This last month has been spent polishing, optimizing, bug-fixing, and gearing up for the next batch of big releases. Our business development and marketing teams have been grinding in the background preparing for our launch on additional chains and developing strong partnerships to carry us through uncertain times.
The Reaper team has landed on Optimism and continues to improve on the speed and accuracy of the front end. We’re slowly adding multi-strategies and polishing up our DevOps to prepare for cross-chain multi-strat domination. We pushed Velodrome crypts into production along with new zappers for them and started work on a Convex-style optimization strategy to help $veVELO holders maximize their fee income. This would work a lot like our fBeets strategy and we’re working closely with the Velodrome team to make it as awesome as possible.
Another large effort, which has been ongoing for quite a while, is improving our zapper infrastructure to allow for more assets and access to more crypts. We’ll see Beethoven supported pretty soon, along with a wider variety of assets for our 2-sided LP crypts, and eventually multichain zaps. A lot of testing and work has gone into these, and once they’re done we will have a ton of flexibility with our front-end user experience.
Granary is preparing to evolve, with a new whitepaper on the horizon, new technology being worked on, and a slew of front-end updates specced out and ready for implementation. Our business development team has been working hard to set us up for success on even more chains and we’ve got an audit on the books so we can start engaging with big balance sheets.
We’re going to see a brand new Granary emerge from these next few months, primed to start eating up market share. People are finally starting to understand how much more efficient Granary is to use than competitors – and we’re only getting started.
Myself and Zokunei finished most of our smart contracts for Secret Project #2, and are setting our sights back on Reliquary to add split() and merge() features while the front end gets polished up. These features will enable a unique fNFT marketplace which can settle orders extremely quickly and eventually be built into an AMM if demand justifies it.
By allowing users to split and merge their relics, not only do we save O(N-1) fulfillment operations in the marketplace by aggregating all (N) relics at a specific price tick, but we also save the expenditures of managing a series of unbound arrays at each tick.
In addition to the massive gas savings, users will be able to purchase any relic they’d like as long as there’s enough maturity pooled at their target price tick. Let me try to put it in simple terms:
AvailableMaturity = UnitsUnderlying * AverageMaturity
- Bob is selling a Relic that has 10,000 Units and 10,000 AvgMaturity.
- Bob’s AvailableMaturity is 100,000,000.
- Alice purchases 1,000 of Bob’s units with 40,000 AvgMaturity.
- Alice’s AvailableMaturity is now 40,000,000.
- Bob is left with 9000 units and 6666.66 AvgMaturity.
- Bob’s AvailableMaturity is now 60,000,000.
Our research objective is to help properly price Alice’s purchase because Bob might not be getting the best deal in the example above. Relics are interesting because they can be withdrawn from or deposited into on demand, so the price should theoretically never be pushed below the value of its underlying assets. This means our goal is to price a premium on the maturity of the Relic and ensure that Alice’s purchase of a high maturity relic from Bob\’s low-maturity pool will net Bob an equal or greater amount of money as a different order for the same AvailableMaturity.
Solving this problem will make buying and selling Relics fast and democratic. Our observations will make designing an AMM much easier in the future if even faster liquidations are required. The coolest thing about all of this is that Relics are one of the few assets that add guaranteed value over time without tradeoffs. You could argue that NOT using Reliquary is a liability 😂 How’s that for a sales pitch?
Designing differential equations isn’t easy, and that’s what the research crew has been doing all month. Formalizing complex ideas is a lot like doing physical exercise. You think as hard as you can for a period of time trying to grasp some ephemeral notion, then do the same thing over and over until you’ve pulled it down into some concrete set of terms. You may get to the same spot every day, or those terms might not be quite right, but consistency is key.
We seek to define relationships that will underpin risk and pricing models in DeFi for decades to come. Each day, we fight against randomness, entropy, and an ever-growing field of variables and considerations so that we can find clear signals amongst the noise. We aren’t interested in the abstract so much here as an exact calculus we can rely on to build the future of finance.
Pretty heavy, right? Luckily we’re determined, and our peripheral research has put our understanding of DeFi and its drivers far ahead of most (if not all) other research firms.
Secret Project #1
We’ve worked with a branding firm for SP1 and now have a name, brand, and a go-to-market strategy nearly ready to go. The front end is almost finished and the audit is underway. As many of you have probably guessed, SP1 is a stablecoin, and it’s designed to be the most efficient in the entire industry without compromising resiliency.
Our protocol will be over-collateralized whilst maintaining the potential for >100% asset utilization without exposing users to any centralization risks or sub-par collateral. To say I’m excited is an understatement – the amount of capital efficiency we will unlock without exposing users to downside risk or sacrificing EV is unparalleled.
Secret Project #2
We’re considering some names for Secret Project #2 such as “Ultimate Plan for World Domination,” and “The Hero Web3 Needs,” but I\’ll stick to SP2 for simplicity’s sake right now. We are working extremely hard in the background solving every single UX problem our industry faces and wrapping it into the funnest experience we can possibly engineer. We’re going a hyper-compliant route here and will be working with traditional institutions to get this product off the ground, so it’ll be a bit slow going while we get wrapped up nice and cozy in legal infrastructure. Engineering will remain fast-paced as usual, so expect fireworks when we finally throw the doors open.
I like to think of SP2 as doing for web3 what the iPhone did for web2. Nuff said.
We’ll glaze over the 4x improvement in site load times, improved indexing, and slew of new contributors for this update and focus on the state of Learn’s strategy and place in the market.
Whereas many of our marketing and BD efforts lean toward attracting firms, our efforts with Learn are designed to attract individuals. Though Byte Masons try to stay at arm’s length not to dilute the objectivity of Learn content, we’ve found that it’s a great entry into our ecosystem. When you have the best products, educating users generally leads them toward your offerings, whether you advertise or not, and the proximity of Lrn.Fi to our core product suite helps this process tremendously.