To our friends and supporters:
It’s been a wild few weeks for all of us here at the SOFA team. The wild market volatility across the overall crypto space notwithstanding, but our official X account was erroneously suspended by their overly-zealous algorithms. But thanks to the gracious assistance from our DAO partners, we were able to reactivate our X account without any hitches, and the team is back as strong as ever to report to you on the things we have been hard at work on.
Since our last update, our TVL and daily inflows have remained steady despite a significant lull in crypto sentiment and ecosystem yields, and have seen some encouraging spikes in daily activities from a number of successful marketing events and mini trading competitions we hosted with our partners. Thanks for your continued support and trust in our protocol.
In terms of things to look head to:
- New Leverage Feature. We expect to announce a major feature expansion to our EARN products over the next 2 weeks. Users will be able to apply specific leverage to their option premium against an embedded borrow charge, allowing users with convicted views to speculate on further upside gains against a small loss exposure out of their initial deposit.
- Product Expansion. We are still on track to release our new structured product type by August, allowing users to express views against certain token denominations that are not widely available on current CEX venues.
- Support for USDC & stETH Subscription. We expect to support USDC and stETH deposits by the end of July & early August.
- New TVL Partnership with a Major L2 Protocol. The team has been busy with developing integration work with a major L2 protocol, with details to be announced imminently over this coming week. Make sure to stay posted to our official channels for the exciting details and our kick-off AMA to be held in the near future.
Finally, all of the other development roadmap we outlined in the June update still stands, albeit with some slight changes in prioritization, given the exciting strides we are making with our new leverage function and partner collaboration. Rest assured, the team has been reading and have read all of your feedback on our TG and other social media channels, and we generally prefer to lead with our actions rather than mere words.
Thank you for being patient with us and for your continued enthusiasm for our project. We are just about to head into the best part of the summer!
— SOFA.org Team
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