Wed. Jul 28th, 2021
    Free TON DeFi

    We publish the most important moments of the 8th weekly meeting of DeFi Governance presented in the blitz version of the video. The entire agenda of the last meeting can be read in the text version.

    blitz Free TON DeFi Weekly Call Vol 8
    Greeting. Results of the Ethereum and Polkadot Bridge Architecture & Design contest

    Vladislav Ponomarev announces the end of the Ethereum and Polkadot Bridge Architecture & Design contests and congratulates all the winners. Three participants won the Ethereum and Free TON Bridge Contest and two participants won the Polkadot Bridge Contest. 

    This was the first experience of the jury voting in such a complex contest. Vladislav asks the jury to vote on all the submissions (some voted selectively). The jury members should also leave some comments on the vote.

    Winner of the Polkadot bridge Contest

    Stepan Cherepanov introduces himself and the team. Wintex develops fintech projects, crowdfunding platforms, accounting systems, etc.

    Stepan says that they reviewed all the top DeFi projects, and also analyzed the current Polkadot and Free TON bridges. Stepan thanks the judges for their high marks and stands ready to implement the bridge, since they have all the necessary knowledge and potential for development. It will take from 2 to 3 months to develop the bridge.

    The second representative of the team, Dmitry, is the head of the Wintex R&D department and the author of the Polkadot and Free TON contest submissions. Has been in software development for 10 years, researching blockchains for the last 3 years.

    Winner of the Ethereum bridge contest

    Sergey Potekhin is the winner of the Ethereum bridge contest and a representative of the Broxus development team. He thanks all the participants for interesting approaches and all the judges for high ratings. The development of the bridge has already begun and will take approximately from 1 to 3 months.

    Voting principles

    There is no perfect guide to voting. It is necessary to be very careful in choosing the winners of the jury competition. If in doubt, it is better to contact the participant to understand whether he is eligible or not.

    A situation may arise when a jury member is selected, but then it turns out that he does not cope with his duties and is not suitable for this position. In this case, everyone will have to face an unpleasant procedure of exclusion from the jury.

    The question is whether the candidate will pass if, for example, 9 out of 10 juries reject the application, and one jury member gives the highest mark?

    In this case, the application will be rejected because the 50% rejection threshold has been passed.

    Alexey proposes to reduce the responsibility of choosing the jury by a possible re-voting and re-election of the jury. If the jury knows that they can be re-elected, the work will get better and it will be better for the whole community.

    Vladislav Ponomarev supports the initiative and says it is a good idea.

    TON DeFi Accelerator Initiative

    Daniel Peled is one of the founders of Orbs and HexaGroup. HexaGroup has been part of crypto for 7 years now. They are active blockchain investors and also operate one of the largest crypto funds based in Israel in 2017.

    The idea was to attract more large companies and help them use blockchain technology and make these companies more competitive. Daniel says that they began to analyze the third generation blockchain and there are many innovations; they also started Orbs (public blockchain infrastructure).

    Daniel Peled presents his initiative to create the TON DeFi accelerator.

    The projects they believe in for, stand for…

    1. Fair distribution (team/no pre-mine);
    2. Community participation and governance;
    3. Innovation and sound economics;
    4. Responsible practices (audits);
    5. Composability and ecosystem synergy.

    The value that can be obtained via such an accelerator for projects built on top of TON:

    1. Mentorship by industry experts;
    2. Brand recognition and validation;
    3. Synergies with alliance members;
    4. Funding for security audits;
    5. Liquidity injection for launch.

    Proposals to projects and TON ecosystem in general:

    1. Join Free TON+DeFi. org accelerator;
    2. Integrate an additional yield farm on TON blockchain;
    3. Tech support by accelerator mentors;
    4. Liquidity injection by alliance members;
    5. Promotion by Free TON/DeFi.org.

    Daniel also says can increase liquidity from the Ethereum ecosystem to the TON ecosystem, because liquidity is always looking for the highest yield. Helping the project integrate pools into TON will have two important effects on TON Crystal. First of all, it will increase demand as TON will become the access token for the DeFi project and secondly, it will move liquidity from Ethereum to TON, because liquidity is always looking for pools that generate the highest APY (annual percentage yield).

    Daniel also mentions that they have a very strong technical team, which can help with the token economy; work on the creation of pools and work with bridges.

    He also believes that the previous proposals for a bridge between Ethereum and Free TON are very important and will be an excellent first step in connecting ecosystems. Daniel says that they themselves consider all the applications and, potentially, they themselves would like to try to build one of the bridges.

    One of the initiatives within the group at the moment is the acquisition of the DeFi.org domain. They want to make it their primary location. At the moment, this is a landing page, but it will be supplemented with information, analytics, statistics in order to promote projects that are part of the accelerator and DeFi in general. They also want to launch a TON explorer there so that users can access various projects and the entire ecosystem within TON. They are also working on a huge number of tools that will gradually become available to the general public. It is also planned to have a decentralized hosting subdomain so that anyone can create a project and place it under their own name on project.defy.org.

    The main task is to attract top projects to the TON ecosystem. At this stage, the project does not have to be TON-based. They love the fact that the accelerator is open to multiple infrastructures. This will allow TON to be loaded using the Ethereum ecosystem. This is the goal they are striving for.

    A question to Daniel if he has any ideas how to attract teams to the Free TON ecosystem and how projects that are already developing in the TON ecosystem can benefit from joining the accelerator

    Daniel replies that with the help of the accelerator it will be easier to rally the TON community, potentially announcing a competition or application. As soon as building blocks such as a bridge can be built, for example, the first Uniswap on top of TON, the first pools, more projects will be attracted. It will be necessary to think about various incentives in the form of rewards for these projects in order to attract really talented people.

    Second payout to the winners of the Bridge Contest

    Vladislav Ponomarev talks about the need to make a second payout. There are 5 Bridge Contest winners and 7 jury members to be awarded. The calculation table has already been prepared and Vladislav hopes that tomorrow all payouts will be prepared.

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