Tue. Jul 27th, 2021
    DeFi #10

    The meetup is dedicated to the updated Polkadot Bridge roadmap, stablecoin architecture and design and Ethereum Bridge roadmap implementation.

    The possibility of deprioritizing the stablecoin contest with regard to lending platforms, updates on the DEX contest and awards to the winners of the Bridge Architecture Contest were discussed.

    Weekly DeFi Governance Call #10

    Updated roadmap for the PolkaDot Bridge project from Wintex.pro

    Wintex.pro is the winner of the PolkaDot Bridge Architecture contest. Dmitry Pavlov presents an updated roadmap of the project.

    Firstly, a more detailed estimation in tokens has been added. Secondly, goals were defined for each stage. It will help at the stage of delivering the results of the milestone.

    Milestone 1

    Send simple message from Free TON to Substrate-based blockchain.

    Milestone 2

    Transferring tokens between PolkaDot↔Free TON chains.

    Milestone 3

    Distribution of relayer responsibilities. Begin the economy model implementation.

    Milestone 4

    Staking, rewards and slashing. Run Canary Network.

    Question: what is substrate?

    Substrate is a framework for building blockchains. It is used to build parachains in PolkaDot.

    Stablecoin architecture contest

    Alexandr Vat presents a draft of the StableCoin Architecture&Design proposal.

    Contest dates
    1. Warm-up period (23-25 November 2020).
    2. Submission period (26 November 00:00:00 UTC — 11 December 23:59:59) 2020.
    General description

    The goal of this contest is to work out possible architectures, design approaches and technological stack of decentralized exchange (DEX) on top of Free TON blockchain and infrastructure.

    Participants can develop the following types of stablecoins:

    Type #1. Stablecoin is fully backed by reserves in national (fiat) currency. For example, Tether is pegged to $1 due to its full backing of local currency reserves.

    Type #2. Stablecoin is backed by other cryptocurrencies (seigniorage-style). DAI, for example, is backed by cryptocurrencies such as ether (ETH). Its cost is pegged to 1$ through protocols that are governed by voting by DAO members and smart contracts. DAI is a decentralized stablecoin backed by cryptocurrencies. 

    Type #3. Contestants have the right to decide themselves, proposing a solution in their Submission. Such a solution allows you to expand the scope of the contest and not argue about the definitions. Let’s call this approach not-backed algorithmic stabilization.

    Motivation

    The contest is not limited to creating a 1$ Stablecoin but it welcomes other forms of stabilization (maybe a banknote of $1000, euros, a barrel of oil or just gold or other precious metals).

    Evaluation criteria and winning conditions

    It is necessary to decide what will be in the hard criteria and what will be in the soft. For example, some aspects that were in the hard criteria in the DEX contest will be in soft criteria here.

    Rewards

    The number of prize-winning places will be increased from 3 to 10 in this contest, due to the fact that contestants may have a wide variety of approaches to creating stabilization.

    Voting

    A threshold of 3 points will be set. A submission with an average score below 3 points does not pass, as it will be considered insufficiently competitive.

    Vladislav Ponomarev believes that stablecoins are a much more difficult task than, for example, a bridge or DEX, since they involve many economic issues. It is not enough to simply present an idea. The main challenge here is an economic model proving that this concept does indeed provide stability in a certain sense. Vladislav proposes to extend the period of the contest for another 1-2 weeks, since otherwise they will receive only partially developed concepts without a good economic model. The economic model should be a hard criterion in this case, since the technical implementation is not so difficult in this contest. The economic model is the priority in this contest.

    Has anyone considered the possibility of de-prioritizing a stablecoin contest with regard to lending platforms?

    For a really strong network, it is necessary to launch a custom stablecoin with different mechanics, since Free TON cannot depend only on the value of another network. Within a few months, the teams will implement both the economic and technical mechanics.

    Vladislav adds that Free TON needs its own liquidity, which will not depend on other blockchains. Stablecoin is a great way to lock this liquidity within the system.

    DEX contest updates

    Vladislav Ponomarev says that the maximum number of works has been submitted to this competition to date. He has already started looking through them.  

    Vladislav reminds everyone that this is the last time when only the initial jury members will vote. Starting from the next contest, new jury members will also be able to start voting.

    Bonus payouts to the winners of the Bridge Architecture Contest

    Vladimir thanks AlexNew, who has prepared a lot of contests.

    As to avoid bureaucracy, AlexNew says this contest does not require any submissions.

    Vladislav says that he had to change this point, otherwise it would be unclear where the results came from. All the participants should be asked to submit the same document that they submitted to the main competition once again. After that, the jury members will be able to decide whether this or that application is eligible to receive an additional award.

    Ethereum — Free TON bridge roadmap

    Milestone 1. Architecture proposal (October)

    1. Current bridge implementations research.
    2. Architecture development and approval.
    3. Free TON specifics research.
    4. Relay reward mechanics.
    5. Relay voting mechanics.

    Milestone 2 — initial development (November, 70k)

    1. Relay software development and testing.
    2. Ethereum smart contracts’ development.
    3. Free TON smart contracts.
    4. Documentation for all bridge parts.
    5. Documentation for project usage by regular users.
    6. Documentation for third party projects for bridge integration.

    Milestone 3 — launch (December, 50k)

    1. Bridge launch.
    2. Add initial relays.
    3. Add first bridge ERC20 cross-chain transfers.

    Milestone 4 after launch (February, 50k)

    1. Adding more relays.
    2. Help integrating third-party projects.

    Updates from Daniel Peled

    The goal of the accelerator is to push the DeFi ecosystem as a whole. The best way to do this is to create the connection and composability between the leading blockchain infrastructures. Daniel talks about the need to continue the dialogue with all strategic partners.

    4
    0