Trisolaris H1 report
Trisolaris Labs report on what happened over the last 6 months!
Introduction
Gm Tri chads, half of 2022 has passed, and we think we all agree that the past six months have been wild. Market sentiment went like a roller coaster, from maximum excitement to extreme fear over and over again. Bad & unsustainable factors got shaken out, and only projects that are sustainable & providing real value remain.
We at Trisolaris believe that we are one of the few projects that are providing real value to users. Hence, of course we are still here, believing in a bright future of the Aurora ecosystem, waiting to come back stronger than ever.
What’s fundamental, stay fundamental.
Six months is a good time for us to look back at what has been achieved, as well as the shortcomings that we still have not been able to complete.
Q1
In Q1, when the whole market was in an adrenaline rush, Trisolaris reached its ATH in Total Value Locked at $584 Million and became the #1 AMM DEX across both NEAR & Aurora.
An UI revamp was also released during this period, and our official mascot was introduced: The TRI tubbies.
During these 3 months, we have also partnered with a lot of projects to enable a large number of new farms, including: Multichain, Allbridge, Flux, Meta Pool, Solace, The Ape DAO, Solace and Chronicle.
As results of the partnerships, the following farms were introduced:
- BNB <> wNEAR
- AVAX <> wNEAR
- MATIC <> wNEAR
- atUST <> wNEAR
- atLUNA <> wNEAR
- FLUX <> wNEAR
- xTRI <> stNEAR
- SOLACE <> wNEAR
- GBA <> USDT
- XNL <> WNEAR
- XNL <> AURORA
Additionally, in March, we started to roll out governance for Trisolaris that allows users to vote with their xTRI, the first proposals were submitted, and everything was smoothly concluded. We plan to progressively decentralize the protocol over time and really appreciate everyone for participating.
Q2
Q2 has been an amazing quarter for Trisolaris. Aurora Ecosystem exploded and hit nearly $1.5 billion in Total Locked Value at a point and we couldn’t be prouder to be a part of this.
In Q2, one of our primary goals is to provide more use cases for TRI holders. As a result, we’ve partnered with a lot of projects as well as worked on some changes to enable some super cool stuff!
The launch of the Stable AMM
At the start of April, we launched the first version of the TRI stable AMM that allows traders to trade stable pairs with lower slippage, lower fees & higher capital efficiency, meanwhile LPs can provide liquidity for one asset (vs. 50/50 for 2 assets) and be subject to lower Impermanent Loss. TRI holders also benefit from this since this is another source of revenue.
With this, Trisolaris is the only decentralized exchange on Aurora where users can swap across multiple AMMs from one unified User Interface!
Learn more here.
From 5pool to 3pool
In early May, we released an initiative called 5pool — it’s the first of its kind stableswap with a base pool of 5 tokens and deep liquidity of decentralized stablecoins. But just after it went live, the UST incident happened. However, we managed to hide it from the UI and all Trisolaris users were saved, no funds were lost.
We then decided not to support the 5pool moving forward; instead, 2 base pools were launched, a USDC-USDT pool and a 3Pool with USDC-USDT-USN. Given we are NEAR-native, we want to offer first-class support for NEAR native assets, and hence the decision for the 3pool.
So far the 3pool has been really efficient with stable volume & plays a key role in the mechanism of pTRI.
Learn more here.
pTRI — When community feedback comes true
Before June, xTRI was a staking mechanism for TRI — where users staked their TRI tokens to receive the exchange’s shared revenue in the form of more TRI. But after much research and careful consideration of the community feedback, we decided to revamp this mechanism to pTRI — users will stake their TRI to earn a % of protocol revenue in the form of stablecoin LP tokens.
All revenue collected by Trisolaris DEX will be converted into USN, USDT & USDC, these stables will then be added to the existing 3pool to get LP tokens back, and eventually will be distributed to stakers based on their proportion in the staking pool!
Learn more here.
Aurora+ & the TRI built-in swap
Aurora Plus is a huge step for the whole ecosystem. To support Aurora on the Aurora+ platform, we’ve worked together to have the Trisolaris swap page built into the Aurora+ dashboard!
Users can perform swaps on Trisolaris directly on the Aurora+ dashboard UI. Check out the video below!
https://twitter.com/trisolarislabs/status/1526962459105406977
Trisolaris partnered with Synapse — The first TRI-MetaPool
Not long after the launch of the USDC — USDT & 3pool base pools, we partnered with Synapse to enable the first TRI-MetaPool with nUSD. As a result, a pool and a dual rewards farm of nUSD <> USDC/USDT were launched!
Learn more here.
Trisolaris partnered with Rift Finance
To deepen the liquidity for the TRI token, we’ve partnered with Rift and Proximity to make this happen. By the time this happens, we were adding around $4M of liquidity to the TRI/wNEAR pool. The TRI side is provided by the Trisolaris treasury while Proximity provides the wNEAR.
This liquidity is not staked in the farming contract and does not earn any TRI emissions.
Trisolaris fundraised
In April, Trisolaris closed a strategic investment round led by Electric Capital, with participation from Jump, Dragonfly Capital, Lemniscap, EtherealVC, and a few strategic angels.
This fund has been used to scale the team, develop, and help the team survive during the bear!
Learn more here.
Received DeFi grant from Proximity
We managed to receive another grant from Proximity Labs in late April, and all of them were used to distribute to users in the form of $AURORA liquidity mining rewards across some of Trisolaris farms!
This is the second time we have received a grant from Proximity and we feel very honored to have this favor.
Learn more here.
TRI listed on Aurigami
Aurigami is one of Aurora’s main lending protocols and our first ecosystem partner!! We have partnered to enable TRI deposit on their app and later to have their PLY <> wNEAR pool placed on the Trisolaris DEX!
TRI listed on Bastion
Bastion Protocol is considered the most innovative protocol on Aurora and we’re proud to be one of their main partners.
Trisolaris with Rift finance have supported Bastion during their token launch event, and in exchange, not long after that TRI token was listed on Bastion’s Aurora realm!
We and friends at Bastion are also cooking on something very special at the Trisolaris realm, stay tuned :)
Learn more here.
TRI on Polaris
Polaris.finance launched an algorithmic stablecoin $TRIPOLAR that pegged to xTRI. Users can deposit xTRI and get TRIPOLAR. They can then pair their $xTRI with pegged asset $TRIPOLAR, provide liquidity and start farming on the Polaris platform to receive $SPOLAR tokens as rewards.
Learn more here.
Trisolaris & frens sticker contest
On the community side, we held a sticker contest with partners such as Bastion, Origami & Shitzu, and it was a success with more than 40 submissions; about 30 of them are the whole sticker pack :D
Learn more here.
…
Other than the above, we have also partnered with a lot of projects to enable a large number of new farms, including: OIN Finance, Bluebit Finance, Shitzu, Rose, LiNEAR, PAD, Burrow, etc…
As results of the partnerships, the following farms were introduced:
- aUSDO <> USDT
- BBT <> wNEAR
- BSTN <> wNEAR
- SHITZU <> USDC
- ROSE <> NEAR
- RUSD <> NEAR
- LiNEAR <> NEAR
- NEAR <> USDC
- NEAR <> USDT
- AURORA <> NEAR
- stNEAR <> $TRI
- BRRR <> $wNEAR
- PAD <> $wNEAR
Team Expansion
During this period, we’ve successfully recruited 5 more members to the core team:
- specialist0x — Technical Lead, who was a Staff Engineer at FAANG.
- Eric Juta — Tokenomics lead, who was at Consensys and founded Necc Dao.
- Kamikaze — a beast FE engineer and who has been optimizing/improving the web-app experience daily.
- Eviejugo — Business Development, who has a lot of experience & years working in TradFi.
- Cudam — Marketing lead, who is heavily involved in the NEAR ecosystem & experienced in DeFi marketing.
In the future, we will be scaling more talents to the crew; because you know, the more the merrier 😉
The shortcomings
Airdrop
We know we are soooo late on distributing the airdrop, but wait, there’s a reason behind this that we can’t collect the full data.
Trisolaris has 1 million TRI tokens reserved for when The Graph is fully fixed on Aurora. Data is still missing to prior Oct 19, but we are still optimistic it will be fixed eventually.
Conclusion
Thank you for all the support and patience! We appreciate you bearing with us through all difficulties!
We believe in the future of NEAR & Aurora and are excited about what’s to come in the second half of the year. Our extended roadmap for Q3 and Q4 will be released shortly in a few weeks, stay tuned!
