August Community Call and Monthly Roundup
Another month comes to a close and it has been incredibly busy. Join us in the rundown and roundup of what we discussed in the community call! We hope to see you in the next community call on September 28th at 16:00 UTC on Discord.
Protocol updates
The Witnet team has finally finished the protocol integrations for a variety of different projects, on a variety of different chains!
- QiDAO integration on Kava, Klaytn, and Moonbeam! Additionally, QiDAO asked for more price feeds on Cronos, welcome to the Witnet ecosystem!
- Annex Finance has finished their integration onto Kava, and they are also migrating services to Cronos. A busy month for Cronos.
- Buffer.Finance saw their fair share of the Witnet oracle too, as they are adding Meter to their arsenal and moving beyond using BNB Chain.
- Sumer.Money is using Witnet on KuCoin, where Witnet dominates.
Additionally, potentially in the pipeline for Witnet would be Aave on Starknet (unfortunately Starknet isn’t EVM compatible so the integration process is far longer). So most likely before that is Lend.Finance, a protocol that is on Cube Chain.
I also want to shout out ZapankiSwap on Klaytn and Thndr Mystery Boxes on Cronos! They are both using the Witnet oracle and we’re so happy to work with them.
Chain integrations
Everything required for the Cube Chain integration on the Witnet side is done. All that’s left is to be whitelisted and the Witnet oracle will begin to provide 7 price feeds for all sorts of different protocols.
Additionally, Fuse.io is a chain that has been taking the integration into their own hands. This furthers the idea of permission-less networking such as Witnet. Witnet should be the first oracle on the network, however, because they are doing the integration themselves, it’s unclear when it might be done.
The community has spoken. With 198 total votes on the survey asking which chain Witnet should integrate on, I think we have a clear idea where to move next. Here are some of the votes:
- Syscoin (99 total votes)
- Candle (42 total votes)
- BNB Chain (16 total votes)
- Optimism (11 total votes)
- Solana (5 total votes)
Quick disclaimer, these are only from the answers to the first question, as we are still technically integrating Cube.
We are deciding whether to run another poll or to utilize the votes from this one for future decisions. Let us know in the comments.
The $WIT coin
Average daily volume increased by 12% in August, up $6,000 from the average daily volume in July. The median daily volume is $34,000 for the month of August.
The WIT coin has seen pretty consistent daily volume, as you can see from early July to now (above left), the volume is seeing roughly a consistent trend and this can be attributed to the MEXC listing in early July. As it relates to this chart, we are seeing longer periods of consistent volume.
The figure on the right represents the volume every day in August up until the 22nd . As we can see it is relatively consistent. The figure below represents the difference in the daily average volume and the median volume. The median volume negates the two days with increased volatility.
Twitter growth
Twitter saw extensive growth in the month of August, with roughly 206 new followers in the last 28 days alone. Profile visits and tweet impressions are down as they were outliers based on the previous 28 months because of EthCC, ETHBarcelona and the WittyCreatures game.
The figure on the bottom is August so far, and we can see 191 new followers, 2060 mentions, and 34.6 thousand profile visits. These are generally impressive figures as it relates to Witnet’s visibility. More people are becoming more aware of Witnet.
Telegram growth
Telegram growth was impressive in the month of August. Currently, the Telegram community is at 1,626 members; an increase of 15.90% when compared to July.
Telegram engagement was up, and we’re super excited to see it. 89.99 weekly messages in June, 197.93 weekly messages in July, and 86.50 weekly messages in August which isn’t considering the final week in August, and one week that our Telegram was spammed with reward hunting bots.
These statistics in August represent healthy and organic growth. This growth can be attributed to more aggressive marketing and the Twitter engagement- it all comes full circle.
Discord growth
Average daily memberships grew by 1.69% in the month of August when compared to July. They also grew 0.61% from the beginning of August for a new total of 1,148.
It’s important to note that our Discord actually has 151 extra members that aren’t being tracked on the statistics page. The real number is 1,298. We can assume the growth to be the same. As far as I am aware, we can’t actually track these members because they either use a VPN or utilize a different form of Discord (Better Discord) that doesn’t allow them to show up in the statistics.
August average daily visitors grew 0.69% from 26.68 to 26.86. This is the amount of visitors that came to the Witnet server. August engagement as a function of those who visited (visitors who messaged) increased by 11.11% from 28.27% to 31.80%.
In other words, 28.27% of the 26.68 average daily visitors decided to message in July. This increased by 11.11% in August, meaning 31.80% of the 26.86 average daily visitors decided to message in August.
This is an exciting figure because it can mean that more people who visit regularly are engaging: longer term community members could be coming back as they see more general engagement in the Witnet Discord.
(Above) This is a chart of engagement over time. As we can see it is steadily increasing, while still turbulent, we can see there’s generally more engagement from just a few months ago.
Ecosystem updates
Witnet Advocates: The Witnet Foundation is so happy to announce that it is launching the second version of the Witnet Advocates program. The program is building on the first version the foundation ran quite a while ago. The official launch date is set for September 1st. We will have a full length explanation by then.
Witnet Grant Program: In accordance with the Witnet Advocate v2.0, the Witnet Foundation is also launching the Witnet Grant Program. The launch is also planned for September 1st, and will reward developers who are actively using or will use the Witnet oracle. The program will loosely focus on one chain the oracle is currently integrated on a month, but is designed to be flexible.
The Light Wallet is getting some love, and a lot of it too. The project has been forked multiple times on GitHub, and there have been multiple pull requests that have been merged. Now, as a focus for the Witnet Foundation, comes some user interface improvements.
The Witnet Javascript library has been updated, and some other tech developments include Witnet Improvement Proposals that will include scripting language like conditional payments and multi-signatures.
Discussions
Some of the most important discussions that will greatly change some workflows for nodes and developers using the Witnet oracle are being held in Discord and on Github.
- Increasing UTXO age for collateralizing a node from 25 hours to roughly 2 weeks. This can help mitigate issues with securing multiple millions of TVL with only $2 million USD.
- Burning slashed collateral, instead of paying out honest nodes in the pool. This proposal will help alleviate pressure from two potential attacks that will allow said attacker to win all the collateral that was staked.
- Adding API adapters into nodes to allow for the ability to mitigate some need for API keys.
- Changing block rewards so that miners aren’t as dependent on new issuant and can begin migrating to a transaction fee model.
- The decentralized bridge… arguable the most important discussion in the Witnet ecosystem.
- Data request singleton- increasing efficiency for the WRB and developers using the Witnet oracle.
That’s all for August
Everyone who took the time to join our Community Call, thank you! A special thanks to everyone who read this and is keeping up to date with Witnet! We’ll see you next month!
