View profile

Weekly newsletter of Jarvis Network 🧪 - Issue #29

Weekly newsletter of Jarvis Network 🧪 - Issue #29
  • Turbulences on the market led to ATH in terms of volume
  • Synthereum v2 audit will start in a couple of weeks
  • First bribes on DotDot for the 2brl pool!
  • Launch of our Japanese page.
  • $2.3M of on and off-ramp transactions last month.

📰 Quick news
Meeting with our new auditors
Last week, we had a last call with our new auditors to agree on the terms of the service, and a timeline.
The audit is expected to take 2 to 3 weeks, and should be finish during the month of June. If everything goes as expected, this would allow us to start deploying Synthereum v2 this summer.
New milestone on Paraswap
Jarvis Network 🧪
💲3️⃣0️⃣.0️⃣0️⃣0️⃣.0️⃣0️⃣0️⃣ swapped on @paraswap.

Paraswap allows to connect our jFIATs yo the entire USDC's on-chain liquidity.

Since jFIATs can be converted to USDC without price impact, this helps them to be the most liquid.
Imbalances and high volumes
The collapse of LUNA and UST has indirectly impacted our pools: investors flee risky and centralized assets such as fiat-backed stablecoins to buy jFIATs and burn them to redeem USDC.
This created huge imbalances in the 4eur pool and in the 2sgd one!
Jarvis Network 🧪
As users move from risky assets to safer ones, the #4eur pool is now heavily imbalanced.

Reminder: $EURS can be redeemed for EUR on @stasisnet.

This creates arb opportunities:

USDC -> jEUR on
jEUR -> EURT on @CurveFinance
EURT -> DAI or USDT on Curve
Jarvis Network 🧪
The #2sgd pool on @CurveFinance on @0xPolygon is imbalanced.

What does it mean for people in Singapour?

1⃣ Get paid to cash out your crypto from Polygon

2⃣ Arb for a quick 1.3% profit.

3⃣ Free remittance to Singapore

These imbalances enabled a lot of arbitrages to happen. Many people, including us, used this opportunity to realize arbitrage on Polygon, or between Polygon and Ethereum, or between the on and off-chain world using Mt Pelerin.
Jarvis Network 🧪
The imbalances on the #4eur pool also create on/off-chain arbitrages.

If you were considering cashing-out from crypto, you can buy jEUR (remember, jEUR is as liquid as USDC), swap for EURS/EURT, and: @mtpelerin allows you to sell EURS/EURT for EUR.
All these movements led to a new all time high in terms of daily volume, with a peak at $7.2M!
Jarvis Network 🧪
This also resulted in the highest daily volume on primary and secondary markets:

$3.8M on primary markets and $3.4M on secondary markets.
On and off-ramp volume
Jarvis Network 🧪
📢Last month, $2.3M of jFIAT have been on and off-ramped through @mtpelerin!

There was some decent activity from 🇸🇪Sweden!

Some facts:
▫️ Mt Pelerin facilitated $16.5M of transactions involving jFIATs.
▫️ As usual, there was 2x more volume of on-ramp than off-ramp operations!
Bribes on BNB
The 2brl pool was featured as one of the highest bribed pools on DotDot, the Convex of Ellipsis.
Dot Dot Finance
Here's our top 5 Bribed pools so far, with some new platform joining the #BNBRenaissance! 🪙

Still a bit more than 36H to vote and for protocol to enter bribes👀

1. @ValasFinance
2. @Ellipsisfi
3. @ankr
4. @Jarvis_Network
5. @TopShelfFinance

#BNB #BNBChain
Launch of a Japanese page
Jarvis Network 🧪
🇯🇵 You can now follow the page dedicated to our Japanese Yen stablecoin:

🧪 Synthereum
  • TVL: $6,700,644.93 ($7,453,709.98
  • Market Cap: $5,862,788 ($6,477,527)
  • Volume: $165,994,397 ($155,806,088)
  • Swaps: 50,988 (48,527)
  • Users: 10,316 (10,256)
BNB Chain
Dune analytics is experiencing some delays and other issues to fetch data, so some data are wrongly reported on our dashboard.
  • TVL: $– ($415,480.26)
  • Market Cap: $– ($236,010.24)
  • Volume: $1,478,696.39 ($1,323,308.50)
  • Swaps: 735 (700)
  • Users: 215 (203)
More data on our BNB Dune Analytics dashboard
  • We have started restructuring portions of the Synthereum v2 code, to split it in two, the actual contract and a library. This allows us to include other necessary functions without having the problem of going over the bytecode limit (a limit for the amount of code within a smart contract), a problem we had in the past.
  • We have completed the MoneyMarketManager and its modules for Aave v3 and Market, which would allow to mint uncollateralized jFIATs and trustlessly and directly deposit them in one of those two money market. The interest generated can be withdrawn by the maintainer which in our case is the DAO.
📱 Apps
Jarvis SDK
  • We kept working on adding the connection logic into the toolkit library which can be used by any applications. We faced some problems that are currently slowing us down.
  • The rest of the Core-SDK and Toolkit are almost done and can be reused already.
Jarvis Exchange
We started refactoring the logic for Jarvis Exchange to use Jarvis SDK and to remove any logic related to the previous version of Synthereum, in order to prepare the application for the v2 release.
Jarvis Yield 
We have updated the application to include two new farms and archive the completed ones.
Jarvis Finance
We have completed a rough skeleton (purely UI) for the borrowing page.
🗳️ Governance
There was no new discussion opened last week.
There was no proposal voted on last week.
Did you enjoy this issue?
Weekly newsletter of Jarvis Network 🧪

Stable and liquid synthetic fiat currencies with a built-in #Forex swap feature.

In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue