SORA Ecosystem Updates #79, July 10, 2024
Exciting developments in the SORA ecosystem: from blockchain upgrades and new tokens to innovative financial tools and community-driven proposals.
SORA development status updates with development updates from across the community are released every two weeks.
SORA Integrated Plan
You Are Here
The Summer of SORA is hot and in full swing, and we are here to bring you up to speed with the latest developments. It is daunting to see how the notion of digital currencies, backed by the effort of grinding and toiling, not unlike World of Warcraft Gold, has progressed to the point where it is close to replacing what many call “real currencies.” We say close because many crypto projects have lost the plot and no longer focus on giving freedom and empowering people, but have stopped shy of the finish line to become more akin to stonks than money, with the news of cryptocurrencies going beyond the DEX to the most unsafe CEX of them all. The trend of cryptocurrency Exchange Traded Funds that started with Bitcoin and currently has Ethereum waiting in the lobby has been considered a great success for many cryptocurrency supporters, the same crowd that acquires a token and joins the community demanding an increase of value to their investment is also the one who is currently dumping bitcoin for all it’s worth on the heels of news like Mt. Gox refunds…
Indeed the bigger the market, the papier the hands as they say, but before this section devolves into something akin to financial advice, the moral of this story is that SORA doesn’t have that goal. Instead, the SORA community seeks to foster a new blockchain-enabled economy that values work and production over debt. Perhaps the lack of instruments to cause crippling debt is correlated to the lack of widespread mainstream adoption of commercial banks, but this is off the record, so don’t quote us on that.
Production-based economies are scarce nowadays. What began as funding for agriculture then became funding for industry until muh shareholders decided that in order to maximise profits, processes must be optimised to the point where all the fat had to be trimmed, leading to communities ravaged and the proliferation of ghost towns that were former industry havens because paying fair wages shrinks the bottom line. This predatory practice has led the world to the current state of affairs, looking to flip coins with cats, dogs, and no utility, only to immediately dump them to pay that hefty credit card bill. On the upside, people are now more in tune with finance and no longer see it as a task left to a bro in a business suit.
This is different from the outlook that SORA seeks to achieve. Through hard work, the SORA community believes that productive output is the best source of value for a currency, although the SORA v2 tokenomics have taught us that a hodlr’s biggest fear is inflation. Lesson learnt, as the transition to SORA v3 is in full steam and no new TBCD is being emitted.
The KARMA token for chameleon pools ended the burn2earn period on the 6th of June, with 12,319,952,317 XOR burnt and 129.199 KARMA created and distributed by governance.
The Kensetsu platform was launched last month, with over 300K collateral locked so far. The system still has some upgrades to go, so please look forward to these improvements in the coming weeks. On the other hand, more assets are being added to the order book, including the TON token and the Liberland Dollar!
Work is ongoing to open HRMP channels to other Polkadot and Kusama networks. The community rallied together and lobbied to change the requirements for opening a channel to common-good infrastructure, removing the need for politics, which, as we all know, are loaded with immaturity and greed that are obstacles to the growth of a network. Unfortunately, although the governance approved the connection, there was an unforeseen issue as the upper limit of parachain connections to the Asset Hub was reached, meaning that SORA could not be added as the slots were full… Fortunately, a runtime upgrade to Polkadot will allow more connections, and the SORA channel will go operational, as this also implements the removal of an OpenGov proposal to connect to this common good infrastructure.
Upgrading the Polkadot SDK will also allow the Hashi Bridge to become BEEFier by transitioning to a trustless model, facilitating accurate burning for XOR in transactions, and reducing the constant governance processes required.
Do you practice Bushido and moderation, or are you an all-out degen? Regardless of your choice, SORATOPIA is a new tap-to-earn Telegram game to immerse yourself in a unique world full of Samurai and degens. Secure an invite and look forward to challenging puzzles and rewarding airdrops as you follow your chosen path! Find out more here and play now on Telegram.
Finally, recent updates are chock full of amazing developments done by builders on SORA, including Soramitsu’s collaboration with Central Banks to use the network as infrastructure to support country’s economies, Ceres and the launch of the Apollo Platform, and the introduction of Palmatrix, a new builder implementing some innovative applications running out of Telegram and to top it all off, a binding recap of Shibarimoto’s articles, and the fabulous finale of feline financial facture… the $PUSSY token 🐈.
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!
You can find the summary of the integrated plan points in the SORA Wiki.
Business Track Progress
- SORA Card
A message from the SORA Card team:
“We are finalizing the delivery of the main utilities of SORA Card: Fiat wallet with transaction features enabled, crypto to fiat exchange and the beautiful virtual cards”.
- The first milestone delivered by Palmatrix is being reviewed by the community while they prepare for Milestones 2 and 3. We are thrilled about the opportunities following the bridging of Polkaswap and SORA’s self-custodial ecosystem with the custodial-regulated digital asset world.
Read the transcript of the recent SORA Card launch AMA in the SORA Telegram chat! For more information about SORA Card, take a look at these articles: Introduction of SORA Card, key features of SORA Card, a comparison between SORA Card and other crypto-powered banking services, an interview with the people behind the SORA Card tech and management, and a recent article on SORA Card Phase One, as well as the SORA Card AMA Recap.
SORA Card | Value Freedom
⚙️ SORA Blockchain Update
- Working on opening HRMP channels with other Kusama and Polkadot parachains
- Working on Proof-of-Concepts with companies and governments to implement on the public SORA network
- Brainstorming requirements for improvements on the next iteration of Kensetsu
- Working on upgrading the Polkadot-SDK version to 1.1.0 to facilitate the upgrade of the HASHI bridge architecture
- Gathering requirements and scope for the first iteration of supporting Ink! Smart contracts.
Tokenomics Upgrade (Github milestone)
- Implementing the upgrade in collaboration with the Kensetsu product team
- Testing the implementation on test environments
Aggregate Liquidity Technology (Github milestone)
- Working on fixing edge cases
- Writing test cases and testing the implementation on test environments
Multi-EVM bridge (Github milestone)
- No significant update
- Testing the implementation on test environments
- Waiting for the result of the security audit
📱 SORA Wallet Updates
- No significant update:
- Following up with the changes from the SORA blockchain
- Focusing on collaborating with the Fearless team to implement liquidity provision and Demeter Farming in Fearless Wallet.
SORA Card
- Finalizing the work on the implementation of the main features for the Phase 2:
- Fiat Wallet with IBAN and transaction features
- Crypto ←→ Fiat conversion
- Virtual SORA Card enablement
- Synchronising with external partners on the fixes and updates of their development resources.
👷🏽♀️ SORA Builders Programme News
ADAR Updates
The ADAR app is continuously receiving updates and improvements; highlights this month include:
- Several releases address bugs and improve performance.
- 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.
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:
- The Apollo token launched and is now trading on Polkaswap.io
- The Apollo airdrop was also distributed to all participants.
- The Apollo token has also been added as a trading pair on the Demeter Farming platform.
- You can also receive APOLLO tokens for staking.
- Shortly after the token was released, the Apollo platform was also released!
- And it soon hit the 100K total value-locked milestone.
- Finally, the XOR/KUSD token pair was added to the Demeter platform.
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.
*This is not financial advice; always do your own research.
Palmatrix Updates
Palmatrix is the newest builder to join the ranks; they submitted an RFP to implement the Palmabot and have made great progress so far and are working on it;
- Testing the PalmaBot SORA Wallet integration (try it at @Palma_test_new_bot)
- Keeping and presenting the code stack
- Curating the Phase 2 Roadmap and RFP
- Assessing the change of scope by reviewing specs and code.
For more information on Palmatrix and their proposals, check out the SORA Wiki.
🐈⬛ SORA Request for Proposal Updates:
Submit your development proposal or to improve the SORA network here.
The user Porkchop315, aka Toro Negro for those who follow the SORA Telegram, has made several interesting proposals this month, with constant additions whenever inspiration strikes.
See the current proposals and join the conversation if you support their implementation.
- 95 Slipstream integration.
- 96 Perpetuals trading integration
- 97 Collateralised loans on Polkaswap
- 98 Flexible Pswap vesting rewards
- 99 XDBT, time-locked synthetic wrapped debt
- 100 SORA card benefits connected to Polkaswap, SORA Mobile, and Fearless Wallet
- 102 Polkaswap Reocurring buys for Auto Dollar Cost Averaging
- 103 XOR-based carbon offset tokens
- 104 No-loss autonomous custodial lottery (Who wants to be a KUSD millionaire?)
- 105 SORA Shield, SORA powered VPN service
- 106 No-loss autonomous custodial system for poker
- 107 XOR Royale, a no-loss autonomous custodial casino.
RFP Success Stories
From the Kensetsu platform RFP, the anon known as Satoshi Shibarimoto proposed an interesting series of improvements that shook the SORA ecosystem;
- XOR Burn2Earn was introduced with the Ken token;
- Then, the ante was upped with SORA Chameleon pools as a way to foster production while avoiding dilution of the XOR token, burning millions of XOR for good $KARMA, much to the amusement of moon boys and finance bros everywhere;
- While the iron was still hot, the SORATOPIA game was conceptualised, harnessing the tapping power we all have within to mix simple yet addictive gameplay that brings cryptocurrency to the mainstream. Join the game today at https://t.me/soratopia
- Finally, the cat’s meow of the month, the $PUSSY token announcement, was released; what better way to fund production than the most widely adopted cryptocurrency there is? Move aside stablecoins; we’re talking about memes.
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: June 5 / 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.
