Prepare your swimsuits, the Melon team is (finally) ready to take you to Paros!
No, we are not at the beach, but we are very excited to announce the long-awaited Paros release (Manager Interface+ Smart Contracts v0.8).
The Paros Olympiad will start on Tuesday, July 24th 2018 (exact time will be communicated soon).
To keep it short, here are the features you will be able to try out during Paros on the main net or now on the testnet (melon.fund):
- Paros Asset Universe: ANT, BAT, DGD, DGX, GNO, REP, ZRX, REQ, WETH, MLN, MKR, DAI, KNC, JNT, OMG, NMR
- No risk management restriction
- Fund managers can trade on OasisDex and 0x, with orderbooks from Radar Relay and ERC dEX. There will be no trading fees on both 0x relayers; for that occasion ERC dEX decided to waive all of their fees ❤ (read more about this here).
- Aggregated orderbook served through our GraphQL api (live-graphql.melonport.com and kovan-graphql.melonport.com)
- New trading form
- Option to set the gas price: please make sure to set the gas price accordingly to the ETH Gas Station recommendations if you wish to see your transactions go through in a timely manner.
- Web app on IPFS (suitable for Kovan, not recommended for main net) and Electron app (RECOMMENDED way to access Melon on the main net).
Melon Manager Interface: access
- PAROS KOVAN: Paros version deployed to the Kovan test net is already available at melon.fund.
- *RECOMMENDED* — PAROS OLYMPIAD LIVE APP (requires synced main net parity node): download the latest version of the app from the Melon github. DO NOT DOWNLOAD ANYTHING FROM ANY UNTRUSTED SOURCE. OUR TEAM WILL NEVER SEND YOU ANYTHING TO DOWNLOAD. TRUST NO ONE. The only trusted source to download the Melon Manager Interface app is from here: https://github.com/melonproject/melon-lab/releases/tag/v0.8.2.
- *NOT RECOMMENDED* — PAROS OLYMPIAD LIVE WEB : the Paros Olympiad version is deployed to the main net (You can use this version only if you are whitelisted with Bitcoin Suisse) and will be available at olympiad.melon.fund on Tuesday.
When Paros goes live, participants are strongly advised to download the Electron app from the Melon Github. The version on olympiad.melon.fund is not a recommended way to access Melon on the main net.
Users who just want to play around with the software with test money can do so on the Paros Kovan version on melon.fund.
Instructions for the Melon Olympiad: Paros
Paros is open to all participants who have undergone the KYC process with Bitcoin Suisse and whitelisted their Ethereum addresses generated on olympiad.melon.fund.
Please note that the rate has been adjusted to 38 MLN per ETH contributed due to market conditions.
Our very own Hansen Wang made a demo video to walk you through the steps you will have to take during Paros:
In order to ensure the highest level of security and performance, we strongly recommend you to download the Electron app and to run your own parity node. You can find the instructions here.
Before we start, make sure you have either one of the two options ready.
- Your mnemonic phrase (12 words seed phrase) or
- Your JSON file + password
In order to contribute ETH to Paros you need to first fund your wallet with the desired amount you want to contribute. In addition, you need to have a bit more ETH in your wallet to cover the gas costs for setting up your fund, register in the competition and (if applicable) to trade. It is recommended to have at least 0.2 extra ether in your wallet.
Step 1: On Tuesday, at the beginning of the Paros round, download the latest Melon Manager Interface here, v0.8.2 PAROS. Alternatively, you will also be able to access Paros in the browser on olympiad.melon.fund (although not recommended as not secure).
Step 2: Open the Melon Manager Interface (or olympiad.melon.fund) and press “Setup fund”.
Step 3: Import your wallet either by importing your mnemonic phrase or by uploading your JSON file and decrypting it with your password. You can see your public address on the top right of the page, together with your ETH balance. Your wallet needs to be the whitelisted wallet on Bitcoin Suisse, otherwise you won’t be able to create a fund. In terms of the Melon protocol, this wallet will act as the owner wallet of your fund (so called manager address), which you will create in a minute.
Step 4: Read and agree to the terms and conditions (it is really important that you read them before starting since they may have changed since last time you read them).
Step 5: Choose a name for your fund and press “Setup fund”.
Step 6: You are now at the contribution page. Put in the amount you want to contribute to the Paros smart contract. Below, you will see the estimated amount of MLN tokens that will be invested into your fund by the Paros smart contract (the conversion rate is fixed at 38 MLN tokens for 1 ETH). Make sure that you have enough ETH to cover the gas costs. Once you are ready, please press the “Contribute” button to send ETH to the Paros smart contract. The contract, in turn, will invest the equivalent amount in MLN to your fund.
Step 7: Your fund is now deployed to the Ethereum main net and funded with MLN tokens.
From this point onwards, you are free to do what you want. You can see the basic information about your fund in the middle. Your fund is denominated in WETH. There are two options:
- Keep the MLN tokens. In this case, you do not need to do anything until Paros ends (you can see the official end date/time in the top right corner). Once Paros has ended, you will have the option to claim your reward and redeem your shares, which will transfer all MLN tokens of the fund to your wallet address.
- Trade. If you would like to test your fund management skills, you can do so by trading on the decentralized exchanges we have integrated (OasisDex, Radar Relay, ERC dEX). As all assets are quoted against WETH, if you want to diversify your portfolio, the first trade you need to place is to sell some of your MLN tokens against WETH.
Our team will be available on our Telegram channel to answer any questions and help resolve issues that might arise during the Paros Olympiad. Please keep in mind you are participating in the testing phase of a bleeding-edge technology.
Melon team ❤
ps: if you haven’t synced your Parity main net node, it’s not too late — https://www.youtube.com/watch?v=Wp5DAFWfc8U
This blog post is subject to change as the research & development phase is ongoing. Melonport will aim to update blog-posts regularly to represent our latest thinking on a best-efforts basis but there may occasionally be time-lags between latest thinking and updated documentation. With this in mind, the author of this blog assumes no responsibility or liability for any errors or omissions in the content of this blog.