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Hello Bancorians!
It’s been approximately a month and a half since the last update, and there has been an amazing amount of progress made on Carbon since then! The most recent development updates were shared on the Carbon Milestones and Beta Launch Update January 30th Community Call with a summary posted to governance following the call.
The updates include:
Smart Contracts
- Completed trading logic
- Completed trading fee logic
- Completed strategy edit logic
- Completed strategy removal logic
- Added more trading tests for some edge cases
- General cleanup/polish
- Extremely good shape and effectively finished.
Security Audits
- First audit begins today, Monday February 6th. The first audit is being performed by Chainsecurity, with additional audits scheduled.
Frontend UI
- The skeleton has been built and is now going through a user interview process with feedback being addressed. We are now working on adding more charts and information to help users in their strategy creation flow and trade activities.
Developer SDK (Software Development Kit)
- The Carbon SDK includes all the necessary components to interact and integrate with Carbon.
- Eliminates the need to develop the software from scratch in order to get started.
- Just completed a review. A few open ends that need to be cleaned up, but in its final stages of development.
- SDK documentation
Analytics Site
- The goal of the Carbon analytics dashboard is to give the community a birds-eye view of activity on the network and will be a crucial tool for tracking the protocol’s success.
- Slightly premature to speak to the specifics of the Analytics Site just yet, but development is well underway. Specific updates expected on the next Community Call, February 13th.
Bancor DAO Vote on the Carbon deployment
- Mark Richardson, Bancor’s Project Lead, will be authoring the launch proposal and is hoping to have it up on governance soon. With the amount of material that’s been created already, there aren’t expected to be any surprises in the proposal or creation process. It’s more a matter of organizing what’s already been published in addition to implementation details.
Demo
- A Tenderly demo is being deployed in order to give the community a rough demonstration of the protocol via a UI.
- The goal is to get people in the mindset of building automated trading strategies and to gather user feedback prior to the Beta launch.
- We are supporting developers and invite them to test our code and contracts using a dedicated Tenderly deployment. This will allow developers to run as many tests as they please on multiple forks. Instructions in the contracts and the deployment scripts will be provided.
In governance, there are two live proposals on Snapshot:
- Fast Lane
Proposal: Improved Value Capture and Fast Lane POC. Voting ends on Wednesday, February 8th at 12PM EST.
As a refresher, the Fast Lane concept proposes that instead of allowing arbitrageurs to extract value from Bancor protocol with no competition, the protocol essentially also arbs itself and uses gains to reduce the deficit. All profits generated by the Fast Lane would be converted to BNT and then burned (excluding a fee to whoever identifies the arb and sends it to the contract).
Approval of the vote would create a contract that allows Fast Lane trades to be exempt from pool fees in order to achieve its intended functionality. Learn more in the proposal.
2. Carbon Fees
A proposal is now live to use 100% of Carbon fees to buy and burn BNT, which is aimed at eliminating the remaining deficit in Bancor v2.1 and V3.
Pending DAO voting, fees can be initially applied to spot trading in Carbon, while fees can be applied to other protocol actions in the future, such as strategy creation and strategy execution. Since users who provide liquidity on Carbon are not motivated by trading fees, but rather to execute limit and range orders, 100% of trading fees in the network can be collected by the Carbon protocol.
Proposal: 100% of Carbons fees to repair Bancors deficit by buying & burning BNT. Voting ends on Thursday, February 9th at 1:03PM EST.
In addition to the development of Carbon and current discussion on governance, ongoing educational initiatives on the protocol and its capabilities continue.
Two simulators have been developed that allow the community to test Carbon strategies against historical price data.
Links to the Carbon Simulators:
JupyterLite distribution (beta branch; repo) and as Binder distribution (repo).
A number of explainers and DAO discussions have taken place explaining how to use the simulators and various research has been published utilizing the simulators:
The final series of simulator presentations will be featuring Stefan Loesch, Bancor Senior Advisor, this upcoming Wednesday, February 8th at 1PM EST, following his recent blog Introducing the Carbon Simulator.
Recent community posts/threads:
A Carbon Comparison to Traditional Limit Orders
Carbon Whitepaper: A High-Level Summary
Comparing Carbon to Existing Concentrated Liquidity AMMs
Part 1- The Evolution of Decentralized Exchanges
Part 2- Next Form: Carbon-Expressive On-Chain Trading Strategies
Adventures in Programmable DEX Trading: Carbon Recurring Strategies
Trading With Range Orders: A Traditional Order Book vs Carbon
Thread: Introducing the concept of Asymmetric Liquidity
Twitter Spaces
The Landscape of Liquidity Provision and Management in DeFi feat Arrakis Finance
The Latest in DeFi: Education Through Content Creation
The Profitability of AMM LPs: The Discussions, Debates, and Research Continue
Part 1 MEV: The Impact On DeFi
Part 2 MEV: The Impact on DeFi Thursday, Feb 9 at 9PM EST / 6PM PST
To learn more and stay up to date on all Carbon related matters:
Looking to integrate Carbon? Contact [email protected] or get in touch via the Bancor Discord.
Stay well and looking forward to giving the next update!
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