
- Preparing the upcoming arrival of new applications that will launch their services on top of the Lum Network
We are hiring
The Lum Network is hiring!
We are looking for skilled, agile and motivated people with a passion for decentralised systems and their mass adoption 🤩
Checkout our job openings here ➜ https://jobs.lum.network
Join the community
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- Telegram: https://t.me/lum_network
- Twitter: https://twitter.com/lum_network
- Discord: https://discord.gg/KwyVvnBcXF
- Newsletter: https://lum.network
