Akropolis General Update: March 2020
Audit progress, product development, Polkahub grant completion, upcoming plans and more.
We’ve spent a lot of hours enhancing, optimizing and auditing our smart contracts with the Certik team. Given the recent events around hacks and potential vulnerabilities in the DeFi ecosystem, we decided to spend even more time on the audit than previously planned — even if that means postponing the mainnet launch until April. At the moment, we’re in the final stages of the audit awaiting the final audit report — you can always check and test actual smart contracts in our Github repo.
More about upcoming plans below.
Product Update: Lending Pool
While waiting for the final audit report, we continue to enhance our testnet version of the pool. What has been done:
1. We continue the stress testing and beta testing of our pool. More info about this in the Beta-testing announcement.
2. Added Distribution section to the testnet version UI.
What’s the Distribution section about? After the loans are paid back, the pool receives interest distributed pro-rata between all pool members, in accordance with their share of funds in the pool. This process is done once per 24 hours, and now it’s viewable in our UI. Track how much the pool has earned and how much will you receive from participating. To claim your share, you will just need to click the withdraw button.
3. Added the possibility to withdraw your loan proposal before the loan activation. Withdrawing will automatically return your stake and the stakes of all loan supporters.
4. Added the possibility to pay back the loan with your available pool balance. Previously, you would need to pay from your wallet directly.
5. We want to prevent possible manipulations and attack vectors on the pool liquidity and loans, so we implemented an additional functionality connected with the loans:
In case of default, the borrower funds in the pool are used to repay the loan.
Each borrower’s withdrawal is used partially to repay interest on the loan/s.
For more information about the pool, check our presentation at ETHCC and Intercon — check it out here.
As always, you can check our Ethereum and Substrate roadmap here. Track our progress with each card, including links to key repositories and deployments.
As mentioned, we will soon launch our mainnet.
[completed] Launched Testnet v0.5 on Rinkeby testnet.
[completed] Launched a new stable version of our dApp to work with Testnet v0.5, accessible at pool.akropolis.io.
[in progress] Product smart contract audit with CertiK.
As the Parity team is preparing for the mainnet launch of Polkadot, we’re all set to become part of the ecosystem once the launch happens. You can check all the updates here.
During March, we worked tirelessly on updating and optimizing our AkropolisOSChain:
[completed] Updated to the new Substrate version with the support of off-chain workers and staking. When we started to build our chain in 2019, we coded and implemented a lot of basic things ourselves — as the ecosystem developed, we started using solutions built by the Substrate developers and community.
[completed] Started to use the Substrate off-chain workers. It helps connect the basic http/https requests with on-chain storage, which works with all the Substrate modules. This helped us stabilize our Oracle system used to obtain actual token prices.
[completed] Updated price fetching oracle. For our chain, we needed a module that would ping different APIs periodically asking for the actual token prices. We took Jimmy Chu’s PoC as a basis for our Oracle implementation.
Open Source Development
We successfully completed the 3rd milestone of our Web3 Foundation grant.
As a part of the final milestone, we set up a Polkahub Web Portal. You use it to discover live parachains and/or try setting up your own node — in no time, with one command line.
Web portal — https://polkahub.org
Full documentation — https://github.com/akropolisio/polkahub-monorepo
We’re currently awaiting feedback from the Polkadot and Substrate communities — we hope they will find the platform useful and easy to work with. Please fill this form if you’re interested to use it and have any ideas, suggestions or want to integrate with Polkahub in any way.
The product launch on mainnet is postponed a little due to the thorough and deep security audit we’re going through. However, we’re almost done and awaiting the final report. In the next months, besides the mainnet launch, we will be concentrating on different DeFi integrations, UI/UX and design improvements, as well as researching different rebalancing and risk scoring solutions.
[Substrate roadmap] [Roadmap Complete] Sparta release;
[Ethereum roadmap] Investment module development, audit and integration — Compound at first, all platform deposits are converted into cDAI instantly;
[Ethereum roadmap] Updating UI/UX of the dApp based on the best practices in space and users feedback.
[Ethereum roadmap] AkroDAO development and launch to manage the pool. Creating a governance module with AKRO token.
[Ethereum roadmap] Rebalancing module audit and integration.
[Ethereum roadmap] Analysis of potential risk scoring solutions.