Monthly Report #1 – Jelly-market
We are at the beginning of an exciting year for Jelly and for DeFi as a whole.
The DeFi insights show promising numbers about the expansion of the DeFi market. Platforms for lending, borrowing and trading are gaining more and more users. New products are also being introduced and all of them improve the DeFi infrastructure and help it mature.
Jelly is such an example. The dApp will solve the interoperability issues and will connect the different blockchains via trustelss mechanism for value exchange. The launch on the mainnet is scheduled for the end of January and our team works tirelessly to deliver on time.
Here is what we’ve done in the last month:
1. UI/UX significant improvements
Since we were working mostly on the smart contracts and the basic functions of the dApp in the last six months, we decide that it is time to focus on the user experience. So, in January we worked hard on the frontend of the dApp to make the process of each swap extremely easy and clear for the user. Complains about the complex UI of the DEXs are now long gone and each new DeFi app aims to offer a frictionless, simple, and user-friendly interface.
Wе’ve made the whole workflow for a swap execution easier including only the information needed by the user. The design of the dApp is very intuitive and the user actions are now arranged in a firm and clear logic.
We also made a step-by-step guide to educate the users on how to use our platform. The short guide through the app and its functions is now triggered each time a new user opens it. It will briefly explain how to use the dApp.
To make it even better, the dApp will launch with two themes — dark and light according to the user’s preferences.
2. Liquidity
The most important thing for each dApp is liquidity. Our developers have improved and tested many times the liquidity providing software to make sure it is secure and fully-functioning. We are currently negotiating with several liquidity providers for the BTC-ETH trading pair.
Our protocol can be used by everyone to provide liquidity and earn profit from price spreads. There are no restrictions and the provider can get out of the protocol at any time. So, don’t miss the opportunity!
3. DAI implementation
In the last month, we’ve also implemented DAI. This was inspired by our very aim to create a bridge to DeFi. The idea is to expand DeFi services beyond Ethereum by connecting them to other blockchains as well. For instance, every Jelly’s user will be able to swap his BTC for DAI and deposit it directly to Compound in order to start earning some passive income. This will eliminate the need to exchange first BTC for ETH and then ETH for DAI. We are shortening the process and eliminating the expenses for additional swaps.
The implementation we’ve made will ease the process of adding other ERC-20 tokens in future.
4. Universal wallet
As we were trying the deliver the best and easiest user experience, we asked ourselves if there is a way to exclude the need to install and connect different wallets for the respective blockchains. All these wallets — MetaMask, Tronlink, Aewallet, etc. are confusing for the user and make the process long and tedious.
Bingo! We came out with the idea for Universal wallet (as we like to call it). It will give you the opportunity to log into the dApp by creating one single username and password — much like logging into your email. Once logged, you will be connected to all the blockchains and you can start swapping without bothering with separate wallets. Detailed information and instructions will be given in another article soon.
5. Secure audits
Safety comes first! Jelly is a decentralized, trustless and secure platform. But since it executes value transfers, our users should be sure of its reliability. This is why we conducted several internal audits. To be even safer, we are currently searching for an auditing company to work with. External audits will double-check our code to confirm that they are reliable and secure.
You can read more about the risks and how to avoid them while using Jelly here.
Conclusion
As @defipicks said on Twitter:
“I was blown away by the progress that’s been made since the last time I looked into DEXs a year or so ago. I love the simple UIs, anonymity, decreased risk to funds, and cross-chain transactions that they can now provide. Excited to see what the devs are working on in 2020.”
We share his opinion and we continue buidling with great enthusiasm. So much work was done in the first month of 2020.. and we have 11 more. Stay tuned!
Published at Mon, 20 Jan 2020 13:24:24 +0000
{flickr|100|campaign}