Skip to main content

February 2024

tl;dr​

  • Hired a solidity developer
  • Completed an audit of the draft white paper with ChainSecurity
  • 2.75m in commitments, aiming to close the round this month

Development​

New Hire​

We hired a new solidity engineer who I am very excited to introduce: Imi was one of the finalists at EthGlobal hackathon for his submission of an EIP-7543 to include financial math op codes into the evm. If these op codes were adopted, the uniswap v3 tick math library could be rewritten with half a dozen lines of code. He is a seasoned engineer with relevant experience in tradfi. With a number of developer priorities needing a high level of math competency falling on me and my time being spread thin while raising seed, Imi will take a huge load off me and ensure we solve the most technical problems efficiently.

Contracts​

This last month we contracted with ChainSecurity to review a draft of our Whitepaper. I did this to make sure we were getting an outside technical feedback on what we were building. I am excited that there were no major gotchas that came out of the review. We did realize there were some assumptions we made about block times that do not hold on all L2s that will require a small fix to some prior work.

We have made considerable progress on interest rate logic. Once that is wrapped up, we will commence liquidation logic. Imi and I will work on finishing some of the more technical problems associated with protecting the protocol while lending out assets without an oracle. I think we can start Audits in the first half or Q2 with the additional developer and my focus being redirected to engineering.

Front End​

We have revamped our pool page to feel more like Aave and Compound to create a more seamless experience for retail users, which will be merged this week. We have also been working on upgrading our wallet connection package with Rainbow Kit. This work touched a number of places in our app and has subsequently been time consuming, but we believe it is an important enhancement.

Our next priority is to enhance Ammalgam’s swap page. We knew from user feedback that the leverage loving degenerate audience struggled to understand how to use the dapp for that purpose. We believe adding the ability to easily long and short from the swap page will make the functionality more accessible. I think this enhancement will be a very compelling component of our go to market. Users will have a simple UI to access almost unbounded leverage (bounded by the available market maker liquidity in pool) without the risk of liquidation.

Go to Market​

We put a lot of thought into go to market the last month. We are fortunate to have a number of resources come into the mix at the perfect time. The work we have put in is starting to take form: we are developing, exploring, and refining some very interesting ideas that highlight Ammalgam’s unique value proposition in the context of meta narratives currently capturing attention and liquidity in the ecosystem. We are excited the strategy is coalescing and are excited to start putting into motion soon.