We are thrilled to share our latest weekly technical progress report as we approach the highly anticipated mainnet launch of our groundbreaking protocol. At every stage of our journey, our dedicated team has been unwavering in its commitment to delivering a protocol that is not only robust but sets new standards of security and innovation in the industry.
In our testing phase, we achieved significant milestones by successfully launching two versions of the testnet. These testnets served as crucial proving grounds where we showcased fully functional borrowing and lending capabilities, as well as the seamless operation of the stability pool deposit core functionalities. Building on this strong foundation, we have intensified our efforts in building a state-of-the-art infrastructure to propel the protocol towards excellence.
As part of our ongoing development, we have strategically integrated multiple light wallets available in the esteemed Cardano network. This strategic move ensures that our protocol aligns with industry best practices and stays ahead of the curve in terms of security and user experience. Moreover, our team has taken a pioneering step by creating a decentralized oracle pool, which will be pivotal in ensuring the flawless execution of our protocol’s functionalities.
To fortify the protocol’s resilience, we have embarked on the implementation of an Emergency Shutdown protocol for adadao. This crucial feature will provide an additional layer of security and risk management, ensuring that our users’ assets remain protected at all times. By adhering to the highest security standards, we aim to instill unwavering confidence in our platform’s safety.
Furthermore, we have initiated efforts towards establishing a decentralized governance framework for the mainnet. Our vision is to empower the community to exercise control over the protocol through governance mechanisms.
The following are the updates from our team for the past week:
1. Common Tasks:
- Our team conducted extensive research into an approach involving reference scripts. This approach effectively reduces transaction size and transaction fees.
- We successfully implemented the reference scripts approach in the OnChain part, thereby optimizing the protocol’s performance.
- Additionally, we integrated the reference scripts approach into the start-all-services chain and conducted successful testing on the testnet.
We are currently working on implementing the reference script approach for other endpoints to further enhance the protocol’s efficiency.
2. Emergency Shutdown:
- We have successfully implemented the reference scripts approach in the upgradeLiquidationScript endpoint, contributing to enhanced security measures.
- Presently, we are focused on implementing the upgradeProtocolScript endpoint to fortify the Emergency Shutdown protocol.
- Our team has added the StartGovernance offchain functionality, marking a crucial step towards establishing the decentralized governance framework.
- Additionally, we have integrated the CreateProposal offchain feature, facilitating the creation and submission of proposals by the community.
- To optimize the size of Proposal and Governance data, we have performed necessary optimizations.
- Our efforts in the area of governance now extend to working on the Vote offchain functionality.
We are also actively working on creating test governance tokens and further advancing the Vote offchain feature.
As we approach the mainnet launch, our commitment to developing a robust and community-driven protocol remains unwavering. We are grateful for your continued support and look forward to providing more updates in the coming weeks.