Timeswap 2021 Wrapped
Looking back on an eventful year and everything in store for an exciting 2022
2021 was a journey to behold for the world and certainly for all of us here at Timeswap. We started the year with a handful of people with a common vision — to build the first fully decentralized money market protocol, and have ended it with a stellar team working towards making that vision a reality.
This would never have been possible without the continued support of our community of dedicated Time Travelers — who have believed in us, supported us at every step of the way, and have become our extended family.
Here are some of the highlights from the year that was.
Seed Round Announcement
We are grateful to our advisors Sandeep Nailwal and Jaynti Kanani, co-founders of Polygon who have been our earliest supporters, and also to our exceptional Angel Investors for believing in us and our mission. Catch a short glimpse into our vision for Timeswap here.
Alpha Testnet Launch
The month of October saw our Alpha Testnet going live for the community to test out and experience a real-world simulation of how our protocol would work once deployed on mainnet.
The testnet saw over 64K transactions made within the first three days of launch and needless to say that it was a huge success. It helped us to identify bugs and allowed us to test the inner workings of the algorithm which in turn helped us to optimize our algos further.
Riding on the momentum from our Alpha Testnet, we ended the year with a bang by launching our ongoing Gamified Testnet in December.
Whitelisted members have been able to put their degen hats on by experiencing real-life market scenarios and coming up with strategies to maximize their yield and make it to the top of the leaderboard.
Level-1 saw over 3000+ unique wallets participate with 27000+ transactions in total. Here are some of the numbers:
- Total number of transactions: 27,320
- Peak unique daily users: 1,014
- Peak daily transactions: 6,394
- Number of unique wallets participated: 3,163
Level 2 of the Gamified Testnet is currently live and will culminate soon with Top-10 participants sharing a pool of $15,000 worth of $TIME tokens at the same valuations as our previous investment round. Read more here
Time Traveler Community
To the Moon!
We launched our Discord in mid 2021 with a small dedicated community who have since graduated into our Time Guardians — a group of dedicated Time Travelers who have worked with us and helped us grow our Discord community and we plan to create more deeper engagements with our Time Guardians in 2022 as we grow and be rewarded together.
With the launch of our Testnet in October, the community saw exponential growth, more than 50x from May to become a thriving group of more than 30,000 on Discord and over 22,000 on Twitter. All of this was achieved without spending a single penny on Marketing.
Our precious NFT Gallery
Rewarding the community for their contributions is paramount for us and hence, we have regularly airdropped custom NFTs to the members of our community who participate, help other members and educate each other through discussions.
Each NFT entails certain points which reward users in our gamified testnet and other future initiatives. Take a look at our Opensea Gallery here.
Looking Forward to 2022 and beyond
The past year was a wild ride but 2022 promises even greater things. We are excited for 2022 when our vision for Timeswap and the future of DeFi comes to fruition.
To build a fixed maturity lending & borrowing protocol that enables market participants to capture time value aka yield on any ERC-20 asset similar to how Uniswap enabled the permissionless exchange of any ERC-20 asset.
How Uniswap enabled projects to raise equity capital permissionlessly, we expect Timeswap to be the DeFi primitive that enables projects to raise debt financing permissionlessly.
Debt Financing would be a great mechanism for bootstrapping upcoming projects looking to do fair launches. This functionality also provides the benefit of leverage compared to equity financing where projects do not have to dilute equity but instead, can use their tokens as collateral and borrow capital
Timeswap being a DeFi primitive can be used to build interesting projects on top of it like fixed income, tranched products & options protocols. We would be launching bounties for all such ideas after the mainnet.
Timeswap is the first truly permissionless money market protocol. There’s no community voting for market creation, proxy governance, or centralized decision making. Everything is decided by the free market. The permissionless nature of the protocol accelerates the creation of new debt markets across a long tail of assets.
Perfecting the Recipe
Based on the recent insights gained during our Alpha Testnet as well as the ongoing Gamified Testnet, our team is currently making the final optimizations to be ready for mainnet.
Code security is paramount to us! We have been audited by PeckShield, Quantstamp, and Trail of Bits in the past and have partnered with Code4rena for a week-long security audit contest this week to discover any security vulnerabilities in our code before we go live on mainnet.
Growing the Team
We started the year with just our 3 co-founders in the team and are ending the year with a strong 16 member team. Like last year, this year will also be a year of expansion as we look to grow in size and onboard the best talent in DeFi.
We are keen to hire the best talent in DeFi, so if you’re looking to work on the most challenging problems while simultaneously building the foundational infrastructure of the future of Finance, apply in the below link.
Check out our Open Roles section here!
The Big Bang — Timeswap Mainnet
Wen Mainnet? SOON!
We are thrilled to announce that we will be officially launching Timeswap on mainnet with our first launch on Polygon soon! Stay tuned to our discord & community calls to learn more about exact launch dates.
Almost time to take off!
The road looks clear as we move towards our final round of audits after which we will be launching our product to make Oracle-less & Permissionless fixed-term lending & borrowing a staple in the DeFi ecosystem.
We will also be launching $TIME token sometime during 2022 to enable decentralized governance of the Timeswap protocol.
Working towards V2
The work never stops at Timeswap and hence 2022 will also see ideas currently only on paper for our V2 be put into action soon. More details will be out in due time.
Our North Star will always remain to build out fully permissionless, oracleless products for the DeFi ecosystem. We strongly believe to disintermediate the traditional financial systems, we need fully decentralized products in DeFi and will continue to build products that fulfill this criteria.
We would like to thank our community for their continued support during the past year and would love for them to be a part of the future as well. If you’re not part of our community yet, do follow us on Twitter to stay updated and also head over to our Discord server to connect with us. We love to hear from you!
Happy new year Time Travelers. Here’s to exciting times ahead!