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Mainnet is Imminent and Development Updates
Community Newsletter #22: August 2023
Summer is slowly coming to an end, but this means we are getting closer to the Increment’s launch on zkSync Era mainnet. In this month’s newsletter, let’s sync up on the latest mainnet timeline as well as development updates.
Mainnet is Imminent
As you may recall from last month’s newsletter, zkSync announced an upcoming upgrade to the method of how timestamps are calculated. Please note that this update will not be instant. Instead of updating the number, timestamp and blockhash to return values from the current L2 block immediately after the update, which would result in a big jump from one block number to first one after the update, the changes will be rolled out during a catch-up period. For more details, please visit here.
These changes are currently being developed and the upgrade will start in the following dates:
Testnet upgrade: On August 31st, the upgrade will start on zkSync Era Testnet. The catch-up period will last for about 14 days.
Mainnet upgrade: On September 7th, the upgrade will start on zkSync Era Mainnet. The catch-up period will last for about 40-60 days. Given that the amount of transactions/blocks/batches depend on network activity, the estimated catch-up period is 50 days.
Due to this catch-up period, we expect the opportunity to deploy the Increment protocol on zkSync Era will be around October - November.
In the meantime, our engineers implemented multiple languages to the interface, they will include 中文, Türkçe, 日本語, 한국어, pусский, Français, Español. We have also added the Open Interest datapoint on the interface as well. Check out https://testnet.increment.finance/ and shoot a message in the Discord if you have any feedback!
Another focus is on building the peripheral contracts, which includes a gauge weight system, governance token emissions, and a safety module. These are currently under development.
Once Increment becomes available on zkSync Era, we will have a renewed roles system, here is a teaser of what that may look like:
Elite Profitmaxi: Top ranked traders based on Points or % PnL for past 30 days
Max Bidder: Top ranked traders based on volume for past 30 days
Yield Milker: Top ranked LPs based on fees earned for past 30 days
Cred Star: Top delegates in votes at the end of the 30 days
Increment is a decentralized, algorithmic perpetual swaps protocol building on zkSync Era, featuring automatically concentrated liquidity, dynamic fees and parametrizable pools.