Cyber Republic enjoyed a productive month of March in many areas. The Elastos Smart contract Chain (ESC) experienced a watershed moment in its history with the migration of two crown jewel DeFi projects from the Elastos family, two pillars of the trio dubbed “The Holy Trinity”: FilDA and CreDA (Elastos itself being the third!) One of the premier Elastos NFT platforms, Pasar, is making steady progress with their new dApp. The CR Grant Program (E-Lab) has already registered its first official proposal. Elabox continues to make strides by enhancing the OS for Elastos users to utilize. Glide Finance has solidified itself as the top Elastos DEX and continues to move forward. There were also a few hiccups on the marketing side that relevant teams are sorting through right now.
Proposals in the public spotlight
Proposal #78 – Full Deployment of CreDA on ESC
CreDA is DeFi’s first decentralized credit rating service. It enables users to gain a universal trust score through examining transactions of on-chain financial records. Proposal #78 is about building liquidity on ESC in order to give users and Elastos community members access to CreDA and their very own credit score. This proposal requests 40,000 ELA tokens for a Glide Finance liquidity pool. The CreDA team will contribute an equivalent number of CreDA tokens to create initial ELA/CreDA liquidity. This pool is scheduled for deployment sometime in April.
Once liquidity is bootstrapped on Glide Finance, CreDA will look to incentivize users to mine additional CreDA tokens. The team has high aspirations to utilize CreDA in all sorts of arenas, spanning the whole cryptoverse of DeFi, GameFi, SocialFi, MetaFi and more.
Proposal #77 – Audit ShadowTokens and start FilDA in ESC
Proposal #77 targets bringing two promising dApps in the Elastos DeFi ecosystem – ShadowTokens and FilDA. ShadowTokens has been the main bridge between Elastos, HECO Chain, BNB Smart Chain and Ethereum. The project needs an audit to examine the extensive 8,000 lines of code that comprise the bridge contract, and once completed this will provide users with the assurance of a Certik-certified contract. The audit is underway and is expected to receive the final report from Certik by the end of April. As Ryan, CRC member and Glide Finance founder, explained:
“The token bridge is perhaps the single most critical piece of infrastructure for any blockchain project in today’s landscape. Without it, DeFi is not possible. Therefore, any expense necessary to ensure the safety of the bridging protocol and to expand user access to ESC is warranted.”
ShadowTokens will act as the fulcrum for managing cross-chain assets from multiple chains on ESC, providing the capacity to withdraw those assets to their respective chains.
FilDA is a lending and borrowing protocol that currently has over $72 million total value locked in its contracts, on five chains. The project first and foremost wants to have a paramount impact in supporting ELA and ESC projects by providing liquidity for the ecosystem. Specifically, FilDA aims to contribute significant liquidity into the burgeoning DEX Glide Finance. There are possibilities for utilizing Glide Finance LP tokens as collateral in order to borrow/earn/lend on FilDA; some of these LP pairs are available now.
Furthermore, discussions, planning and development is underway with regards to the token economics of the FILDA token. Check this tweet to see what might be coming, and comment with any suggestions that might help.
Proposal #75 – Elastos Guardians and Discord Migration
The Elastos Guardians have been the lifeblood of the community for years. Collectively, this group of Elastos enthusiasts passed Proposal #75, giving the team a budget to conduct a wide variety of social media experiments to boost excitement for the ecosystem. The budget covers the labor provided from the Guardians themselves, along with a monthly community incentive program, and a monthly platform and server maintenance fund for Discord and the Elabot.
The Guardians have already executed a handful of social media contests, awarding ELA and red packets to those trying to spread the word about their initiatives. There was also an infographic competition with a prize pool totalling 100 ELA.
The team has also been a huge part of promoting and managing the CR Grant Program which will be detailed below.
Proposal #70-72 – Contract GSR to Perform Market Making Services
Proposal #70 served to contract GSR to provide market making services for the ELA token. Elation Studios promptly coordinated with GSR with regards to market making services and positioning Elastos further forwards within the sector. There are still a few issues regarding compliance that need surmounting before continuing with these services. Once resolved, GSR will be onboarded as the ELA market maker across all existing CEXs, and provide assistance in the pursuit of a major US exchange listing.
Proposal #69 Introducing SilverStarter – Project Launchpad on the Elastos Smart contract Chain
In late December Project Manager, Cameron Tareen, executed a proposal in regards to his new project – SilverStarter. This platform is meant to be the base protocol for new and emerging Elastos dApps. Like launchpads in other ecosystems, burgeoning projects can launch on Silver Starter before their tokens go live. This gives projects a boost in liquidity and investors/token holders early participant advantages.
Proposal #68 – Funds for Strategic Marketing: Influencer Relationships and Social Media Campaigns
Led by community members, Elastos Info, Proposal #68 is an initiative looking to enhance Elastos’ standing in the social media sphere. The TIE, a project funded by Elastos ecosystem partner Tuum Tech, recommended partnering with crypto social media influencer “Crypto Finally” who did help spread the word about Elastos through a variety of tweets in a two month trial period. Once this period elapsed the proposal was officially executed in order to expand this partnership.
Unfortunately, there was difficulty in contacting the social influencers that were supposed to execute this Proposal in 2022. Based on the lack of communication with the selected providers, this proposal is now officially terminated. As a result, the remaining ELA is being returned to the CR. This will be officially confirmed by the CR Secretariat once completed.
Proposal #67 – Proposal to Develop a Dedicated Pasar Web App
2021 marked the year of the NFT with Crypto Punks, Axie Infinity and Bored Ape Yacht Club leading the pack. NFTs on Elastos were no exception to the mania as Phantz, Apes, and other unique NFT projects filled the Pasar app on Feeds. Proposal #67 brought a budget for creating a dedicated Pasar dApp to host a marketplace to trade NFT users on Elastos.
Led by community member, asralf, there has been a lot of progress for Pasar in the month of March. A list of features upon which the team is now working is tentatively penciled for release in the middle of April. The first feature being implemented is “Collections”. One is able to import NFT collections to Pasar and create separate collections. The second feature in Pasar is “Auctions”. A reserve price, buy it now price and close order will be available to users. ERC-20 asset payments is the third feature awaiting implementation, that includes sell/buy, auction and support. The “Reputation System” is the fourth addition to the dApp whereby users are able to edit their profiles, integrating Hive for storing credentials. Voting is yet another function, where users can like or report certain NFTs at their discretion.
Proposal #64 – CR Grant Program (E-Lab)
CR Grant Program is an eloquent proposal passed in order to give projects an opportunity to get community funding outside of the CRC system. Although the CRC is democratically elected by ELA holders to serve and pass proposals in the ecosystem’s best interests, at times the Council doesn’t see eye to eye with the community; this is to be expected in such communities and the CR Grant Program provides a direct link between project founders and the community they wish to serve. The CR Grant Program empowers developers, project managers and Elastos enthusiasts to make an impact with the project if the community backs them.
The Elastos Guardians, as discussed above, has played a major part in running the CR Grant program. The first proposal was officially passed by the CR Grant Program on March 21st. Star Du Foot, a play-to-earn soccer game, has been granted the chance to access CR Grant Program’s funds in order to build on ESC. Learn more about their soccer game here. Community voting will start on April 1st in order to get Star Du Foot to the funding stage.
Account activation for e-lab.io has been added to Discord in order to enable more users to contribute and vote within the CR Grant Program. The team is looking into more marketing in order to add more users for voting and participation.
Between DeFi, Play-to-earn, NFTs and building the community, CR is contributing on many fronts. CreDA, FilDA, Shadow Tokens and Glide Finance on ESC create an intriguing trifecta in building a sustainable DeFi ecosystem that can allow people to transact for minimal fees while being able to access funds from a multitude of blockchains. Pasar will be a very user-friendly and productive place to access, create and showcase NFTs on the Elastos blockchain. The Elastos Guardians are continually shepherding community members and are building excitement for Elastos. They are also a crucial part of managing e-lab.io and the CR Grant Program. While there have been some hurdles to surmount with the marketing services (including market making) and social media campaigns, the project continues to grow, get better, and gain insight from all past experiences.