Kicking Off 2022: Path to Testnet Launch
Community Newsletter #6: January 2022
We’re kicking off 2022 strong with some solid planning for the months ahead and also secured a few key relationships that will support our path to testnet launch.
First, let’s talk about security. It is unequivocal that the security of our protocol is of the upmost importance to us, the users, and the community. Thus, in January we achieved our first goal in securing three smart contract audits with top-tier security firms in this space.
The first is a pre-audit with Secureum as a part of the CARE program, which multiple other leading DeFi protocols have also participated in. This will happen towards the end of March to the beginning of April.
The second is an official audit with Peckshield, which will be our first official audit and will happen at the end of April.
The third is another official audit with Trail of Bits, one of the top security firms in this space and will happen in mid-August.
The completion of these security audits and fixing any findings will be the first step in securing the contracts and the protocol. There are also other risk mitigation steps that we need to take before deploying on mainnet and we will be working with our security partners to make sure that those are in place.
Hence, these security audit dates form an important timeline to follow and we tentatively expect the public testnet release to happen after we review the pre-audit report in April.
Second, we mentioned in our latest community call on January 27th in Discord that we will be officially receiving a $25,000 grant from Aave Grants DAO to support our development efforts in the Aave ecosystem. We are very excited to bring additional utility to aToken holders through multi-currency exchange rate trading. For instance, Increment will support aUSDC as collateral and empower aUSDC holders to long or short a Euro Dollar Perpetual Swap, hence building their own Euro Savings strategy.
Depending on when it will be announced officially and publicly by the Aave Grants DAO, we hope to organize several activities around this collaboration to boost promotions leading up to testnet launch.
In January, we have made significant progress on both the contracts and the frontend side. Here is a summary of our developments:
Finished developing the static components of the app
Mobile and responsive layouts of the app are complete
New landing page is complete
Currently working on subgraph/datafeed
📑 Smart Contracts
Completed several core contracts and functions, such as the perpetuals factory and vault contract as well as functions like opening and closing long or short positions, depositing and withdrawing liquidity, etc
In the process of testing 77+ test scenarios and growing
Next steps are continuing to test, updating documentation, and developing other contracts like funding rate, liquidations, insurance, etc
We will be releasing our new landing page in the coming days and will feature an update of several visual banners on social media to make sure branding is aligned. Work on the smart contracts will continue with further testing and development. Front-end development and subgraph development will continue as well.
Increment is a distributed, algorithmic exchange rate protocol building on zkSync 2.0, empowering open finance for non-USD participants in DeFi.