Unveiling Rivera Money — A Testnet Triumph
We’re thrilled to share the remarkable journey of Rivera Money on the Mantle Testnet. Your unwavering support and invaluable feedback have been the cornerstone of our progress, propelling us toward creating a permissionless liquidity infrastructure for DeFi. Here’s a comprehensive look at our testnet performance, strides, and innovations.
Trailblazing Testnet Statistics
During our 2-month tenure of private and public testnet phase, we witnessed an impressive surge in activity:
- 🏦 Five distinct vaults were deployed & tested during which our contracts handled high-speed function calls meticulously.
- 💹 Cumulatively, 25,000+ deposit/withdrawal transactions and 65,000+ transfers occurred across all Rivera vaults.
- 👥 More than 8,000 unique wallets interacted with Rivera contracts, underscoring the robustness of our ecosystem.
- ⛽️ Rivera transactions on the Mantle testnet consumed a total of ten billion gas units, a testament to our efficiency with one of the fastest-growing modular L2 solutions.
Features Tested and Trusted
Every facet of our vaults was meticulously examined to guarantee seamless functionality upon the mainnet launch:
- 🔐 Three distinct vault types — private, whitelisted, and public — underwent rigorous scrutiny.
- 💰 User-end functionalities of deposit and withdrawal were fine-tuned, ensuring precise computation of vault shares, PnL, and more.
- 🔄 User deposits were strategically deployed into the vault and withdrawals were handled efficiently to maximize capital usage.
- 🛡️ Access control functions for fund managers and vault deployers were rigorously tested, including pivotal administrative tasks like pausing, migrating, and upgrading vaults.
- 💼 Fee management for the protocol and fund managers was scrutinized to ensure stable and predictable revenue shares.
Performance Enhancements: Pioneering Efficiency
With invaluable data from our community and testers, we honed our vaults for peak performance:
I. 💧 Liquid Vault Fund: Pioneering Efficiency
We observed a significant number of withdrawal requests consisting of an amount i.e. less than 0.2% of the Vault TVL. Recognizing this pattern, we implemented a groundbreaking solution. A fraction of the vault’s TVL (<0.25%) is now held within the vault contract. This ensures that for small withdrawal requests, the strategy contracts remain untouched, streamlining the process and substantially reducing gas consumption. The result? A more efficient, cost-effective, and time-saving withdrawal experience without compromising overall fund utilization.
II. ⚡️ Immediate Deployment: Seizing Market Opportunities
In a fast-paced decentralized market, timing is everything. Any deposited amount in the vault is now promptly deployed in the strategy contracts. While bundling solutions exist, we believe in granting our users immediate access to the market. This proactive approach ensures that no favorable market conditions are missed. For v3 pools, we’ve optimized the process, eliminating the need to wait for fixed timelines or strategy events. This ensures that your capital is deployed efficiently and effectively.
III. 🔄 Dynamic Slippage Adjustment: Precision in Action
Liquidity generation in v3 pools demands precision. Correctly estimating slippage is crucial, considering various factors such as TVL share, liquidity in the active price range, and pool TVL share. Failing to account for these parameters can lead to suboptimal utilization, with as much as 5% of capital lying idle. We deployed measures to dynamically estimate slippage values to combat this, ensuring a staggering 99.5% capital deployment in v3 pools. Your funds work harder, maximizing returns.
IV. 🌾 Optimal Harvesting: The Art of Efficiency
Harvesting rewards is a cornerstone of vault-based protocols. Yet, the approach can make all the difference. Traditional time or reward-based methods, while effective, fall short of the hypothetical continuous compounding scenario. We’ve pioneered a dynamic harvesting factor, derived from solving the total Annual Percentage Yield (APY) using a partial differential equation. This factor considers real-time harvesting costs, ensuring principal compounding with minimal gas fees. Our automation module handles the intricacies, triggering harvesting when needed.
5. 📊 Range Rebalancing: Adapting to Market Realities
In the dynamic world of decentralized finance, adapting to market conditions is paramount. Rebalancing the price range based on strategy type and Loss versus Rebalancing (LVR) ratio is critical for generating returns. We employ a dynamic approach, utilizing real-time market data, sentiments, and trading indicators. This allows us to arrive at the optimal range factors, specific to each strategy. By minimizing divergence loss (impermanent loss) while maximizing trading fee accumulation, we strike a balance that benefits every Rivera user.
In Conclusion: Charting the Future
As we wrap up our testnet phase, we stand on the precipice of a new era in decentralized finance. The meticulous testing, coupled with the innovative enhancements, fortifies Rivera Money for a seamless transition to the mainnet. We extend our deepest gratitude to the community for their unwavering support and invaluable insights. Stay tuned as we embark on this exciting journey together.
