Dear Cyclonauts,
In this update, we will address the three most important points to the community, with the aim to keep you informed of our decision making process and thinking as we move the project forward. Let’s dive right in.
What is the status of mainnet?
Our V1 product was originally built to be 100% integrated with Serum liquidity. However, since running our V1 mainnet with our test community, we were met with a number of functional limitations that stemmed from our dependence on Serum as an external protocol. Issues like price granularity, node synchronization, and opening multiple liquidity positions presented roadblocks that limited the original scope of what we wanted Cyclos to be. After careful examination of our options, we decided the best path to realizing the full vision of Cyclos is to be a fully independent platform- i.e. to not be reliant on any external platforms at the cost of the core product’s functionality.
The result of this?
We are building our own liquidity pools native to the Cyclos platform. While we will still support Serum pools, our focus will be on Cyclos native liquidity. Right now, the dev team are primarily focused on this task. The majority of their capacity is directed toward the high-level math and coding work involved in creating a fully independent protocol where liquidity remains inside the platform, rather than a protocol fully dependent on composing with another external protocol. While our original plan has changed, it is a necessary change that is crucial for fully realizing the potential of concentrated liquidity and insuring the sustainability of Cyclos longterm. In terms of the development timeline, we aim to have the updated mainnet version of the concentrated liquidity market maker live by the end of 2021.
Single Asset Staking
Last month, we expanded our developer team so that we can direct resources to implementing single-asset staking. Solana is a new network compared to predecessor chains like Ethereum, and single asset staking solutions are not commonplace yet on the network. There is no simple solution to deploy. Therefore, we’ve had to put a lot of time and research into implementing this feature.
We will be deploying staking which has different time locks- the longer you lock your CYS, the bigger the reward at the end. We think that rewarding community members for holding long term will assist in taking excess supply of tokens out of the market. We aim to have this live by the end of November. Since there are no time-lock singe asset staking solutions that are open source on Solana at the moment, we’re implementing our own solution.
Why Launch an NFT Project Now?
Because it makes sense for our product. We can leverage the enormous hype around NFTs to bring in tons of new users to the Cyclos platform, and add utility to the CYS token in the process. It is a win/win for old and new Cyclos community members. 25% of the royalty fees from NFT sales go directly to buying CYS from the market and locking it inside liquidity pools. This directly benefits CYS token holders. We want more users to use Cyclos and be excited about the project, and releasing an NFT line that is economically tied to and beneficial for the Cyclos platform is a very intuitive way to do that. If you are not yet familiar with our Le Cougar Clique directly benefits the CYS token, please have a look at the Cougarnomics explainer on the Cougar Clique site.
Does our NFT project take away resources from our development process? No, it does not. We partnered with an amazing team called Solatars, who have worked together with us to make this project happen. That’s the power of partnerships.
As always, we appreciate the support and patience we’ve received from our community members through the development process. Developing one of the most advanced DeFi products in the crypto industry is no easy feat, and we are grateful to have so much support as we tackle each challenge. As always, feel free to reach out to us directly via Telegram or Discord with further questions.
-The Cyclos Team
