Sat. May 15th, 2021
DeFi #15

The meetup is dedicated to the impact of the TON Crystal exchange rate on contests, the PolkaDot bridge presentation (stage 1) and DevEx initiative to check smart contracts.

Polkadot bridge presentation. Stage 1 completes stage one of the bridge between the substrate-based node and Free TON. Three Docker components were prepared:

  • substrate-based node;
  • relay node;
  • local TON Lads node.

At the moment, two nodes are running. The first is the Free TON node created by TON Labs. The second one is a substrate based node written by the team. The substrate framework was designed for creating parachains in PolkaDot. 

The concept of the first stage has been proven. It works both ways: you can send a simple message from TON to substrate and vice versa. The code is open-source and available on Github. The team tried to keep the installation process as simple as possible and created a short and clear readme file.

  • The question is, how many relay nodes were used to implement this message transfer?

We used one relay node and created several smart contracts for the substrate-based node. The code for Free TON was also created.

  • The question is whether the team plans to publish the results of the contest in the near future. 

We are planning to submit the application by the end of this week, but the code is already available on Github.

  • The question is whether any documentation has been written, an explanation of what has been done?

Some of the documentation is already there, the rest will be completed by the time the submission is ready.

XRate effect on contests

The recent announcement of decentralization has affected the TON crystal exchange rate. 

The tokens announced for our contests have dropped in value and are now worth less than the developers expected. 

Sergey Shashev says that the prices set for the competition were small and focused mainly on the costs of developers. Profits will come only in production mode. Of course, the TON Crystal rate can be high in January / February, however, the actual costs of the developers must be compensated. 

Alexey Novikov suggests that developers wait for the rate increase. 

He opposes the increase in rewards, as this may provoke inflation of the Free TON token in the future.

Vladimir Maslyakov says that at the moment it is necessary to increase the rewards for the upcoming contests, where the token price has dropped. The problem will be solved in the future, as the contests will be held in stablecoins instead of TON Crystal.

The question is whether the number of teams participating in the contest can decrease due to the low exchange rate of TON Crystal?

Vladimir Maslyakov believes that the design and implementation contest is a kind of greeting contest, so it’s better to leave everything as it is. However, at the stage of implementation and development, this will be sensible.

Vladimir Kanin says that the stablecoin by itself is not quite the right reward. To promote TON Crystal, it is necessary to hold contests in TON Crystal.

Dmitry believes that sticking to any stablecoin as a reward will lead to budget problems for the entire sub-governance.

DevEx initiative to check smart contracts

The DevEx team took the initiative to discuss the possibility of verifying written smart contracts within the framework of DeFi contests. The idea was proposed by Mitya. The idea is to separate the jury, voting and expert part from the budget and contests. It is proposed to create a structure, the so-called group of smart contract experts (a group of smart contracts), whose activities will be aimed at improving the quality of judging. 

Sergey Shashev says no to judging, since smart contracts are only a part but not the whole project. He disagrees that all work is judged by the guys who work with smart contracts. Perhaps some teams will need expertise in smart contracts and we may spend some tokens to help them. Sergey proposes to set a reward in tokens for people who will help teams in DeFi.

The question is whether it will be a percentage of the prize pool or on demand?

It depends on people who will create the expertise.

Sergey Shashev says that DEX implementation will require a lot of experience from developers. Smart contracts in Free TON have many features: fast and flexible environment and many potential bugs and problems. This expert group will be able to help the project create a more consistent and stable smart contract system. 

Alex Novikov explains that this initiative did not appear to replace the jury or to share authority. The main idea was to help, since smart contract skills are common to all sub-governances. Obviously, a smart contract is not the whole product, but it can be a very important part. The initial members could, for example, create an proposal and split the smart contract into separate stages.  

At stage one, you can discuss the architecture and implement the main points, and then invite a smart contract specialist to make sure that the smart contract meets its specification.

Ivan Kotelnikov says that Free TON is something new. No need to depend only on existing experts, expanding the team will add value to the network.

Vladimir announces the publication of the DEX proposal on the forum.