Jarvis Network 🧪🦇🔊Removing, and looking past the bad debt
Last week, an attacker exploited Midas Capital on Polygon and stole 368k jEUR, 237k jCHF, and 45k jGBP (see the details), leaving Synthereum with a bad debt. We have developed a plan to address this issue by diluting, acquiring, and repaying the bad debt.TLDR:The protocol has inherited a bad debt of 368k jEUR, 237k jCHF, and 45k jGBP on Polygon (other jFIATs and other networks are not impacted).Jarvis Network and Jarvis LTD will commit funds and allocate a portion of their revenue towards acq...
![Cover image for Jarvis bi-weekly issue [13]](https://img.paragraph.com/cdn-cgi/image/format=auto,width=3840,quality=85/https://storage.googleapis.com/papyrus_images/ad26de7c2ce5f2d2e7c79707c7e509308dce76894564d3102f598b83010101ea.jpg)
Jarvis Network 🧪🦇🔊Jarvis bi-weekly issue [13]
⏩ TLDRJuicy USDC yield for LPsSmall Cascade Protocol “overview”Building a position on QUOLLNew discussion to seed Morpho markets.New discussion to optimize the treasury.🗞️ Quick newsJuicy USDC yield for LPshttps://x.com/Jarvis_Network/status/1848764877172543574Some updates from the Cascade Protocolhttps://x.com/CascadeProtocol/status/1851997162562801763Jarvis LTD building a position in QUOLLhttps://x.com/Jarvis_Network/status/1852018498249118010🧪 ProtocolWe have finished updating all the LP...
![Cover image for Jarvis bi-weekly issue [6]](https://img.paragraph.com/cdn-cgi/image/format=auto,width=3840,quality=85/https://storage.googleapis.com/papyrus_images/a77f2376630e9d175d1faa7aea2b745ed8af8d7fb8d0dbb324a7ca9dd0408681.jpg)
Jarvis Network 🧪🦇🔊Jarvis bi-weekly issue [6]
⏩ TLDRstJARVIS updated.Cascade Protocol infrastructure.🗞️ Quick newsYield this weekhttps://twitter.com/Jarvis_Network/status/1758490188647424098🧪 ProtocolWe have completed the upgrade of the stJARVIS/veJARVIS code to solve one issue with some liquidity pools like Balancer. The code has already been reviewed and tested.We have now completely shifted our ressources towards Cascade Protocol. The infrastructure to support the MVP is currently being developped.📱 ApplicationWe have started worki...
Stable and liquid synthetic fiat currencies powered by an on-chain Forex market. DeFi overtaking TradFi: 0% 🟩🟩🟩🟩🟩🟩⬛⬛⬛ 100%
Jarvis Network 🧪🦇🔊Removing, and looking past the bad debt
Last week, an attacker exploited Midas Capital on Polygon and stole 368k jEUR, 237k jCHF, and 45k jGBP (see the details), leaving Synthereum with a bad debt. We have developed a plan to address this issue by diluting, acquiring, and repaying the bad debt.TLDR:The protocol has inherited a bad debt of 368k jEUR, 237k jCHF, and 45k jGBP on Polygon (other jFIATs and other networks are not impacted).Jarvis Network and Jarvis LTD will commit funds and allocate a portion of their revenue towards acq...
Jarvis Network 🧪🦇🔊Jarvis bi-weekly issue [13]
⏩ TLDRJuicy USDC yield for LPsSmall Cascade Protocol “overview”Building a position on QUOLLNew discussion to seed Morpho markets.New discussion to optimize the treasury.🗞️ Quick newsJuicy USDC yield for LPshttps://x.com/Jarvis_Network/status/1848764877172543574Some updates from the Cascade Protocolhttps://x.com/CascadeProtocol/status/1851997162562801763Jarvis LTD building a position in QUOLLhttps://x.com/Jarvis_Network/status/1852018498249118010🧪 ProtocolWe have finished updating all the LP...
Jarvis Network 🧪🦇🔊Jarvis bi-weekly issue [6]
⏩ TLDRstJARVIS updated.Cascade Protocol infrastructure.🗞️ Quick newsYield this weekhttps://twitter.com/Jarvis_Network/status/1758490188647424098🧪 ProtocolWe have completed the upgrade of the stJARVIS/veJARVIS code to solve one issue with some liquidity pools like Balancer. The code has already been reviewed and tested.We have now completely shifted our ressources towards Cascade Protocol. The infrastructure to support the MVP is currently being developped.📱 ApplicationWe have started worki...
Stable and liquid synthetic fiat currencies powered by an on-chain Forex market. DeFi overtaking TradFi: 0% 🟩🟩🟩🟩🟩🟩⬛⬛⬛ 100%
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Gnosis Chain CCIP Bridge enabled
New jEUR-EURe pool on Balancer on Gnosis Chain
Shutting down of the jEUR Credit Lines
LP Vault time-lock upgrade
Liquidity Pools interest split upgrade
https://x.com/Jarvis_Network/status/1838850472796361005
The new jEUR-EURe pool has received a gauge and is receive BAL for the first time during this epoch, and will receive BAL and AURA starting from the next epoch.
https://x.com/Jarvis_Network/status/1825835604027814302
We have enabled the
Gnosis Chain CCIP Bridge enabled
New jEUR-EURe pool on Balancer on Gnosis Chain
Shutting down of the jEUR Credit Lines
LP Vault time-lock upgrade
Liquidity Pools interest split upgrade
https://x.com/Jarvis_Network/status/1838850472796361005
The new jEUR-EURe pool has received a gauge and is receive BAL for the first time during this epoch, and will receive BAL and AURA starting from the next epoch.
https://x.com/Jarvis_Network/status/1825835604027814302
We have enabled the
We have updated the LP Vaults and the Liquidity Pools on Avalanche and on Base, and we will proceed to do the same on other networks. This upgrade was long-overdue one, and is addressing two issues:
The front-running fee in the LP Vault: to prevent front-running, the protocol was charging a fee when joining a vault (becoming LP); but, the more the liquidity was utilized, the more the fee was higher. The last upgrade removed the fee and introduced a time-lock; when a LP joins a vault, their LP token is locked for a duration of 2 hours.
Interest split in the Liquidity Pool: the calculation method used to split the interests generated by lending the reserve on lending market did not reward correctly the risks taken by the LPs. The current method is done to incentivize to add liquidity on vault where liquidity is over-utilized. This led to an edge case where, if no liquidity is added, the LPs who are taking less risks are rewarded more than the LPs who are taking more risks. The new calculation method solves this issue.
We have integrated the Arbitrum CCIP Gnosis Chain.
We have completed the calculation of the Trading Fees APR for the liquidity providers, by storing off-chain all the data of each transactions on the protocol, and calculating the Trading Fees APR for each LPs.
JIP 8: a new discussion about granting Jarvis LTD a budget to buy back time to time jEUR and jCHF on Polygon, when the prices of these stablecoins is below a certain price, in an effort to reimburse bit by bit the bad debt that resulted from the hack of Midas, in January 2023.
JIP 7: the governance has approved the shutting down of the jEUR Credit Lines on Polygon.
We have updated the LP Vaults and the Liquidity Pools on Avalanche and on Base, and we will proceed to do the same on other networks. This upgrade was long-overdue one, and is addressing two issues:
The front-running fee in the LP Vault: to prevent front-running, the protocol was charging a fee when joining a vault (becoming LP); but, the more the liquidity was utilized, the more the fee was higher. The last upgrade removed the fee and introduced a time-lock; when a LP joins a vault, their LP token is locked for a duration of 2 hours.
Interest split in the Liquidity Pool: the calculation method used to split the interests generated by lending the reserve on lending market did not reward correctly the risks taken by the LPs. The current method is done to incentivize to add liquidity on vault where liquidity is over-utilized. This led to an edge case where, if no liquidity is added, the LPs who are taking less risks are rewarded more than the LPs who are taking more risks. The new calculation method solves this issue.
We have integrated the Arbitrum CCIP Gnosis Chain.
We have completed the calculation of the Trading Fees APR for the liquidity providers, by storing off-chain all the data of each transactions on the protocol, and calculating the Trading Fees APR for each LPs.
JIP 8: a new discussion about granting Jarvis LTD a budget to buy back time to time jEUR and jCHF on Polygon, when the prices of these stablecoins is below a certain price, in an effort to reimburse bit by bit the bad debt that resulted from the hack of Midas, in January 2023.
JIP 7: the governance has approved the shutting down of the jEUR Credit Lines on Polygon.
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