Mon. May 17th, 2021
DeFi #23, Free TON

At the weekly meetup, Free TON DeFi members discussed the Dune Swap contest, external judging and the Bug Bounty program. They also examined the state of the second stage of the Ethereum and Polkadot bridges.

Free TON DeFi Weekly Call: Vol. 23

Ethereum bridge: Stage 2

Only teams that won prizes at the first stage will be able to participate in the second stage called  “Token transfer between two blockchains”. In fact, this means that only the Broxus team can participate in the second stage of the contest. The bridge is now fully functional. However, the implementation of the governance model requires about three months of teamwork, it is not an easy task. For this reason, the architecture is simpler at the moment. After the governance model is ready, it will be dually decentralized. All bridge contracts updates from then on will be controlled only by voting, by the relay network. To finalize the second stage, it is necessary to run contests and apply this work.

Dune Swap Contest

On-chain voting took place in January. It was decided to merge the Dune and Free TON communities. As part of this proposal, the idea was to create a swapper so that each Dune token would be converted into a TON Crystal. A proposal has been created. Dune is a fork of Tezos, but there are technological differences. The language for Dune is much more powerful than the one for Tezos. This makes it easier to write contracts in Dune. Fabrice believes that there is no urgent need to build a bridge with Tezos. He suggests holding the contests separately.

Vladislav suggests reducing the design and architecture phase to two weeks. One month is allocated for the implementation stage. Taking into account the specifics of the contest, it will be necessary to choose one winning solution that will be used to transfer tokens. It should also be dually governed. 

It will also be necessary to shorten part of the proposal and add the reference to specific documents that summarize the main blocks. The updated version will be added to the group.

  • How many development teams are there in the Dune network at the moment and what do we need to do in order to move them to the Free TON network?

There is a main team. I know of at least 2 other projects. Not sure what they are doing right now, but you can contact them. Dune is just a fork of Tezos, so there is no guarantee that they will want to participate in this contest.

  • What non-development benefits will the Free TON network get after merging with Dune?

The Dune community is very active. Dune validators are easier to run, they are less 

demanding than in Free TON, and some are very interested in becoming validators on Free TON.

Polkadot bridge: Stage 2 — voting time

Seven days left to vote for the second stage of the Polkadot Bridge. Vladislav encourages all jury members to run all the source codes and vote.

External jurors

Several weeks ago, the possibility of attracting jury members from other sub-departments, starting with DevEx, was discussed. Vladislav created a document that establishes such an opportunity for the DeFi sub-governance. He asks everyone to go through the document and provide some feedback. If all goes well,  it will be possible to attract new jury members starting with the next two contests.

Bug bounty program

Many technically complex solutions have been developed in the DeFi sub-governance, they all need to be debugged. The main goal is to reduce the number of bugs to a minimum. As a rule, all technical contests include a stage called “security audit”. However, Vladislav believes it would also be a good idea to run a Bug Bounty program on any solutions that have been developed in the DeFi sub-governance.

  • Is it possible to run a Bug Bounty program monthly/every six months?

Yes, Bug Bounty is a multiple thing, and of course there should be different rewards for different severity of bugs.

Sergey Shashev suggests bringing Immunefi to the DeFi ecosystem. This is one of the portfolio companies where professionals work in various Bug Bounty programs, on various blockchains. They will post our offer on their website. Perhaps there will be an opportunity to get a piece of advice from them and launch a program where we can create a budget reward and use not only TON Crystal, but also DEX sub governance tokens, etc.

  • What is the expected size of prizes in the Immunefi system?

I think we can create a budget of up to 100k dollars. At the moment, this is the maximum that we can allocate. Our project needs time.

Vladislav says it is important to distinguish prizes for various types of activities. He proposes to develop a reward system so that there are no questions about the fair distribution of prizes and their value.