GC Ecosystem Q1 Review
Lets go over everything released in 2022!
In 2022, Genius Contracts has been deep in the lab. We’re continuously iterating, building base layers, and releasing new innovations to the Tezos network. We’d like to take a moment and go over all the new utility that we’ve added to the SalsaDAO ecosystem this year.
Today is special as it marks a true recharge of the Gaming Hall, one of SalsaDAO’s original projects. It’s only been one year since the start of our journey, and we’re proud of what we’ve achieved so far. Lets take a brief look at some recently dropped projects, and go over some future strategy.
During Q1, GC completed the proposal-based DAO implementation for SalsaDAO. This is a feature that adds to the already released Curve Voting to give SalsaDAO a larger governance footprint on Tezos. We’re happy to be one of the first fully functioning DAOs on Tezos. Find it on salsadao.xyz.
Implementation of a DAO is a major milestone for a grassroots project like SalsaDAO. Here at GC, we hope that we’ve shown our commitment to SalsaDAO by getting this done. There is more work to be done to increase governance interactions, and GC is prepared to make this a priority.
Next steps: we will be proposing some parameter modifications, pushing a new Matter DeFi configuration, and adding new Curve Voting polls.
We have released an upgrade to the Gaming Hall that makes the overall experience better for players. Games now resolve in 60 seconds with no further action needed after placing a bet. We’ve also upgraded the interface! Find it on salsadao.xyz.
Most importantly, incentives have been balanced between players and investors to create a perpetual system. This is accomplished by a new 2.5% investment fee that is applied upon investing into any bankroll. This decision might prompt some questions, we’ll explain.
The best comparison is to think about a real-life gaming hall or casino; the incentives for players usually include play-based bonuses like free drinks and lodging credits. On the blockchain we obviously don’t have the ability to send free drinks to our players, so the investment fee is taken from new investors and paid directly to previous players via the GP system.
An increase to playing activity gives bankroll investors better returns, as the house edge is applied over more games. To this end, the amount of GP that players earn is directly tied to amount of games played. As we get new data from the Gaming Hall, we will add bankroll APRs to the interface.
Users will note a new GP tracker on the interface that shows earning power. Fees from new bankroll investments will be split and rewarded based on users’ GP. Users must bet at least 1% of the current bankroll to gain 1 GP upon game completion. Rewards can be claimed at any time.
Next steps: we will be adding slots and card games to the Gaming Hall, and entering the design phase for state channel-based Blackjack.
Most of this work is not visible be the end-user, but we’d like to highlight the new features that have been built into the back-end infrastructure of SpicySwap.
We’ve recently added full-USD history and deeper metrics for each pool in our indexers. This will make web-level integration with SpicySwap much easier moving forward. Conversations are happening in the background to get SpicySwap API data on more websites. We are continuously iterating on our back-end and front-end technology to make SpicySwap the best place to trade on Tezos.
Next steps: prioritize outside integrations to our tooling by upgrading cloud infrastructure and documentation.
SpicyPro Recipes are a small (but powerful) new feature that we’ve deployed on to SpicySwap. Recipes are specific contracts built to make multi-step DEX actions easier. This provides a 1-click experience for SpicySwap’s main features. Find recipes on the main trading page above the currency selection area.
We’ve initially released “swap & mint” and “burn & swap” recipes to improve liquidity management. These recipes can be used to quickly convert between single tokens and LP shares. They are also compatible with Spice Farming, meaning users can try out Spice Farms in 1-click, with just XTZ!
Next steps: add new recipes that interact with ecosystem projects, like Matter DeFi.
SpicyPro Limit Orders
This flagship feature adds classic limit orders to the SpicySwap interface! Limit orders are fully decentralized: bots run orders in the background as price targets are hit. For more details on execution, read the detailed FAQ on SpicySwap.
This powerful addition to SpicySwap recreates the centralized trading experience in a decentralized environment. Trades are safe once posted, and can be cancelled at any time. We invite our readers to check them out and post some orders. GC will be continuously listening to feedback and upgrading the Limits interface for the best user experience.
Next steps: upgrade Limits UI, fill out the orderbook, get more bot runners signed up.
We’re happy to see that the first Matter DeFi configuration change has been approved and enabled via SalsaDAO governance. Matter DeFi stakers have also responded well to the change: farms were quickly saturated in the weeks following a 2x overall boost to MTTR rewards.
Our stance at GC is becoming more aggressive in terms of MTTR rewards. We are openly lobbying for a 10x increase to rewards, which we think is necessary to inject a much-needed price boost and find the saturation point of Matter DeFi as a whole. We invite users to join the conversation on SalsaDAO Forums to see what our plans are.
Next steps: push through 2nd configuration change.
Matter Live is a new Farm-as-a-Service tool, where anyone can create a custom farm or stake in community farms. This feature marks the first step on the path to make Matter a true DeFi hub. Matter Live will become more important in the short-term future, as farms migrate away from SalsaDAO website and onto Matter Live.
Matter Live has also shown to be a success in generating funds for the SalsaDAO Treasury. Moving forward, we will be looking to increase ecosystem use of Matter Live by working with external projects to onboard them to Live farms.
In the future, Live will be just one tool in a suite of DeFi services. We plan on adding services like an easy token generator, presale builder, and IFO builder! New projects will be able to easily bootstrap using classic DeFi tools on Matter.
Next steps: Matter Live partnerships, new Matter tools and utility.
That’s it for the overview. We’ve accomplished many of our Q1 goals, and are excited to get to the next phase of building. Coming up, we will be releasing SpicyPro Leveraged Vaults as our last major feature before taking a development break. We’ll be out of the lab for a couple weeks to recharge.
Our focus will be changing as we return from this break. After a quarter of building out major features, we will be taking a step back and making our first priority polishing what we have now. This includes things like documentation, marketing activities, and upgrading interfaces. We will still be building, but new additions will be smaller and more rapidly deployed.
Putting it simply, GC will be prioritizing all the stuff that we put off while building. The next new major feature will likely be the launch of SpiceWorld in a few weeks after our break. Did we mention our lite-paper on Trade2Earn is coming soon? Get ready!
As always, thanks for supporting us and we hope to build upon our strong start to 2022. Thank you.