Everyone knows Sandclock’s development takes place in cycles. To increase the transparency of our processes, we decided to publish our internal end-of-cycle report, as well as projects selected for the new cycle taking place now.
Without further ado…
Past Cycle
Liquity Strategy
The liquity strategy is running on the Mainnet, needed the backend to support it. Current market conditions made us speed up on some PRs. In the end, it was more effort than anticipated, but the backend is in production, the liquidations are happening, and the trailing stop loss order logic is in place.
Multiple Strategy Support
Finish and deploy the redesign that handles multiple strategies. Taking into consideration new concepts like: deprecated Metavaults and strategies, strategy naming and iconography, live and historical data. All in a UI that displays this information in a clear way to the most inexperienced user.
Considerations
While it involved touching on a lot of flows, we thankfully had the time to make the necessary Discovery in previous cycles. As a result, we now have an Onboarding and Dashboard with the necessary components to display multiple strategies. We did have some setbacks; the data structure we were planning to use would make the frontend very slow, so we had to build an API to handle that data from the Subgraph. We also went deep into the inactive Metavaults concept and raised questions, such as what data is important for the user to see, which required more designs and will require more data, which is considered in the new API. With all of these structural changes, we should have a cycle of testing before releasing.
Web3Auth for Users
This integration aims to bring the Web3 experience to Web2 users, and it does so by allowing Sandclock to be used with google accounts (for example), while also providing access to a fiat on-ramp.
Considerations
After discussions with the Web3Auth team regarding security and best practices, we decided to wait until the new version, featuring Secure multi-party computation. It will likely be production ready in January of 2023.
Yield DCA Strategy For Liquity
The Yield DCA strategy leverages the ETH rewards from Liquity to get exposure to ETH while keeping the principal in LUSD. Similarly to other strategies, we send LUSD to Liquity’s stability pool; the LQTY rewards are always converted to LUSD and re-invested, and the ETH rewards we sell only enough to cover the principal. The goal is to keep the yield in ETH and the principal in LUSD.
Considerations
This is very similar to our current strategy, but it includes logic to DCA into ETH. The implementation was finished and is currently being audited.
Once we receive the results from the audit, we are clear to launch. A much more powerful way to DCA will be available once Sandclock makes its debut on StarkNet.
Rysk strategy
This is our strategy built on Rysk, a protocol still in private alpha. We implemented fixes suggested by the Rysk team, uncovered a bug in their contracts which has since been fixed, and it is now being audited. During it, we were able to look at Rysk and collaborate with them. Once Rysk has more time on mainnet, we should be safe to deploy this strategy.
Security
We continued our foray into formally verifying all the things. More properties were unearthed and formally verified using Certora. The test suite ran against all contracts. All properties held.
Current Cycle
This cycle is less dense than previous ones. This is because this cycle will cross over Christmas and the New Year. As such, many people will be on and off during this period in order to come back reinvigorated, ready to tackle the challenges of the new year!
Multiple Strategy Support
A continuation of last cycle’s project. This cycle we are going to wrap this project up and redeploy the Liquity strategy without the timelock!
Liquity Backtesting
The strategy must be backtested in order to find the optimal parameters for the trailing stop loss algorithm and maximize yield for this strategy.
Yield DCA Strategy For Liquity
Last cycle we focused on developing this strategy. This cycle we will implement audit fixes (if applicable) and deploy to mainnet.
SecOps
- SOC Data Gathering
- Multisig Duplication
- Harden Internal Practices
- Continuous DNS and Smart Contract Monitoring at the Frontend Level
Misc
- Improve ToS Sign In Flow
- Metamask Programmatic Network Switch
- Captive Insurance Fund Registration
And that’s all for now.
We hope you seek the support of those closest to you in these trying times for our industry. Happy days ahead.
