Monthly Recap — December ‘23
Finalizing Staking UI & Preparing for TGE
In December the core team built out the majority of the hooks for the staking UI, tweaked the trading interface and began initial testing of staking on Arbitrum Sepolia.
We also completed an informal audit with the whitehack who identified the critical bug in ImmuneFi.
Originally, we planned on re-auditing the contracts before our redeployment with our main auditor. Unfortunately the queue for the audit was extended by 4–6 weeks and would have ended, excluding any remediations, in early February.
The timeline did not align with our planned re-deployment as we wanted to get live as soon as possible. Security is of course our primary concern. Given that the ImmuneFi whitehack was interested in auditing our contracts, we felt it would also lead to a better outcome since our previous auditors had missed the critical issue but the whitehack had not.
They confirmed that our fix for the critical bug identified by them was satisfactory. Full post mortem coming in the next couple of weeks.
Additionally, they identified one Medium issue that we were already aware of and helped propose a secure simple solution.
The issue is the possibility of very small loans that are impossible to liquidate because of rounding issue. The loans that would cause this problem are really small (sub pennies), therefore, the cost of creating them is higher than the damage they would cause individually after a long period of time. Since they’re impossible to liquidate, however, they would accrue a small but ever increasing debt that could never be written down.
The issue was resolved with requiring a minimum liquidity amount that must be borrowed for a loan to exist. That way rounding issues are no longer a problem should the loan require liquidation.
We have made various adjustments in the trading interface to benefit the user experience
- Straddle calculation did not factor in the deposit so the delta was slightly positive when a position is opened. That’s accounted for by making the LTV calculation dynamic so the PnL when opening a straddle will always start at 0. Since there is also no price impact with a straddle, it is essentially free to open — although you have less leverage (in normal volatility conditions) than the long or short. If a coin moves 1000%+, it’s actually more capital efficient to use a straddle.
- Long and short positions did not originally take into account the origination fee in the LTV calculation. Therefore, they were separated in the UI. Now you can open a position at very high utilizations and higher LTVs (98%+).
Old Origination Fee Model. Now it’s dynaimc & included in LTV calc
- Perhaps, the most important update of all is that you can now use light or dark mode in the GammaSwap dapp interface ✨
The moment you have all been waiting for
The staking UI is 80% complete. Everything has been built and we’ve tested staking GS/esGS, and Vesting. The only remaining item is to test the farms and Multiplier Points.
Sneak peak below 👀 with some spicy APRs…wish this was Arbitrum Mainnet and not Sepolia 😩
Staking UI on Arbitrum Sepolia
Token Generation Event (TGE) & Farms 🚜
The TGE will coincide with the launch of DeltaSwap and re-launch of Sushi pools. It will be a fair launch and everyone will have the opportunity to earn esGS by providing liquidity into farm pools & staking.
The initial farms we will support on Arbitrum are:
In conclusion, we are extremely close to re-launch and TGE. Just putting together some final touches and then we will be ready to blast off into Galaxy Gamma! 🚀