Posted 3 months ago | by Catoshi Nakamoto
As the DynaSet closed beta draws to an end, the time has come to share with you all the things we learned over the last two months, all the things that will happen next and maybe even a first look at some of what is planned for the first half of this year.
Before all of that though, a massive thanks to everyone who joined us in the closed beta roll-out. A total of 343 people contributed over 2.5 million USD worth of tokens between the three DynaSets. We are so humbled and appreciative of the trust you have shown in the products we are building.
While the closed beta has had some ups and downs, depending on which DynaSet you chose, overall we consider it to be a great success. dynBTC has beaten the market by 12%, dynETH by 16% and although not doing quite so well, dynSING is still beating the market by 4% and while we would have loved to see it doing better, it has taught us some truly valuable lessons ranging from technical fixes and enhancements required, to trading strategy optimizations.
Closed Beta Stats
DynaSet beating the market by 12%
DynaSet beating the market by 16%
DynaSet beating the market by 4%
Learnings from Closed Beta
Let’s begin by covering briefly some of the things we have learned over the last few months, the good, the bad and the interesting.
- While constantly being improved upon, the systems designed to enable multiple traders to securely and reliably execute trades in a decentralized fashion are functioning smoothly.
- Early on in the beta a few bugs were revealed in the trading team’s ability to execute trades in certain conditions. This has now been resolved.
- The long only trading strategy of both dynBTC and dynETH has proven to be effective.
- The long only trading strategy has also highlighted the need for improvements and additional features that will allow more advanced trading strategies.
- The forging process was mostly successful, however some weaknesses were revealed that are being fixed for open beta release. The forging process and smart contracts have been reworked and the process simplified for open beta.
- During forging, due to a front end error, 2 contributions were missed when minting LP tokens. This has been fixed for open beta and the affected users will be added and LP tokens re-allocated with a very small impact on other contributors holdings.
- During forging 10k USDC in the ETH forge of dynBTC was not correctly added to the contributions. This has been fixed for open beta. The missed 10k will be added to closed beta and will be reflected in all user balances in the form of DynaSet LP tokens.
Changelog from Closed to Open Beta
- Forge smart contract upgrades
- Complete restructuring of our smart contracts. Closed beta had one smart contract per token contribution per Dynaset which made it very complex and hard to manage in the long term. Now we will have only one smart contract per Dynaset.
- Added more contribution tokens possible and removed the max cap. Any users will be able deposit any of the following tokens.
Stables: USDC, USDT, DAI, MIM.
Alts: WBTC, WETH, ETH, UNI, COMP, CRV, LINK, AAVE, MAKER, YFI, 1INCH, ELON, SHIB.
SDAO, AGIX & NTX contributions are capped and allowed only in the dynSING DynaSet.
- Remove whitelist functionality, anyone can contribute.
- Withdrawal smart contracts.
- Fees management code.
- Updates to trading dashboard.
- Front end fixes.
Open Beta RollOut
As most of you no doubt have noticed, this roll-over will be from closed to open beta, rather than to “DynaSets V1”. The major takeaway from the closed beta period is that the ability to short is not simply desirable, it is required. The development team is already directing all of their energy and resources into enabling this integration, however it is simply not going to be ready in time for the end of closed beta.
This left us with a couple of options:
- End closed beta and then ask everyone to withdraw their tokens, pay ETH gas fees and wait.
- Release DynaSets V1 to the world without fully fleshed out functionality and sub optimal performance compared to what we know is possible through our ongoing live testing of combined long/short/leveraged trading strategies.
- Roll closed beta over into open beta, allow all those interested to continue using DynaSets, welcome anyone else who wants to get in early and get early access to these new upgrades as and when they are ready and most importantly, give our development team the time it needs to fully implement and test not only the ability to short, but also use leverage in a fully decentralized and secured fashion.
Of course that is not really 3 options, but one obvious choice. Closed beta will roll into open beta, those in open beta will have access to all the new tools being developed as and when they are ready, then Full DynaSet V1 will launch at the end of open beta with a fully featured suite of trading tools, alongside some other surprises that will be shared in the near future
Work in progress
The development team is pushing hard to complete integration of the ability to short and trade using leverage. This will enable DynaSets to not only short the market, but also in certain circumstances to even execute leveraged trades. These enhancements will take DynaSets to the next level and begin to show what the platform and tools we are building are truly capable of. Since the launch of the DynaSet closed beta we have been live testing the necessary trading strategies that utilize this technology and they have proven to be extremely effective. We will implement these upgrades as soon as we are satisfied they are ready, thoroughly tested and secure. If they are ready during open beta, then anyone involved will immediately gain access to the enhancements before they officially go live with the rollout of full DynaSets.
Open Beta timeline
28th Feb :
- Open contributions for Open Beta
- Add a button “I want to withdraw” for Closed Beta.
Sign (no fees) functionality for those who want to get out of DynaSets
7th Mar :
- Remove button “I want to withdraw”
- Pause trading
- Execute fees script for those who asked to withdraw off chain
- Move LP tokens from old forges to reverse forge for those who wanted to withdraw
- Compute fees for those who didn’t withdraw
- Recompute LP holdings per users for those who stayed
14th Mar :
- Forge the New contributions into the new DynaSets Open Beta
- Move tokens from DynaSets Closed Beta to DynaSets Open Beta
- Recompute LP holdings for users of Open Beta
- Add a claim function for users that asked to withdraw from Closed Beta
- Reinitialize DynaSets performance to 100
- Trading starts again with funds that were not withdrawn and the new contributions
Open Beta will run for 2 months at which time we will launch full featured DynaSets V1 to the world.
Don’t forget to participate in our upcoming governance event
We will very shortly be announcing our first governance event — A vote to choose how our launchpad handles allocations for token launches. We had a great turnout of people sharing proposals and discussing the merits of each idea. We really hope that everyone in the community will take part in the vote.
Join our social channels to be updated with news of both the launchpad governance and our 2022 roadmap, both of which are coming in the very near future!
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Original article published on Singularity Net DAO’s Medium. (Bitboy Crypto is invested in SDAO)