Tue. Jul 27th, 2021
    DeFi #34, Free TON

    Free TON Participation in the AIBC Summit

    Alexander Vat, one of the initial DeFi SG members, notes that the summit in Dubai was very productive for the community. Many of the participants showed interest in Free TON’s activities. Free TON’s participation in this kind of event was a great idea and it is necessary to maintain this trend in the future.

    Alexander Filatov notes that Free TON won in the “Blockchain Innovation of the Year” category.

    Anzor Daurov, Product Owner of the Radiance Team, considers the Free TON booth to be one of the brightest. He notes that many were not familiar with the activities of Free TON. Therefore, it is necessary not only to provide ready-made products to the public, but also to educate people about Free TON in general.

    Alexei Vorobiev discussed further cooperation with the co-founder of 1inch at the conference.

    Chuck noted the large number of participants from Belarus.

    Contest Announcement

    A new Free TON contest stTON TIP-3 implementation is coming. It has been finalized and is currently awaiting approval from the Governance Interface participants.

    Vladislav encourages everyone to try their hand. The contest will last for two months. The task is to implement the TIP-3 StTON token, which can be used to wrap your rights for the staked tokens in DePools for different ways of staking.

    Participants answered a number of questions

    • Am I correct in assuming that this wrapped st token should provide the same interface as DePool tokens?

    Anyone who owns the token can claim a stake from DePool

    There is a peculiarity: for ordinary stakes all tokens are fungible, but for vested stakes the difference depends on the number of vesting cycles.

    • How should these tokens behave if DePool is terminated?

    The smart contract should get the balance from the pool.

    The competition does not impose any specific architecture of how this TIP-3 token will be executed. It depends on the participants.

    • Could you describe some of the mechanics that would be possible with this kind of staking?

    You can use these tokens as collateral in DeFi. This means that you stake tokens, get rewards, and use those tokens as collateral to get other TONs. You can use those TONs to stake in other DePools. Afterwards, you can increase your use using these mechanics. 

    This will add liquidity. It is very important for DeFi to have a lot of liquidity in the ecosystem. By staking, we will get a significant boost in liquidity in DeFi.

    Presentation from the Wintex.pro team. The third stage of the contest

    The Free TON community has passed the third of four stages of the Polkadot bridge development contest.

    At the third stage of bridge development, the main task was to distribute relay responsibilities. There will be not one, but three relay nodes, but only two of them will have to vote. In order to make sure that everything works properly, funds from the substrate node will be transferred to the Free TON node. For CI/CD, commands have been added to deploy and run additional relay nodes. The documentation has been updated. Everything in the presentation has already been uploaded to GitHub. The Wintex team asks everyone to join the testing of this stage.

    • As far as I know, in Pokadpot we have parachains. Can this bridge organize communication between an arbitrary parachain and the Free TON mainnet?

    That’s right, this product is developed using parachains. It is difficult to answer in more detail, the answer does not lie on the surface.