Wed. Apr 14th, 2021
DeFi9

Participants of the meeting:

Stepan Cherepanov, CEO of Wintex.pro; project manager for the Polkadot bridge architecture project.

Dmitry Pavlov, the head of the R&D department in Wintex.pro and author of the proposal to the Polkadot Free TON contest.

Weekly DeFi Governance Call #9

Wintex.pro is the winner of the Polkadot Bridge Architecture Contest

Stepan presents the roadmap of the project.

Milestone 1
The chain bridge was chosen as the base code for building a relay chain. 

All required models will be developed and released at Golem. Most of the Free TON smart contracts that are required for the bridge will also be implemented at stage 1 (their specification is available in the document published for the architecture contest). The minimal logic of receiving messages in the Polkadot parachain will also be implemented at stage 1. 

Milestone 2
Bridge protocol primitives will be built at stage 2. Transfer value TIP 3 and ERC20 will also be available.

Milestone 3
The economic model, distribution of responsibilities and user interface development will be implemented at stage 3. 

Milestone 4
The issue of tokens, rewarding of network participants, punishment schemes will be implemented at stage 4. 

Work has already started in October. The first milestone will be completed in mid-December. 

Each stage will take about a month to complete. When the work is over, everyone can find this product in the open source, build business logic and launch a DeFi project.

The question is how their relay network will function and who will be the participants in this network? And what blockchain are they planning to use for this relay network?

Dmitry Pavlov explains that a relay network is not a blockchain, but just a software that serves as a link between A to B chains. Wintex is only responsible for technical implementation, not the entire economic system. It is just an open-source code.

The question is, how many nodes are needed for a relay chain?

Around 30 nodes are needed.

The question is why not use nodes in Free TON, for example?

It is necessary to have a middle software between the two chains, as neither Polkadot nor Free TON have native mechanics to submit a message to other blockchains. Relay chains can read and write data in other chains. Free TON cannot read data from other chains.

StableCoins Architecture contest launch

It’s time to launch a contest for StableCoins Architecture. Vladimir reminds the team that they have already discussed 2 main approaches to creating stablecoins: the first one relies fully on other cryptocurrencies (as a collateral for this stablecoins). The other one is significantly much more complex, when a stablecoin is grounded by some fiat currencies. However, there is a huge number of other approaches that can be implemented. The contest cannot be limited. It is necessary to implement all kinds of economic models, all possible stablecoin architectures and pools with mixed liquidities.

The question is whether is it better to launch a competition for an economic model or an architectural approach first?

Vladimir Maslyakov says that as in the DEX competition, it is necessary to include both architecture and the economic model in the contest, since they are very connected in the DeFi world. Vladimir expresses the view that good implementation without a sound economic model is bad implementation. It should also not be excluded that there are implementations that can satisfy various motivations through both good architecture and economic models.

The question is in relation to what is stablecoin stable? 

This is the question for the participants of the contest to answer. All depends on how the stablecoin will be used. 

In Vladimir Maslyakov’s view, “stable” is when the real market price is not supported by liquidity within the blockchain (network) but by something external to the network. 

For example, what makes bitcoin and the US dollar similar in terms of stablecoin is that their price is dominated by liquidity outside the blockchain.

New members in the DeFi jury

Vladislav Ponomarev introduces 7 new members of the DeFi jury. He says a few words about each of them.

  1. Andrey from DeFi Alert (popular Telegram & Twitter channel dedicated to DeFi news);
  2. Andrey is an experienced web developer with vast technical experience;
  3. Mitya;
  4. Ilya Bugaev is a co-founder of the DeFirex project;
  5. Ilya Polynitsin is an experienced project manager with extensive experience in blockchain development;
  6. Denis is an engineer with extensive experience (over 12 years) in the technical field;
  7. Alex is a judge in the main governance and several other sub-governances of Free TON.

Vladislav greets everyone, hopes that the judging will be fair and wishes everyone good luck.

At the moment, the jury consists of 16 people. Vladislav talks about the need to run one more stage of the jury contest in order to exceed the threshold of 20 people. This amount of judges will be enough for an objective vote. The team concludes that it is necessary to wait at least two weeks before conducting another round of the jury contest.

Special awards

In both contests they had some special awards for participants. They should have had some additional voting effect but the contest system (governance interface) did not allow voting only for some additional points. 

Vladimir asks the team to comment on whether they have the right to vote for such additional awards off-chain and how to distribute these awards as they were already promised to the participants? 

Vladimir Maslyakov says that this should be postponed until some technical solution to this issue is found. Sergey Shashev supports this idea.

The question is whether it is possible to run multiple separate contests to distribute and vote for these additional rewards?

Vladislav Ponomarev explains that it is too difficult to implement this procedure in practice. An important detail — the contest has already passed. Such proposals should not take place until their implementation becomes technically feasible. However, it is necessary to distribute awards to the participants of the past two contests.

AlexNew volunteers to deploy contracts and vote on his own. The team supports the initiative, but before that it is necessary to hold a payment session.

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