Gravity Finance Launch Plan
With a major milestone just around the corner we would like to take this opportunity to outline our immediate roadmap for the coming month.
This includes the following:
- Governance Contract & User Interface (UI)
- Gravity AMM (Swap Exchange) + Polygon Price Oracle
- Gravity Farms v2
- Gravity Vaults
This article also outlines our plans for the transition from the current platform and provides details on how our users can prepare for this process (specifically the farms).
High on our list of priorities are Smart Contract Audits.
Audits will be completed prior to any new contracts being rolled out on our platform. We have engaged the services of two separate and independent auditors, both of which came highly recommended from various trusted sources and other projects. The two auditors are (SEE EDIT BELOW) and CTDSEC.
Edit: 7th August 2021: Unfortunately Solid Group (our second appointed auditor) has informed us that they are unable to complete our audit due to a miscalculation of resources, meaning they could not deliver in the time-frames originally agreed upon. We have engaged with another auditing company and we are currently waiting for confirmation on a start date. Once we have had start date confirmation we will announce more info.
We are serious about the security of our user’s assets and having two audits instead of one should deliver a high level of trust within our community.
Our current expectations are to have these audits completed within 2 weeks from now, based on the timeframes stated by the auditors. Once the audits are complete we will be releasing the exact launch date of the new platform features. This rollout will start within 1 week of the audit completion and take roughly 7 days to complete.
Governance Contract & UI
The first step in the rollout process is to launch our Governance Contract (and associated contracts). This is the backbone of our platform and all other features rely on it for fee handling and distribution of earnings to GFI holders.
Along with the deployment of these contracts, the GFI User Interface (UI) will become available in our app. This page will offer up GFI-relevant information such as Price, Supply (circulating and fully diluted), Market Cap, wBTC backing amounts and more.
The UI will also serve as a portal for users to see their own balances along with being able to make claims for the wETH and wBTC (Earnings / BTC backing).
We will be releasing a dedicated article explaining exactly how the fee handling works with respect to Gravity contracts that hold, earn or allow GFI to be deposited (Farms and Vaults etc).
In short, GFI holders can freely move GFI around our platform contracts without sacrificing their earning benefits (wETH).
There are two different approaches we have integrated to allow this and they will be explained in detail in the upcoming article.
GFI Holder Benefits
As per our Whitepaper, GFI holders will receive various benefits throughout our platform. This includes exclusive access to IDO pools, fee discounts and various other things. Today we are happy to release the requirements of this program which consists of a 3 tier structure.
- Tier 1: 50,000 GFI
- Tier 2: 250,000 GFI
- Tier 3: 500,000 GFI
These parameters can be adjusted as GFI prices change significantly enough to warrant adjustments (or for other reasons). The exact benefits of each tier will be announced separately for each product.
Our AMM (Swap Exchange) & Pricing Oracle
Next in line is the deployment of our Swap Exchange. The exchange contracts were originally a UniSwap v2 fork which has been modified to handle our fee distribution model, along with a custom UI. We expect this deployment to be straightforward and users will be able to create pairs and trade as soon as it is live.
The fee structure (as per our Whitepaper) consists of a .3% fee with .05% admin fee going to GFI holders (50/50 split in wETH and wBTC) and .25% going to the Liquidity Providers.
We will be migrating 100% our own liquidity (i.e. the liquidity the Gravity Team provided) from QuickSwap to Gravity on all existing pairs as soon as the exchange is launched.
We encourage all current QuickSwap liquidity providers to keep their liquidity in-place and migrate it over to Gravity once available.
Part of our AMM launch will also include the release of our custom-built Price Oracle. When we think of oracles we think of Chainlink (for example) which provides an ecosystem of oracles that can trustlessly inject real world data onto the blockchain.
There are also on-chain oracles that exist entirely on the blockchain with no outside interaction. These oracles still provide information, but only information that exists on the blockchain. A popular on-chain example uses Uniswap V2 swap contracts as an oracle. Our custom built Price Oracle will provide Polygon Developers access to manipulation-resistant on-chain pricing data for free.
Gravity Farms v2
Once the exchange is deployed we will rollout 11 new farms, consisting of one Single Sided (GFI) and 10 Gravity LPs. Details on these will be released in a dedicated article specifically about the new farms.
Our v2 farm contracts offer several improvements over v1, including the ability to charge a small fee on profits to smart contracts (third party vaults for example). This is an initiative we are taking to ensure we can maintain competitive APYs through our own vaults.
All regular addresses are exempt from these fees. Unless a smart contract’s address is whitelisted the fee will apply and will initially be set to 3%. To apply for whitelisting, project’s can speak with us and negotiate partnership agreements that will mutually benefit both projects.
V2 farms also removed a controversial function that allowed us to remove the GFI from the v1 farm contracts. We initially added this function in good faith, as a necessary transition step, however community feedback (RugDoc alert) has been somewhat negative regarding its existence so we have chosen to remove it entirely, despite this leaving us with less control should we need to close down a farm.
The Gravity Vaults will serve as a place to invest assets in auto-compounding strategies and earn rewards based on the Vault’s individual parameters. Over the coming months these will grow to include investment in third party protocols and will also offer some highly advanced use cases, however the initial round of Vaults will only include auto-compounding of all Gravity v2 farms.
Our Vault contracts can be configured to charge a small fee on the profits (performance fee) and initially all Vaults will be set to 3% (we have set a maximum of 5% performance fee so any fee changes cannot exceed this cap). There will be zero deposit or withdrawal fees on the Vaults (performance fee only).
In an attempt to instil as much community confidence in our team and platform as possible, we will also be adding 7 day timelock functions to all sensitive SC functions and platform GFI tokens held for future use. These time-locked function calls can be monitored in various ways and one of the easiest methods is by setting up Sentinels via the OpenZeppelin Defender application.
“Sentinels” can monitor smart contract events and can send instant notifications to various platforms such as TG and Discord. We will be providing instructions (on our Gitbook docs) on how to set these up and will be encouraging a 100% community driven initiative to monitor these sensitive events.
Transition from Existing Farms
In order to transition to the new farms, the existing GFI SAS farm will be deprecated and closed down over a 4 week period starting from the time the new GFI farm is launched. Anyone who is staking in the existing GFI SAS farm after the new farms are launched should take action to migrate their GFI to the new farm, as the APR will be slowly dropped and at the end of this 4 week period any GFI remaining in the deprecated farm will be returned to the users along with all pending rewards by the team.
We acknowledge the inconvenience this migration may cause however we feel it is a necessary step in order to bring the GFI farm inline with our new v2 contract.
The other two SAS farms (SUSHI and LINK) will remain as v1 farms and there are no current plans to transition them to v2 at this time.
As part of this rollout, our Gitbook documentation will also be launched. This will provide an extensive resource for users and developers wanting to use/integrate with our platform.
For those who are unfamiliar with Gitbook, it is essentially a user-manual that explains everything on the platform, what each product is, associated fees etc.
What’s Next ?
Once the above mentioned features are rolled out, we will be rapidly moving towards our next two milestones
- Officially release a variety of new vault types, including:
- Auto-compounding of Third Party Farms
- Staking of Native Blockchain Tokens
- Automated Investment and Trading Strategies
- And one other big feature that we are keeping a secret until it is announced
2. Official Release of our Launchpad (during August). We are already in discussions with several projects wanting to utilize our platform. Details will be announced on this soon.