A Collective Effort: Beta v1 Testing
Community Newsletter #9: April 2022
April was a super productive month for the Increment protocol. We released our beta v1 to over 1800 testers, welcomed thousands of new community members, travelled to Amsterdam for DevConnect, and much more!
Beta v1 in Review
Utilizing a token-gated method that integrates POAPs with Guild, we distributed 500 mock USDC to each of our verified testers. The main purpose of this beta v1 round was to showcase an early version of the protocol to our community as well as to ensure that users were able to interact with the core functionalities of the protocol like opening/closing positions.
Having opened a single EURUSD market, the system successfully processed a daily high of 649,000 USD in volume and did not encounter any major issues. We did, however, notice that the opened positions were heavily lopsided to the long side, thus creating a large funding payment for long position holders - in a more efficient market, arbitrageurs would have captured this yield opportunity by opening short positions which would in turn lower the funding rate.
It is important to note that all testers were given fake money so it is likely that they did not have profit/loss in mind.
We also received over 900 feedback tickets from the community - it’s the collective effort that will make our protocol better! We will be going through all of them and prioritizing the issues. All in all, this round of testing was tremendously fruitful for both our engineers and the community.
In terms of next steps, our engineers will not only be optimizing/fixing some of the existing known issues, but will also be shifting focus to add new features in preparation for the upcoming Peckshield audit on May 23rd, such as adding the multi-collateral feature and building out the liquidity provision interface. After the audit is complete and everything is ready, we hope to release a beta v2 - stay tuned degens.
Twitter: 4000+ total followers
Discord: 5000+ total members
1800+ beta v1 testers
Shipped beta v1 trading interface
Reviewing user feedback and prioritizing issues
Fixed issues on 24h price change and funding rate calculation
Added 15 and 30 minute candles
Continuing to build staking interface for multi-collateral liquidity pools
📑 Smart Contracts
Fixed Secureum CARE findings
Building multi-collateral feature
Preparing for Peckshield audit on May 23rd
Enabled liquidation bot and arbitrage bot for beta v1
Fixed any bot issues that arose during testing
Community Leaders & DevConnect Trip
The beta v1 verification process was new, experimental, and exciting! Everyone in the community was very engaged and actively helping each other out during the process - a special shoutout to all contributors, participants, and especially the Global Angels 😇 for helping manage the international community!
Also in April, a few members of our development team went on a trip to Amsterdam for the DevConnect conference. It was an incredible opportunity to represent Increment and also connect with other builders in the space. We hope to integrate or partner with other projects in the future and expand synergistically in the DeFi universe.
In the coming weeks, we also plan to have a more organized and autonomous way of selecting Global Angel roles. As the ranking currently stands for the Cred Star role, we are delighted to welcome Momo95#7218 as a Cred Star! 🎉 ⭐
Increment is a distributed, algorithmic exchange rate protocol building on zkSync 2.0, empowering open finance for non-USD participants in DeFi.