SIRENv2 and 2Q2021 Roadmap

Dear merfolk, air breathers, and degens.

We are pleased to share with you the spec for SIRENv2 as well as the projected roadmap for 2Q2021. The roadmap contains strategic priorities as well as the elements we expect to be included in the deployment of SIRENv2 at the end of the quarter.

SIRENv2

The bulk of improvements made in 2Q2021 will be bundled into the release called SIRENv2. We expect the majority of these upgrades to all deploy in sequence at the end of June. Upgrading everything at the same time allows us to deploy new liquidity pools, AMM, market contracts, and more all in one bundle that ensures proper integration.

The current v1 Siren protocol will be hosted at v1.sirenmarkets.com, and you will be able go there to withdraw liquidity and exercise/claim your tokens. After the deployment of SIRENv2, v1.sirenmarkets.com will not have any more market contracts deployed for it, nor will any future rewards accrue to v1 pools. We will ensure that you all know well in advance before the cutover occurs.

The spec for SIRENv2 is below.

User-facing upgrades

  • Applying full UI redesign including trading interface and rebrand
  • Enabling auto-exercise for in-the-money options at expiration
  • Moving to cash settlement to allow options exercisers to withdraw without making an upfront payment
  • Creating an interface for users to sell wTokens directly back to the AMM

Protocol upgrades

  • Optimizing gas by converting wTokens and bTokens to EIP-1155 multi-market contracts
  • Reducing complexity in core Market contract
  • Modifying the SIREN AMM to provide better pricing
  • Expanding Certora test coverage to all SIRENv2 code
  • Writing full documentation for all SIRENv2

Non-v2 Upgrades

We have some additional roadmap items for 2Q that are not included in SIRENv2. Non v2 upgrades will deploy on a rolling basis as they are completed.

  • Redesigning LP reward distribution per (expected end of April)
  • Pruning expired markets to reduce gas costs for deployment (expected mid May)
  • Integrating with Snapshot for tighter community feedback integration (expected June)

Additional Upgrade Information

Redesign of User Interface

The Trade, Pool and Portfolio frontend components will receive a facelift and will be reorganized to better display the info users want. The final design will include a more comprehensive portfolio display, as well complete info on the assets you receive with withdrawing your liquidity from the pool.

Reducing gas fees for improving efficiency

We are planning multiple upgrades to optimize our gas usage. Among them:

  • Removing expired Markets from AMM to reduce gas costs for provide/withdrawCapital
  • Using multi-asset token for Markets, allowing for a greater number of Markets per AMM
  • Deploying multiple markets with a single transaction

As always, thank you to all land walkers for joining us on our journey to bring the SIREN Markets to the world. Many of the items on this roadmap came from your suggestions and we will continue to build towards our shared dream of excellence.

🧜‍♀️ 🔱 💖

If you’re interested in joining the SIREN team, we are hiring! We are looking for frontend and backend developers, a business/partnership development person, and a head of communications. Fully remote team, GMT-8 to GMT+2 preferred.

About SIREN

Siren Markets (‘SIREN’) is a decentralized application used for creating, trading, and redeeming fully-collateralized options contracts for any ERC20 token on Ethereum. SIREN is focused on creating a high-quality, seamless experience for sophisticated users and requires no third-party settling mechanism or order matching to complete option settlement on chain.

A distributed protocol for creating, trading, and redeeming fully-collateralized options contracts for any ERC-20 token on Ethereum.

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