SORA development status updates with development updates from across the community are released monthly. Enjoy the November 25, 2024, Ecosystem updates!
SORA Integrated Plan
You Are Here
Welcome to the Autumn edition of the SORA Ecosystem Updates! This month, there has been amazing progress. ALT is now live on the network, and there have been several runtime updates since we last updated you on what is going on. Progress on bridges this month is also quite significant. The multi-EVM bridge and TON are currently being worked on, so the outlook is very exciting!
Regarding HRMP channels, the focus is on Polkadot Asset Hub to ensure smooth transfers across both networks. The task of opening channels to other networks is complete. The SORA community reached out to several peers on Polkadot; however, although users were keen on interoperability, other players in the space had other plans. Fear not, this will not stop the goal to make SORA the new economic order and if anything, it will allow the focus to shift entirely to SORA v3, so please look forward to that.
The much-awaited SORA Card has made significant progress this month, with very encouraging updates from the team after overcoming challenges with legacy systems — a common theme in the current narrative. As BRICS nations meet to develop an alternative to the status quo and a new U.S. administration approaches, the need for monetary policy that advances humanity becomes clearer. When financial access is weaponized through sanctions and other draconian measures against countries, it’s not the politicians and leaders who suffer the most.
Instead, ordinary people become oppressed, unable to access their earnings or provide for their dependents. While these human consequences often get lost in the bigger geopolitical picture, the solution is clear: a currency free from political agendas and equally accessible to all, regardless of location, is the path toward true freedom.
Speaking of the value of freedom, it is good to know that we are all a step closer to the light at the end of the tunnel, which seems to have been longer than the Gotthard base at some points. Needless to say, the entire community looks forward to the SORA Card launch.
SORA Builders have made significant progress. SORA attended the Tech Forum Argentina, where President Javier Milei was present, and aligned with Parity’s Shawn Tabrizi’s vision that resilience will lead to unprecedented innovations for a better future.
Finally, the Good Doctor has been busy speaking with world leaders. He travelled to speak at Hong Kong Fintech Week, CamEd Business School, and the Singapore Fintech Festival. He then joined a national delegation at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP29) in Baku, Azerbaijan, discussing decarbonising non-XOR token holders for a sustainable phuture. He shared insights about SORA’s benefits — not just as technical infrastructure but as a monetary system focused on productive output and fair resource allocation. As this vision seems increasingly important in today’s world, we continue BUIDLing tirelessly to create and guide humanity’s better future actively.
In other news, SORA made headlines with the announcement of Palau Digital Savings Bonds, an innovation powered by the network that aims to enhance the well-being of the entire island nation and its people.
If you are part of the SORA Telegram community, you were among the first to hear some great alpha from the Good Doctor himself on the 23rd of October. Secret ten has been revealed, with the information that the third iteration of the SORA network will be based on Hyperledger Iroha 2 technology. This will allow seamless connections to Central Banks and other networks that jealously guard their assets. Along with this good news, SORA received some accolades that will be announced in due time.
Finally, the SORA Economic Forum 2024 was held on November 20th, with many exciting speakers, including from 4 central banks.
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:
Dear SORA community, thank you for your patience and support. Palmatrix is making progress on delivering phase 2 of their work based on the community approved RFP. We hope you enjoy their updates in the Builder section below.
SORA Card is really close to launch and we recommend people who want to apply to wait until the new release with card and fiat wallet is live. Some of the current hurdles will be ironed out in the next release and thus the app will offer you a smoother onboarding experience.
Please look forward to an announcement for the release date soon™️.
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
🎮 SORATOPIA
- Seasonal Tasks: We’ve already delivered new Seasonal Tasks designed to keep the game exciting with fresh challenges and activities. Get ready for a 14-day challenge, where you’ll face a new task every day from 00:00 to 23:59 UTC.
- TON Bridge & On-chain Tasks: We’re currently working on a TON Bridge integration, which will allow players from the TON blockchain to join the SORATOPIA world. Along with this, we’re introducing on-chain daily check-ins and tasks. These features will allow you to complete in-game activities directly on the blockchain, adding more ways to interact with the SORA ecosystem and boosting your overall experience.
- Battles — Samurais vs. Bosses: The much-awaited Samurais vs. Bosses battles are also in progress. Prepare to face thrilling combat scenarios where you can challenge powerful bosses, adding a competitive and strategic layer to the game.
ALT (Aggregate Liquidity Technology) Integration with the Order book
ALT is an innovative mechanism based on Dr Makoto Takemiya’s paper, which aims to optimally combine different liquidity sources in Polkaswap to provide the best trading experience. By aggregating liquidity from multiple sources, ALT ensures that users receive the most efficient and competitive trades.
Now that the tech has been released, you can enjoy an optimised trading experience. Swaps now consider the different liquidity sources — XYK pool, TBC, XST, and Order Book — to give you the best output for your input.
Tokenomics Upgrade — KUSD
To position KUSD as the leading decentralized and unstoppable USD-pegged stablecoin, the SORA community voted to update the tokenomics. Since the November 22 runtime upgrade, 20% of all burned XOR transaction fees will now be used to buy back and burn KUSD, while 30% will continue to be burned directly.
Additionally, the VAL and PSWAP remint mechanism will now buy back and burn 39% of KUSD and 1% of TBCD, with this reminted amount coming from the VAL airdrop and PSWAP strategic reward vestings, respectively (so the burned amounts of VAL and PSWAP don’t change).
The entire 20% margin between the TBC (Token Bonding Curve) buy-price and sell-price functions will also be used to buy back and burn KUSD. The SORA builders are continuously updating the wiki to reflect these latest improvements.
Bridges
Bridges are crucial to the SORA ecosystem, offering best-in-class interoperability and enabling smooth asset transfers between ecosystems. With XORless transfers coming soon, users can bridge their assets into SORA and use their preferred tokens across the ecosystem’s comprehensive range of services, products, and tools.
SORA continues to expand its bridge offerings and forge strategic partnerships, enhancing network connectivity and creating more opportunities for our community in this next-generation DeFi hub.
Multi-EVM Bridge
EVM-based networks comprise some of the most popular ecosystems today, including Ethereum, Binance, and Kaia. Enabling our community to access the tokens, assets, and services on these networks is strategically important for our ecosystem and helps onboard their communities into the SORA New Economic Order.
The multi-EVM bridge will streamline connections to any EVM-based ecosystem by minimizing the development work needed for each additional bridge.
- The BUIDLers is currently focused on higher priority initiatives, so progress is slow but steady.
- Testing is in progress to verify smooth integration between multiple EVM-based networks.
- Analyzing and optimizing fee structures across networks ensures users get the most cost-effective transactions.
TON Bridge
TON (The Open Network) is working toward people’s freedom and gaining popularity daily by delivering innovative features (and addictive games on the Telegram messaging app).
Connecting with ecosystems that share our values has always been a core priority for SORA. To maintain flexibility, we have divided the bridge development into distinct phases.
- The first phase, which enables one-way transfers from TON to SORA to support SORATOPIA use cases, is in final testing. This brings us closer to connecting the TON blockchain with the SORA ecosystem for enhanced interoperability.
- The second phase will enable two-way transfers between SORA and TON, allowing SORA tokens and assets to flow into the TON ecosystem. This will help our community and ambassadors connect with potential allies who share our vision of freedom and a New Economic Order.
📱 SORA Wallet Updates
SORA is dedicated to designing the Future for the People. In our modern world, we must empower anyone to access their finance and favourite tools anywhere, anytime.
Wallets are a critical infrastructure for a New Economic Order where self-custody keeps people’s digital belongings safe. For this reason, we are continuously working to enhance the wallet experience. A recent update improved startup connection performance to be over 1000% faster. Enjoy this update!
💳 SORA Card
Since we still need to interact with the traditional financial system, we provide users with a way to securely store their assets in self-custody while enabling conversion to fiat currency whenever needed — allowing them to pay for products and services not yet integrated into SORA.
We continuously collaborate with external partners to provide the best experience for our users and community.
- Apple (iOS) and Google (Android) are reviewing improvements to the implementation of the SORA wallet. Once it is ready and approved, we will release a new app dedicated to your SORA banking operations.
- The development of the crypto-to-fiat exchange functionality continues, enabling a seamless transition to SORA.
👷🏽♀️ SORA Builders Programme News
ADAR Updates
The ADAR app is continuously receiving updates and improvements;
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:
- KSM and Apollo pools have been added to the Apollo Protocol
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.
Palmatrix Updates
Palmatrix is the newest builder to join the ranks; they submitted an RFP to implement the Palmabot and have made significant progress so far and are working on the following:
🌴 Palmatrix-SORA DEX-CEX Bridge 🌴
🔥 Phase 2 Weekly Updates: Delay Announcement 🔥
In light of recent funding priorities, we will reschedule the next deliverable to later this year or early next year.
🚀 What can we expect next?!
- Custom volume transactions
- Multi-currency support
🌴 The PalmaTestBot is accessible via the handle:
@Palma_test_new_bot
🌴 Further test instructions will be announced in the new feature testing Telegram group.
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.
RFP Success Stories
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: October 1 / August 11 / July 10 / 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.
