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SORA, Polkaswap, and Fearless Wallet 2021 Year-End Review

Takeaways from 2021, and the new world we will create in 2022

Getting Ready for the New Year by Looking Back at the Past

2021 was a truly unique year for most of us. In this regard, when looking at all the activity from the SORA community, it is important to realize how tremendously impactful this year has been.

We have altogether taken another big step towards SORA’s great vision this year, a multiverse economic system. We believe that SORA, its economy, and its technology, are a great and important tool for empowering people around the multiverse.

Together, we have outgrown ourselves as we now support an interoperability protocol, an Ethereum bridge, an Integrated DEX for the Polkadot ecosystem, as well as a robust community of 69 comprehensive validators, who all play an active role in the security of the network. Together, in less than one year, we have executed more than 3.1M transactions on the SORA network.

With this great preamble, we are proud to present the SORA, Polkaswap, and Fearless Wallet Year-End Review. Join us as we update you on the ongoing projects, new implementations, and successes that 2021 has brought all of us. We thank you for being a part of this amazing journey, although so much has been done, this is only the beginning.

SORA: Welcoming the New Year by Looking Back

On April 27, 2021, we launched the SORA substrate network with the vision to provide a new infrastructure for faster, cost-effective networking with and for the Polkadot community, offering a wide range of developer tools for DeFi, NFTs, and the Metaverse. 2021 was an important year for us as we shifted our vision forward, from One World, One Economy, to Many Worlds, One Economy. Join us for a summary of this year’s highlights.

With SORA at its core, our shared vision is to unite the Metaverse and physical worlds to create new financial opportunities for both worlds and lay the foundation for the next generations and connect Many Worlds to One Economy.

Excellent read- SORA: Many Worlds One Economy

Into the Metaverse, SORA, and JP Games

We begin the highlights of 2021 with the implementation of XOR in the Metaverse. After a community referendum with a positive outcome, it was decided that SORA would power the JPGames’ Metaverse Pegasus City and other upcoming projects. This event cemented SORA’s view of Many Worlds, One Economy and proved to be a further step in the adoption of SORA and a start in the new world.

XSTUSD Launch

Although it was proposed in 2018 (and much earlier in the 1910’s), 2021 was the year that the SORA synthetic asset USD (XSTUSD) was officially launched. Within a few months, the amount of XSTUSD in circulation was close to $700k. XSTUSD positions itself as a key stablecoin within the Polkadot ecosystem that enables and empowers the community to use it in DeFi dApps.

SORA Builders Programme Launch

November 22nd of this year marked the launch of the SORA Builders Programme, this initiative aims to develop and scale the SORA network. Concretely, it will allow the SORA community to port and build protocols and dApps on the SORA network. In doing so, teams building on top of SORA will be offered grants and proven expertise to help design new and innovative solutions for DeFi and NFTs.

SORA Decentralized Development

Starting in summer 2021, the SORA Decentralized Development process was launched, enabling the community to submit proposals for implementations of new functionalities within SORA and Polkaswap. This process has been further simplified with the publication of a comprehensive how-to guide and a summary of the ongoing proposals for those curious about the progress. Consider this an invitation to submit your own!

SORA Economic Forum

The very first SORA Economic Forum took place this year, hosted by Makoto Takemiya and featuring special guests, such as Prof. Richard Werner, Terrill “Terry” Bouricius, archetypal no-coiner Tim Swanson, and many more visionaries from the SORA community!

It is safe to say that the first edition of the Economic Forum was a success, but if you missed it for any reason, the SORANOMICS website is available for you to watch these valuable talks at your own pace.

If you are just discovering SORA, here is Makoto’s presentation to get you started:

We look forward to the 2022 edition of the SORA Economic Forum and hope you can partake!

Conversations with the Community

There were some great conversations in 2021 that covered SORA, here are a pair that stand out:

The Parachain Domain AMA, which took place on Telegram, where the SORA Parachain Auction strategy was discussed. Read the transcript of the AMA here.

And the AMA in collaboration with the Polkaswap Community Collective (PoCoCo) that spoke about The Life of the Individual in the Interoperable Future, with important names in the Polkadot and Kusama ecosystem such as Bruno Skvorc, Founder of RMRK, Alex Simian, Founder of Subsocial, Yung Beef, Community Manager of Subsocial and Makoto Takemiya, who needs no introduction.

SORA Parachain Auction Project and RMRK Collaboration

Toward the end of 2021, SORA announced its parachain auction project. In 2022, beginning with the Kusama network and then moving to Polkadot, SORA will establish the SORA Kusama and SORA Polkadot parachain that will connect to the existing SORA network, bringing even more sources of liquidity to Polkaswap and establishing its interoperable future. Along with this, a partnership with RMRK was announced to implement their technology into the SORA network.

Projects Buidling on SORA

The SORA network has been very active this year, with great projects that range from NFT, trading tools, and even wine! The projects highlighted this year are:

  • NOIR — At the intersection between physical and digital, NOIR is both a wine and a digital token, seeking to blur the lines between technology and craftsmanship, guided by the energy and infinite power of the moon. NOIR is the world’s first phygital wine brand, setting new standards for collectible luxury wine trading and dynamically priced collectibles. The $NOIR token will launch in early 2022. Drink the Moon.
  • Ceres — The first project onboarded in the SORA Builders Programme and providers of the most accurate analytics on the SORA network available. Ceres will provide the extra security for projects building on the SORA network with a Liquidity Locker for Polkaswap, which will be available with the SORA network 1.3 release. Ceres has much more to come, such as a Token Locker, Governance platform, ILO/Launchpad, and the Demeter Farming platform in 2022.
  • UMI Digital — A decentralized art project focusing on the development of non-fungible tokens and their applications in art and finance. Umi Digital is built on the SORA (XOR) and Ethereum (ETH) blockchains. More info here.

Polkaswap: The Future of Trading

We now move on to the main highlights of the year for Polkaswap, and what a year it has been! From the launch that took place in April this year to the latest developments, let’s take a look at how 2021 has been for the SORA network’s liquidity hub.

Polkaswap Release 𒊹𒂵𒆜

Polkaswap’s release was quite an eventful landmark for the SORA network, being the first of its kind as a next-generation, cross-chain liquidity aggregator DEX protocol within SORA. Polkaswap boasts a bridge between the Ethereum and SORA networks, as well as hosting the SORA Token Bonding Curve. You can read all about Polkaswap’s launch here.

Strategic rewards

Another great achievement in 2021, was the Polkaswap Strategic Rewards. With these awesome rewards, the possible ways to earn PSWAP are:

  1. Adding liquidity on Polkaswap
  2. Buying XOR from the Token Bonding Curve (TBC), with ETH or DAI
  3. Earning market-making rebates for trading at least 1 XOR, at least 500 times a month

For more details regarding how to obtain and claim these rewards, take a look at this article.

HASHI Bridge: ERC-20 token trading

As mentioned earlier, an important part of Polkaswap (so important it has been deemed Systemically Important Infrastructure) is the HASHI bridge, the only way to cross between the Ethereum and SORA networks, back and forth, and one of a kind infrastructure currently within the ecosystem. The HASHI bridge opened this year and there have been proposals for bridges to other networks, so let’s see what other bridges we can cross in 2022!

Polkswap goes Mobile

After a successful launch, 2021 was also the year where Polkaswap sought to expand to other platforms. Needless to say, mobile has been a key factor of adoption for crypto platforms, and Polkaswap is not the exception. Earlier this year, Polkaswap was announced on the SORA testnet app, it shouldn’t be long before Polkaswap’s innovative functions are also enjoyed in the palm of your hand.

XSTUSD Liquidity on Polkaswap

A big headline for the SORA ecosystem and Polkaswap this year was the launch of XSTUSD, an algorithmic stablecoin pegged to the price of DAI. This is a highlight for Polkaswap as it is the main source of liquidity for XSTUSD. As well as being covered by Forbes, there was a comprehensive article written about the origins of stablecoins and the innovations that XSTUSD brings. If you paid attention to the SORA Economic Forum opening, you will also notice that Makoto mentions XSTUSD as a goal for the SORA ecosystem to achieve in 2021!

Polkaswap 1.6.0 Update

Although Polkaswap was launched this year, towards the end of 2021, it also got a facelift. Polkaswap 1.6.0 featured major UI improvements that further strengthened the Polkaswap experience, along with privacy-focused functions, faster transaction speeds, and more improvements.

MoonPay in Polkaswap

The latest and one of the greatest implementations to Polkaswap in 2021, was a fiat-onramp via MoonPay. Addressing a question frequently asked about this, credit card companies and other fiat financial entities are still wary about crypto, but optimistic. This is relevant because it is possible to purchase ETH and other ERC-20 tokens (after intense KYC/AML scrutiny), but the same cannot be said for cryptocurrencies in other networks. To make fiat onboarding possible given the current regulatory constraints, first users onramp to the Ethereum network and then transfer to the SORA network. This is still more convenient and less costly in terms of fees than purchasing from a CEX and transferring to Polkaswap. For more information about MoonPay on Polkaswap, look at this article.

Fearless Wallet: Passion Overcomes Fear

The Fearless Wallet Roadmap

2021 has definitely been an exciting year for Fearless Wallet, initially conceived as the wallet for the Kusama and Polkaswap ecosystems that would be user-friendly and intuitive enough for anyone to use, its current iteration as a community favorite for staking and crowdloans, Fearless Wallet has come into its own, all the while following a transparent and open-source development roadmap.

Fearless Grants and Tips

Fearless Wallet was awarded grants and tips from the Kusama council, Moonbeam, and SubQuery this year to continue its development, needless to say, the team has been keeping busy.

Here is a summary of 2021’s grants and their status;

  • Kusama grant to implement staking, libraries expansion, and app improvements, which has been delivered.
  • Another for multi-asset and network support, which is ongoing and close to being delivered. More info here
  • Kusama grant to implement a common core API for the Polkadot ecosystem in collaboration with the SubQuery team. Milestone 1 and 2 have been delivered, and 3 is ongoing.
  • Kusama bounty to test and refine the solution for mobile signers in the Polkadot and Kusama ecosystems in collaboration with the Beacon team.
  • Moonbeam grant to support GLMR and MOVR tokens with Balance/Send/Receive/Staking features, ongoing.

Crowdloan Fearlessly

2021 was the year that Fearless Wallet cemented itself as by far the best solution for parachain auction crowdloans. This applies to both Kusama and Polkadot networks. As projects submit their parachain auction projects to the blockchain, Fearless Wallet will natively support their crowdloans. On the other hand, if crowdloans have custom flows, project teams are welcome to collaborate with Fearless Wallet to provide would-be contributors with the best experience possible.

Polkadot and Kusama Mobile Staking

With more users joining the DotSama ecosystem, there is also an increased need for a convenient solution for staking and nominating. The Fearless Wallet team has worked hard during 2021 to provide the best experience for both activities on both networks. For more information on staking, visit the Fearless Wallet Wiki or read this article from the Fearless Wallet blog.

Fearless Broadcast

In 2021, the Fearless Wallet YouTube channel was implemented. You can tune in and watch development sprint demos as many times as you want, as well as keep up to date with new functions and announcements.

…Last But Not Least

What better way to end the year than with great news! The entire Fearless Wallet team is happy to announce that Fearless Wallet 2.0 for Android has been submitted to the Google Play Store and is currently awaiting approval! Fearless Wallet 2.0 for iOS will be ready soon after. This means that 2022 will begin with multi-asset support and many new functions! Stay tuned for more information!

There is much more to come in 2022, stay fearless! 𒉡𒉎𒋼!

Development Updates

As we come to the end of 2021, this is a great opportunity to showcase a summary of what was developed together this year, and share some really great updates for SORA, Polkaswap, and Fearless Wallet:

SORA

  • SORA mainnet launch
  • XSTUSD stablecoin release
  • Major node upgrade to the SORA network to improve network stability and performance
  • OnFinality SORA node integration

Polkaswap

Major UI improvement and new features, which include:

  • Fiat value shown for swap, balance, and bridge
  • Market maker countdown on the screen
  • TVL is displayed on DefiLlama
  • Various UI/UX improvements based on community requests and user feedback (such as dark mode!)
  • A proposal to create a BSC Bridge was submitted
  • A proposal to implement advanced trading functions was submitted

Fearless Wallet

  • Continuous improvement for iOS and Android versions
  • Fearless Wallet 2.0 was submitted to Google Play for review
  • Staking workflow implementations for Kusama and Polkadot
  • Crowdloan support for all default network flows, as well as implementations for custom crowdloan flows, such as referrals
  • UI/UX improvements to make Fearless Wallet the easiest, but most powerful, non-custodial wallet for Polkadot and Kusama
  • Localisation functionality
  • A Fearless Wallet wiki has been compiled and released
  • Buy function with MoonPay and RAMP

Into the Future

After this extensive review from 2021, there are two main takeaways. The first is that this was possible thanks to the entire SORA community, ranging from BUIDLers to HODLer,s and everyone in between. We are all a part of SORA, and as such, we look forward to your continued support and enthusiasm in 2022. Remember that you have a voice within SORA, either through submitting an RFP, or evangelising SORA to those around you. The community depends upon the involvement of its members, so shake off the apathy and participate actively!

The second takeaway is that this is only the beginning! The coming year will bring more developments and will further extend SORA into new worlds. The SORA Kusama Parachain will come in early 2022, followed by NFT projects and deeper ties into the Metaverse, which will bring SORA closer to the Many Worlds, One Economy vision.

There is nothing left to add except our best wishes to you and yours, may you have a healthy and prosperous 2022!

We remain,

Enthusiastically

The SORA Community

About SORA, Polkaswap, and Fearless Wallet

SORA is a new economic system aimed at creating a supranational multiverse economic system with built-in tools for decentralized finance (DeFi). The SORA network implements a new way of parachain architecture on Polkadot and Kusama network, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.

SORA community:

Twitter | Telegram | Reddit | Youtube | Announcements Channel

One of the DeFi applications that will run on the SORA network is Polkaswap, a noncustodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem with boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).

Polkaswap community:

Twitter | Telegram | Reddit | Youtube | Announcement Channel

Fearless Wallet is a mobile wallet designed for the decentralized future on the Polkadot and Kusama ecosystem, with support for iOS and Android platforms. An awesome user experience, fast performance, and secure storage for your accounts. Fearless Wallet will integrate Polkaswap for easy, decentralized swaps of assets.

Fearless Wallet community:

Twitter | Telegram | Element | Youtube | Android App | iOS App

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SORA is working to become a decentralized world economic system, under the democratic supervision of the SORA Parliament. One World. One Economy. SORA.