Cykura June Updates
Hello Cyklonauts! 🚀
We hope you were able to bear the volatility in the crypto market over the last month! No matter if this is your first downturn or you’ve been through it before, we feel your pain. Nonetheless, bear markets also breed opportunity.
Speaking of which, a lot has happened over the last couple of weeks. Let’s walk through some recent developments one-by-one, and look at what we have planned for the month of July.
Liquidity Pool Charts Update
We recently updated our UI for LPs on our pools page. If you haven’t had a chance to look at it yet, you can check it out here!
Liquidity charts are a key feature of Cykura. This update allows users to select and adjust their LP positions by using the drag feature on the charts directly. Importantly, it also gives LPs a visual representation of where liquidity is placed along the price curve so that users can take advantage of underserved sections of the market. For DEXs that utilize concentrated liquidity, this is crucial for optimizing LP positions.
Have any suggestions? Make sure to let us know what you think about this latest update, and new features you would like to see on the platform.
Cykura is now live on Step Finance
Cykura is now integrated with everyone’s favorite DeFi dashboard on Solana- Step Finance! You can now visit app.step.finance to check out your Cykura positions, including viewing LP NFTs via the NFT gallery.
Building Liquidity mining
In our last update, we mentioned that liquidity mining would be live by the end of June. Although the product is ready, the team is holding off for the moment on launching this because of market conditions. Rest assured, our farms will be released when the timing is more conducive to the growth of the project. In the meantime, we’re sharing some snippets of the UI for you to take a peek at👇
Markets are in turmoil- how is Cykura faring?
There is no doubt that all projects have been affected in one way or the other by the recent market meltdown. In the Solana DeFi realm, we saw numerous projects lose TVL and even suspend their product access. To say these are interesting times for the crypto market is certainly an understatement.
The collapse of UST hit Cykura particularly hard, because a large percentage of USDC-UST trading volume on Solana passed through our DEX (it accounted for our second-largest market after SOL-USDC). Now that this pair is no more, almost all of our volume is coming from SOL-USDC.
As a testament to the capital efficiency of Cykura, only a small portion of the pool TVL that is in range (approx.. $30k), is responsible for the $500k–$1M in 24hr volume. This is a fine example of the huge potential for growth as we work to attract more LP assets to the DEX.
As some degree of “stability” has crept back in, we have seen steady growth on the platform. Between the 4th of June to the 26th, there has been a 79.03% increase in week-on-week volume. We continue to monitor such metrics in the interest of properly timing future growth efforts.
Speaking of our SOL-USDC pool, if you are hodling both tokens, Cykura offers a great opportunity to earn 25% APR on your holdings (at the price range of $20–$40 USDC/SOL). Come on over and put your tokens to work.
Despite the recent adversity experienced by all, our resolve remains strong. We will continue to look for new outlets and opportunities for pushing Cykura forward as venture through these uncertain times. We hope you’ll join us.
What will we be working on over the next month?
Over the next month, Cykura will be concentrating on 3 things in particular:
- Fine-tuning the liquidity mining UI
- Further improvements to UI/UX (ex. range-based APR indicators)
- New community engagement initiative
That's it for now. Make sure you follow us on all social channels to keep up with the latest updates!
Cykura is the pioneer concentrated liquidity DEX on Solana, offering some of the most capital-efficient trading pools on the market. We are a remote team based in many corners of the world who have come together to innovate and create promising Web 3.0 products.