SORA Ecosystem Updates #78, June 5, 2024
SORA development status updates, along with updates from across the community. Enjoy!
SORA Integrated Plan
You Are Here
We were somewhere around May on the edge of summer when the updates began to take hold. I remember saying something like “I feel a bit lightheaded; maybe you should give the updates…” And suddenly there was a terrible roar all around us and the sky was full of what looked like huge chameleons, all swooping and screeching and diving around the network… what a trip.
The good thing is that the chameleons in question are $KARMA, out of a Boy George acid trip, these Karma Chameleons come ushering the new era of SORA tokenomics. To get your hand on one of these elusive reptiles that usher good fortune, you need to burn one hundred million XOR (minimum burn of 10 million XOR for 0.1 $KARMA).
Burn drops aren’t the most widespread form of initial token distributions, but then again, the SORA community believes there’s no such thing as a free lunch. Good $KARMA is allocated to those who put in positive deeds, work, and burn over a hundred million XOR. There are other effects of good $KARMA outlined in the article introducing this new burn-2-earn token.
May and early June has brought about some major updates concerning SORA v3, as per the integrated plan, Secret 10 (which is being revealed before you) brings about fundamental changes to the SORA economy. The first and major change announced is that TBCD will no longer get minted, effective immediately.
Without minting new TBCD, there is no longer new XOR generated from the Token Bonding Curve, so its supply will effectively decrease, as it burns through transaction fees (and good KARMA). You may be wondering, how will the backbone of a productive economy, the producers, be funded? The answer is Kensetsu XOR, an overcollateralized token pegged to the price of XOR whose increase in supply does not dilute the token supply. This is the holy grail of economics as it allows for a deflationary main token, while still creating other purchasing power that is needed to fund production (as per MV=PY).
At this point it is important to take some time and talk about the elephant in the room: inflation. As mentioned in the SORA v3 article and even in Polkadot OpenGov, where this economic taboo is weaponised to determine the value of a currency, supply fetishists use this as to describe their worst fear (when actually value dilution is the problem). From the US Dollar to the Japanese Yen and Turkish Lira, the loss of acquisitive power is an issue that many individuals face as the larger economic forces create supply out of thin air backed by speculation. “Cutting costs of production” isn’t just a buzzword for shareholders, its the biggest enemy of an economy, taking away GDP growth and employment in one fell swoop.
Ultimately, those who complain about “muh supply” only do it with their bags in mind, not the overall health and growth of the economy. Next time, when you see someone extremely interested in arbitrarily curbing inflation, instead of promoting production to increase value, be wary…
As for SORA v3, all your questions will be addressed in an AMA to be held soon, so take note and prepare for the SORA new world economic order.
Moving right along, the Kensetsu platform has been released and is available in the Kensetsu tab of the Polkaswap site! You can set up a vault and take a loan in Kensetsu USD. The fact it is available for users does not mean it is final, as there are more improvements coming based on user suggestions. Keep KENning! (P.S. the referendum to implement Kensetsu Gold will follow in a few weeks, for those curious about SORA Polkadot parachain crowdloan rewards). As if that were not all, the Apollo platform (from the Ceres team) is on the testnet, and you can find out more details in the SORA Builders section below.
With these new liquidity sources, work on Aggregate Liquidity Technology (ALT) is progressing smoothly to enable trades from all across the boundless universe. Citing Dr Takemiya, “While there are many ways to possibly aggregate liquidity across many sources, to focus on economic and computational efficiency, we propose the Aggregate Liquidity Technology, or ALT, framework. By economic efficiency, we mean that swaps are executed such that available liquidity sources are combined in an optimal way so that users get the maximum number of output tokens for a given amount of input tokens; […] By computational efficiency, we mean that the solution to combine liquidity sources needs to be very fast to compute, given that all the processing should be done only on-chain, without off- chain computation.” This efficiency is not trivial to achieve while also implementing safety and user friendliness, but once this is completed, it will be a game-changer. Stick around and you might learn something (or read the full paper here).
Let’s talk about what is already available. The bridge to Liberland, the ultra-based sovereign state that operates on a Polkadot-based blockchains is live and users can transfer their Liberland Dollar (LLD) or Liberland Merit (LLM) to trade with style and freedom on Polkaswap, or bridge them on to Ethereum (if that’s their preference, no judgement here…).
Finally, as interconnectivity between networks is a USP of the Polkadot ecosystem, the SORA community has been hard at work opening channels to other blockchains.
On the other hand, meme coin fever has spread into SORA, and the community has voiced its desire to trade Polkadot meme coins on Polkaswap. For this to happen, an HRMP between Polkadot Asset Hub and SORA must be open through OpenGov (for now). If you have some DOT to spare, show your support for Referendum 722, which will allow trading tokens listed in the hub on Polkaswap.
Oh, and did we already mention… $KEN is live! If you participated in the burn2earn, go check your wallet, Chad.
“And I think that was the handle- that sense of inevitable victory over the forces of Old and Evil. Not in any mean […] sense; we didn’t need that. Our energy would simply prevail.”
You are now up to date with the recent happenings in the SORA ecosystem and the current status of the SORA Integrated Plan. Stay tuned for upcoming news from all the SORA contributors, and we’ll meet again soon. Now, let’s get back to work!
*This is not financial advice. Always make sure to do your own research!
Works cited: M. Takemiya, “ALT: Aggregate Liquidity Technology,” 2023 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)
You can find the summary of the integrated plan points in the SORA Wiki.
Business Track Progress
- SORA Card
Here are some updates from the SORA Business Track-
- PalmaBot virtual assistant SORA wallet integration 1st version is under development after a thorough R&D process and is improving as expected after a successful specs finalization.
- The CCXT Connector is still under R&D after the confirmed expectation that an intermediary system will be needed. Prototyping is in place, and further specifications will shortly support it.
- SORA Card is in the final testing phase before the fiat wallet with its functionalities and the virtual card can be released to the public
SORA Card | Value Freedom
⚙️ SORA Blockchain Update
- Working on opening HRMP channels with other Kusama and Polkadot parachains
Kensetsu (Github milestone)
- Released in production on main net!
Aggregate Liquidity Technology (Github milestone)
- Completed the work on weights
- Working on writing unit tests to ensure comprehensive and robust verification of the ALT component
Substrate bridge (Github milestone)
- Release of the bridge to the Liberland chain to production!
Multi-EVM bridge (Github milestone)
- Code now under review
- Preparing for the security audit
Tokenomics Upgrade (Github milestone)
- Working on the business and technical requirements
- Started the implementation and collaboration with the Kensetsu product team
Others
- Working on Proof-of-Concepts with companies and governments to implement on the public SORA network
📱 SORA Wallet Updates
- Focusing on collaborating with the Fearless team to implement liquidity provision and Demeter Farming in Fearless Wallet
SORA Card
- Synchronising with the Fearless team to plan the integration of SORA Card on the Fearless Wallet.
- Working on the implementation of the main feature for Phase 2: Crypto ←→ Fiat conversion
- Synchronising with external partners on the fixes and updates of their development resources
- Synchronising with the external partners to implement inter-app communication (SORA Wallet ←→ Fiat wallet) and start issuing the physical and digital cards
👷🏽♀️ SORA Builders Programme News
ADAR Updates
The ADAR app is continuously receiving updates and improvements; highlights this month include:
Two major updates were released this month
Release 1.0.16 featuring:
- Routing history for every wallet connected
- Routing screen improvements such as text optimisations and balance view.
Release 18.0.18 featuring:
Bug fixes and performance improvements, more specifically:
- Added timestamps for better transaction tracking
- More stable transaction sorting
- Addressed an error where users were unable to continue routing if liquidity wasn’t sufficient
- Fixed several issues with the Swap dialogue in the Route Assets section
- Partially resolved problems with the visibility of asset balances, which were not being added to the wallet
- Read the entire progress made by ADAR in 2023 in the SORA Summary.
Find out how the ADAR app works here. Look at all the ADAR release notes here.
Do you like the ADAR app? Do you have any suggestions for improvements or new features? Please complete this survey and let us know what you think about ADAR!
For frequent updates from the ADAR team, join their Telegram group!
Here is the proposal submitted by ADAR. For more information on the Abed Group, take a look at this deck. To try the version available after the completion of the first milestone, visit the ADAR website.
Ceres Updates
The Ceres team has been hard at work this month; major updates include:
- New features have been added to Ceres Tools
- The Apollo platform is live on the testnet. Try it out now!
- A testnet giveaway was hosted to support the launch (too late, ser; it ended on 15/05. Better luck next time, or follow Ceres socials for fresh news).
- The Apollo testnet giveaway winners were announced! Congratulations to you all! This doesn’t mean testing is over. Keep on trying out the platform and flag any bugs or issues you encounter. The more you test, the faster new features are released!
- As if that was not all, a Demeter burning event also occurred, setting ablaze 100K DEO and one hundred CERES, equivalent to 11% of the total $DEO and 6.8% of CERES supply, respectively! (Never play with fire kids)
For constant updates from Ceres, subscribe to the Ceres Announcements channel on Telegram.
The Demeter Farming platform is available on the SORA network for users to farm with liquidity pool LP or single-sided staking with interesting APR*. New pools are constantly added, too. Demeter farming is directly integrated into Polkaswap for convenience. For more information, read this Medium article on the Demeter platform.
*Not financial advice, always do your own research.
🐈⬛ SORA Request for Proposal Updates:
Submit your development proposal or to improve the SORA network here.
93 — Opened by Shlavik to integrate a random number solution for Ink! smart contracts.
94 (Closed) — A community fundraiser for the Asset Hub HRMP channel request to Polkadot governance, currently available as Referenda 722.
SORA governance will pick up the proposals with community input and consensus to propose referendums for their implementation. You have the power to decide which features progress! The future of SORA is in your hands!
Join the Decentralized Development channel on the SORA World Discord.
Thank you for making it all the way here. Your interest is much appreciated. If you are a passionate community member who evangelizes SORA and its supranational cryptoeconomic values to anyone willing to lend an ear, we are looking for you!
If you missed the previous ones: April 23 / March 20 / February 29 / January 29 / SORA 2023 Summary / December 15 / November 19 / October 26 / October 4 / September 18 / August 31 / August 18 / July 28 / June 16 / May 31 / May 15 / April 21 / April 10 / March 23 / February 27 /February 9 / January 23 / older Ecosystem Updates are archived here and Dev Updates are archived here
About SORA
SORA is an innovative, adaptive, non-debt-based monetary framework that facilitates economic stability, particularly for financially vulnerable countries. As a groundbreaking platform, SORA exemplifies the potential of blockchain technology in fostering a more inclusive and stable global financial system. Its integration in projects like the Bokolo Cash CBDC signifies a new era in digital currency, aligning technological advancements to achieve broader economic stability and resilience. Through its unique approach and capabilities, SORA plays a pivotal role in the evolution of global finance, particularly by supporting economies that need innovative and sustainable financial solutions the most.
