Supernova Closing Announcement
Dear Cosmonauts,
We decided to sunset the Supernova protocol. Prior to the incentivized testnet, we have gone through multiple internal debates on whether we want to pursue this project further. Unfortunately, our decision was no. The growing uncertainty of the relevant regulation along with growing competition of the peer products were primary factors behind our decision.
Though we are not launching Supernova mainnet, we believe making our product building process public could contribute to the crypto ecosystem. So we are making the Supernova protocl code open source.
The Supernova team has tirelessly built the project from March 2022. And, by winning the HackAtom Seoul 2022 with the Supernova protocol, the team reconfirmed the confidence of the product way ahead.
As a Cosmos-SDK project leveraging IBC and ICA(Interchain Account), the Supernova protocol developed new functions like “lazy-minting” and “auto-staking”. By making our code base public, we wish that fellow builders could learn from our experiences and benefit from our legacy.
Please refer to the following repository of the code: https://github.com/Carina-labs/nova
TL;DR: Here is is the content of it and who can benefit from it.
1. Abstract
Our team developed an appchain for liquid staking using the ICA. The Supernova appchain uses ICA to delegate tokens to validators; to undelegate; to withdraw; and to auto-stake the rewards. Users don’t have to move their assets to other chains to carry out actions for delegation as long as the assets are registered in the Supernova protocol.
2. Characteristics
Lazy minting: To distribute the rewards in a more fair manner, we have developed a function called ‘Lazy minting’. By minting our shadow assets(snAssets) to the delegators after one batch, we have resolved the issue where the latecomers can claim rewards along with those who have delegated earlier.
Auto Staking: Users do not have to claim their rewards manually and transfer their assets to the target-chain on Supernova. Users can immediately withdraw and stake their rewards. Since Cosmos executes the messages in transactions in a chronological manner, we have combined the reward withdrawal and delegation messages in a single transaction.
3. Who can benefit from our work
- Devs and teams that wish to develop a liquid staking protocol in the form of appchain.
- Those who wish to know how our team has developed the Supernova protocol. Indeed, the team received an overwhelming amount of interest and support during our two previous testnets. Though we cannot deliver our promise of mainnet, we wish to make our supporters satisfy by making our code open source.
We are also attaching the video of Supernova Protocol for non-developers to see how the user experience would have looked like.
We’d like to pay our sincere gratitude to the Supernova community for all the support every one of you has shown through our previous testnets and journey. Although the Supernova protocol will sunset, the team behind will continue to contribute as part of the blockchain infrastructure company called A41. We will come back with new services and contributions that will benefit the crypto industry and crypto ecosystem.
Thank you.
