- AutoFarm Compound for stablecoin launched; ETH, BTCB, and BNB will be released over next week
- Next week we’ll be focusing on Binance’s Incubator Program application; UI Designs, Pitchdeck, Application Form, KYC, etc
- To do list moved to community.feeder.finance; same section to be changed to “Changelog”
Core Business Updates
We’ve completed the Auto Diversify launch set with the launch of BNB Auto Diversify
We’ve completed all four stable coin (BUSD USDT DAI USDC) deposit options. Additional UI to reflect Portfolio and gas fee warning was needed and added; hence why it took us until the last minute.
Gas fee warning? It costs ~$6 to convert to 4Belt. This is all coming from Belt’s contract, we’ve pushed it directly to their contract without additional layer on our end. It may also interest you to know that it costs ~$8 to compound. This is a cost that users save since the fee is being paid for by the dev wallet. This is why platform fees are necessary.
Portfolio shows same balance for all stablecoins in AutoFarm Compound? Yes, technically they are all going into the same AutoFarm Network vault (“USDT-USDC-BUSD-DAI BLP”). The summary at the top of the Portfolio already reflects this and isn’t duplicating balance or APY. You can withdraw any of the listed tokens by converting 4Belt tokens. For example, if you deposited in USDT, you can withdraw from the BUSD vault and convert 4Belt to BUSD there.
While we had hoped the 2.5-day setback (or below) earlier this week wouldn’t cause a delay, unfortunately, due to our very tight timelines, it did. We have ETH, BTCB, and BNB left. We’ll release those over next week while we’re also working on our Binance application.
Major Product Update
- Dopple Finance’s APY estimates, which are pulled over to Feeder Finance’s UI, can be misinterpreted to assume a higher than expected up-to-date APY.
- In the investigation process, the team has also identified changes in liquidity conditions that affect the swapping of DOP native tokens.
- We’ve worked with Dopple to clarify the problem. We have also taken measures to update the DOP 2Pool vaults and USDT/BUSD Auto Diversify vaults; including resolving swapping liquidity issues.
- Users’ balances have been updated and compensated to match perceived APY.
- Going forward Feeder Finance 1) will not rely on target platform data and create custom API for APY data to display standardized APY figures that reflects a fair estimation of APY, and 2) create internal API data panels to monitor harvest results of all vaults which will allow for a swift reaction to any changes in market conditions.
Please follow this link for details.
The above set us back around three days due to the investigation, and update of four vaults affected.
- Update the Coming Soon list: We’ll start to identify which the next batches of Compound vaults are; please feel free to add to the suggestions at community.feeder.finance
- New UI Design: We’ll spend the next week also working on the new UI/UX designs which will go into the pitch deck to be shared with Binance for their Incubator program.
- Begin Marketing Campaigns: We have plans for both paid content creation and paid advertisement which we’ll likely begin next week. We’ll also release another Medium article, once we complete AutoFarm Compound, explaining our platform at its current state from products, fees, rationale, and so on.
- Partnership: We have a couple of partnership discussions and one of those has now ceased. We’ve developed second thoughts on our end due to the bad PR that it could cause given recent development. The other pending discussion is going well and is a project that any investor in crypto would have heard about; hundreds of thousands in Twitter follower. Stay tuned.
Feeder Finance Team Working List
We’ve decided to move this section over to community.feeder.finance
Everything is clearly labeled, tagged, and structured there. We encourage everybody to participate with ideas and discussions. We’re trying to move towards a more community-centric project development and this is the start.
We’ll rename this bottom section to Changelog and publish actual changelogs here instead. No changelog since Wednesday though.