Saffron Weekly (03/09/22)
What’s new in the week of 3/09/22–3/15/22.
Russia and Ukraine dominate the headlines as the stock market teeters in uncertainty and gas prices rise across the country. While the future of the current geo-political climate is anyone’s guess, over at Saffron we’re able to start revealing a few things we have been quietly working on behind the scenes over the past few months. With crypto pumping in response to Biden’s executive order, I can’t think of better timing to announce:
Saffron Finance joins the Chamber of Digital Commerce
I’m proud to announce that Saffron Finance has joined the Chamber of Digital Commerce — the world’s first and leading trade association representing the digital asset and blockchain industry. The Chamber represents over 200 member companies alongside legislators and regulators in Washington D.C. across the following three pillars that will massively benefit Saffron Finance:
- Policy & Advocacy — Working with policymakers, regulators, and members — including working groups and task forces that focus on AML, Securities Law, Tax, Accounting, Mining/ESG, and CBDCs.
- Connections & Partnerships — Providing a network of stakeholders to help advance the protocol.
- Education & Thought Leadership — Offering a venue for members to learn about the most dynamic aspects of the industry, in real-time. This includes positioning members as experts and providing opportunity to showcase their work.
The Chamber works in close coordination with government to develop a pro-growth environment, bringing policymakers and Chamber members together to promote innovation, job creation, investment and positive social impact.
It is no secret that cryptocurrency will find itself in the cross hairs of regulations in the near future — as it is a necessary part of continued global adoption — but it is critical that we do everything in our power as an industry to ensure that these regulations are fair, promote technological innovation and job growth, and are not unnecessarily heavy-handed. I’m sure plenty of crypto users are aware of the amount of misinformation and inaccurate stigmas surrounding the industry, and the value of the work that the Chamber is doing to help better educate policymakers in DC cannot be understated. Veterans of Saffron Finance know our team is notorious for having a long time horizon and taking methodical steps to ensure continued, long term success and establishing ourselves in the Chamber is one such step. In our view it is imperative that we are closely connected to having a voice and representation in Washington, to be able to adhere to regulations as they come, and to help combat some of the stigmas surrounding cryptocurrency and blockchain technologies. In that regard, Saffron Finance is honored to join the likes of MicroStrategy, BlockFi, Binance, Ripple, Circle, Winklevoss Capital, and so many other industry powerhouses that represented by the Chamber. We’ll have more to discuss on this front at a future date.
Saffron Town Hall
It’s that time again — we’ll be putting together another town hall where users can ask Psykeeper, Turpintinz, myself, and other team members questions about the past, present, and future of Saffron Finance later this month/early April. We’ll be announcing the date and venue of this town hall soon, so be sure to check back then.
New Governance Temperature Check
Some of you may recall the rollout of one of our new experimental pools on Harmony that we talked about in February — these are special pools that have fixed deposit caps, are unaudited, and are made for testing as long as beta testers are able to understand the risks. This inaugural pool has inadvertently turned into the perfect use case for DeFi insurance. On March 4th it was brought to our attention in the Saffron V2 beta telegram that a recent setting change of the HolyGrail master chef contract prevented Saffron users from depositing or withdrawing — effectively locking Saffron users that joined the experimental pool out from accessing their funds. Normally most users that found themselves in this scenario would unfortunately be out of luck when it comes to rescuing their funds or getting compensated. However, thanks to Saffron Finance’s insurance tranching mechanism, we will be able to demonstrate the necessity of a protocol like ours (especially when dealing with more customized pools) by having Saffron use the
sweep_erc function to recover USDC from the insurance fund.
sweep_erc is an emergency function that allows the Saffron adapter contract to transfer USDC to another contract that would be used to distribute USDC to depositors who have their current HLY funds locked.
After this, a smart contract will distribute funds to make users impacted by this whole. As of right now with the current implementation of the claim process, it is dependent on using our governance forum to approve claims. For more information on our governance structure, please check out this tutorial video.
You can participate in the governance discussion by going to the link highlighted in the Twitter post above or by clicking here. I encourage everyone to sign up for the governance forum, we will be starting to rely on it a lot heavier in the coming months as we have new integrations and proposals on the horizon.
Saffron releasing soon on KCC
After the long wait it’s almost here, and we appreciate your patience while we ensure that everything is set for Saffron V2 launching on KuCoin Community Chain. Barring any development hiccups, users can expect us to be live on the chain this month.
Make sure to tune in next week for a very exciting development in Saffron’s education initiative, Saffron Academy and the website at large. See you all then!
Web3 app: https://saffron.finance