- Vaults Feed stablecoin options added; product complete and submitted to PeckShield. V2 likely down the road to optimize gas.
- DApp getting worked on with ETA Friday next week ahead of potential cycle; with PeckShield last week of June. You’ll find a sneak-peak of the look and feel down below.
- Deployed contract audit is pending on CertiK’s side, and vault audit on-going on PeckShield’s side.
- Working on documentations for the launch and research for LP Aggregator product launching late July/early August
- XT.com listing.
- BSCScan finally added our logo.
- We’ll wait for the vault farm until the launch to maximize TVL impact; we’re also hopeful about two potential partnerships post-launch.
We’ve been working on on adding stablecoins as target product options before submitting to PeckShield (more on this below).
The launch product, while complete, still has room for improvement. Particularly on the gas fees side. We’ve had to remove some target vaults simply because had we included them, the gas fees would be ridiculous for most retail investors. Having done so did reduce the gas fees, but it’s still not optimal. The reason is that we’re automating something that would take users 5-8 minutes to do manually through individual transactions. While the user’s work got reduced to 10 seconds, the smart contract is still going through all those steps in the background; all of which has gas fees.
We’ll likely rework the structure on v2, so the gas fees are pooled rather than individual. It’s a minor detail, but we do want everyone, regardless of initial capital, to diversify, and gas fees should not stop people from doing so on Feeder Finance. It would also open up more target vaults and therefore improve diversification. This will come after the second product. The second product itself will have its beta (unaudited) launch by late July/early August, its fairly soon, so we’d like to get that out first to expand our platform’s scope ASAP.
PeckShield is scheduled to come back with initial comments by Friday, June 25th. If there are comments, we’ll need to work to fix or rework accordingly. We’re aiming to complete the DApp by Friday to focus on making sure we can react to the prelim audit report and make sure the audit is complete by the end of June.
We’ve made much progress on this so far this week. The backend APIs are mostly complete. These are things like how APYs are calculated and shown, target vault allocations, balances, etc.
We’ve moved to the frontend and will focus on this as the final steps towards completing the DApp.
Below is a sneak-peak of the look and feel for the DApp:
- CertiK: Pending final report on deployed contract
- PeckShield for the vault contract in progress…
Over the past week, we had some tough negotiations and even tougher calls to make. We’ve initially contacted PeckShield in hopes of contracting them for an additional audit on top of CertiK. At the same time, we’ve submitted our audit to CertiK per the scheduled timeline.
As it turns out, our smart contract was far more complex than CertiK had thought. They likely imagined we forked other vaults and so had quoted us accordingly when we engaged the first time. Most of our code is original, and so the audit price basically 10x. We could not afford it at this stage of development. Because of the market crash, the dev wallet did not have enough FEED to sell into stablecoins to pay for the fees. What we’re left with for CertiK is the audit for the deployed contracts. These are standard contracts (token, farming, staking etc) and has been around for almost two months without issues. The preliminary report has been shared with us, and there are no major or critical issues. We’re waiting on them to submit the final report and have been following up with them for an ETA; we haven’t yet heard back.
Luckily we’ve already been in discussion with PeckShield at that point and asked them to work on the vault audit instead. The conversation went well, and hence we have engaged them for the vault audit and are expecting their prelim report on Friday 25th June. It may take a cycle of fixes if they have comments, but we’re hopeful we could finalize it in time for the launch.
Documentations & Launch Preparations
While Jimmy is focusing on the platform structures; Patrick has been working on the below to prepare for the upcoming launch and beyond:
- Prepared disclaimers for the DApp – while we’re not a regulated entity we think people should have a place to refer to standard terms of usage and such.
- Clean up and prepared the spreadsheet with the underlying allocation mechanisms and formulas so Jimmy can create programming automation for the process in the near future.
- Working on diagrams of product mechanics underpinning the flow of capital from user deposit to withdrawal. They’re straightforward if you’re an experienced DeFi user. However, when you have to explain to new DeFi investors how
- Single tokens go into Vaults Feed
- The deposit is then split up and diversified between 3-5 other vaults
- Which are then sent to another protocol
- Our deposit then gets staked, harvested, and compounded
- And returned into the target vaults
- The target vault rewards get harvested, compounded, and finally withdrawn back into Vaults Feed to pay users.
- It’s quite a journey, and it will also tell users why this is such a powerful product. We’ll need these diagrams to help create the teaser for the product to explain it to the artists and producers as well.
- Did some research for the LP Feeder Vault product, notice it’s not “LP Vaults Feed”. We’re leaning towards the product being more of an LP Aggregator rather than LP Vaults Aggregator*. The reason is that through extensive research and data analysis, we fell in love with what an LP Aggregator would become – not to mention the flexibility and agility. We see a large gap in the LP vault space; particularly in BSC. It’s still a diversified and de-risking product, aligned with our project positioning. A powerful product that would allow us to offer low/medium/high diversified risk selections to users – that way Feeder Finance also attracts high-risk-seekers with a diversified approach.
Note: Don’t get fixated on the product naming, we may need to make rethink how we name our products. We’ve had comments on this and agree, however, changes may come before or after launch. It’ll depend on getting more urgent items sorted.
We got listed on XT.com on June 16th. It will now be much more accessible for people with no experience in Blockchain to invest in the project. It would also be the start of a stablecoin alternative that, once the CEX pool grows large enough, helps with the BNB peg issue.
BSCScan has finally added our logo to our explorer profile. Adding to the legitimacy and trust of our project. Hopefully Trustwallet and others will follow suit soon!
Current Partnership Discussions
We’ve asked you for a 10% distribution split to launch farming pools for vault tokens in hopes of attracting them to the platform. We’re still looking to do this, but given the market conditions and lack of support from vault teams, we’ve decided to delay this until the product has been launched. That way, this has maximum impact on TVL and no FEED distribution is wasted. They’re yours, after all.
Besides that, we have two pending partnership discussions that are waiting for the launch:
- A new project, which has since launched, and focuses on introducing new users to crypto. Their idea is to make the crypto onboarding process simpler and allow crypto users to introduce to their friends and family with ease. I’m glad to learn about the team’s project since it is a big pain point that the ecosystem needs solving (can’t name it for obv reasons). They’re looking for a product that would allow the introduction of DeFi as well. Because of how we’re positioning our project and products, we’re a candidate. We’ll provide more updates if/when discussions move further along, but ultimately, it will have to wait for the launch; the LP Aggregator product will be perfect for their use case.
- We’ve reached out and are in contact with a medium-size stablecoin lending/farming/swapping protocol. They’re interested in having further discussions after our launch, and we’ll reconnect at that time.
Meme Contest: LINK
Don’t forget to participate in our meme competition! I’d like to remind everyone of our rules for the event:
1) Post your meme to the twitter competition thread
2) Tag @FeederFinance, $FEED, and #FeederFinanceMemeContest and your favorite DeFi personality
3) Most upvotes + retweets wins (No cheating! We’ll know )
Competition ends 28/06 @ 12am GMT+1