June 2022 marked the third successful election campaign and vote in Cyber Republic’s history. Eight of the members of the previous CR Council are back, with four new Elastos enthusiasts joining them. The new group of twelve gathered at the biweekly Council meeting to discuss important topics about Elastos’ Web3 ecosystem.
Kairon Labs, the new CR partner contracted to investigate market making for ELA, has taken strides in bolstering value and volume for Elastos trading. The world’s first credit solution on the blockchain, CreDA, is now deployed on Elastos Smart Contract Chain and awaits audit results. Similarly, the ShadowTokens bridge audit is now officially complete.
Finally, ELA is listed on Coinbase, with daily ELA trading volume exceeding 1 million! It is important to note that moving ELA between exchanges and wallets needs care and attention. To this end, a recent blog post from Elastos Info explains the process the community must follow when sending ELA to Coinbase addresses.
A brief warning: Main/sidechain ELA CANNOT be sent to Coinbase directly, Coinbase only supports Ethereum (ERC-20) ELA.
CR Council 2022/23 – A Web3 DAO
Elastos has a complex yet practical design in terms of its consensus mechanism. Elastos Academy explains how the combination of AuxPoW and DPoS ensures the finality of blocks in the Elastos blockchain. Between the hash power of Bitcoin and the community voting with ELA through DPoS, this dual consensus mechanism forms an ideal secure and decentralized ecosystem. The third layer is the CR Council: twelve elected Council members, set to serve the community and ecosystem.
The CR Council
Eight Council members from the past year return to their seat on the board. Elation Studios, a major contributor of CR proposals, will be continuing their important work in bolstering our Web3 ecosystem (or is it Web5 now?).
Ryan, from Glide Finance and Elanodes.com, has returned to the Council and will contribute his exceptional DeFi and technical know-how. Sash, a member of Elastos Orchard and NFT marketplace ELA City, will continue his work for the CRC. The creator of the Elaphant Wallet, ShadowTokens and FilDA, Song Sjun, is another returning member of the team. The Elastos core team member and former CRC Secretariat, Rebecca Zhu, also re-joins the Council.
One of the oldest and most reliable Supernodes, Wild Strawberries, has returned to continue and contribute to the ecosystem growth. Trinity Tech core team member, Jingyu, is back on the CRC and will continue to work on Essentials, Hive, Carrier, Feeds and other Elastos services. Finally, Chinese community member and contributor, Infi, has also returned to the CRC for the coming year.
As for the new members of the CRC, they are established faces in a new exciting position. Phantz Club has joined the CRC for the first time. This group caught the attention of the Elastos community with their lovable and engaging elephant-themed Web3 PFP project. MButcho and Nenchy are long-time Elastos community members and contributors that have pledged to do what’s best for the community and ecosystem. PG Bao is another Elastos enthusiast that does research on blockchain technology and specializes in recruiting developers. The last new member of the CR Council is DR, a community member with 10 years of experience in engineering and computer-aided design.
Proposals in the public spotlight
Proposal #78 Full deployment of CreDA on ESC
Elation Studios submitted a proposal recently to fully deploy CreDA onto the Elastos Smart Contract Chain. The deployment has officially completed and now the team is conducting internal testing. CreDA is also waiting on a security audit from Certik. The Secretariat conducted a technical review of the ESC deployment and approved the funding for liquidity provision; a CREDA/ELA pool on Glide Finance now exists, which uses the funds secured in their proposal. Following the completion of all checkpoints, the Secretariat closed the proposal. The protocol isn’t fully live yet, please follow CreDA on Twitter for updates.
Proposal #80 Contract Kairon Labs to Perform Market Making Services for Elastos
An update on another Elation Studios proposal is the market making initiative with partner Kairon Labs. The group has started its services by creating ELA/USDT pairs on Kucoin and Huobi, starting on June 6th. On Coinbase, the ELA/USD and ELA/USDT pairs are now live (the Ethereum ERC-20 ELA listing started on June 21st).
Regarding the Coinbase listing announcement, Elastos Info released an important article regarding sending ELA to Coinbase directly. Users need to bridge their ELA on Elastos Smart Contract Chain to Ethereum in order to then successfully deposit in Coinbase. Any other method of sending mainchain or sidechain ELA to Coinbase will result in lost funds. Please read the article in its entirety if interested in bridging your ELA on ESC onto Ethereum.
A press release for the ELA Coinbase listing was also executed on June 30th to further amplify awareness to the general public.
Proposal #77 Audit ShadowToken and start FilDA in ESC
Proposal #77, which highlights the efforts of collaborating FilDA and ShadowTokens, has officially completed the bridge. The audit has been executed and can be seen here. Next steps are to bring “Flying Cash” into the Web3 Elastos Smart Contract Chain using the ShadowTokens bridge. This allows FilDA users to move assets directly from different blockchains into the borrowing and lending functions, further bolstering liquidity on the Elastos Smart Contract Chain.
Proposal 64-65 Contract Tier 1 Marketing Agency, TLGG Omnicom to Create and Execute a 12-month Marketing and Communication Strategy
Proposal 65 and 66 were executed by Elation Studios. The mission of the proposal was to create a long-standing Marketing and Communication plan to garner more developer attention and people into the Elastos and Cyber Republic ecosystem.
Due to some variable factors and events the partnership has concluded with TLGG and Cyber Republic in early June with in-flight ad campaigns on track to end in early July. The two parties are still in communication with one another and may resume their partnership in due time (Q4 2022).
TLGG gathered lots of information and came up with an in-depth organizational analysis of Elastos. This analysis paper is with the Elastos Foundation and the Council and now expects feedback in July. The findings will be tentatively shared to the community on July 11th.
June marked one of the most powerful months for Cyber Republic and the Elastos ecosystem in recent times. The new CR Council has experienced and new voices ready to start tackling numerous tasks in creating the most ideal Web3.0 via Elastos technology. More liquidity and access to ELA is now available via Coinbase; and Kucoin and Huobi are ideal steps moving forward in improving adoption and retail awareness. Finally, one of the leading credit rating services on the blockchain, CreDA, has officially deployed on the Elastos Smart Contract Chain (with a security audit).
Elastos is moving forward and taking action in efforts to form a society built on trustlessness, decentralization and freedom to transact. The current global situation is in considerable turmoil, with the conflict in Europe, financial markets facing uncertainty, and nations struggling with inflation. Meanwhile, crypto, Web3 and blockchain development is continuing to build for a better future. The Cyber Republic of Elastos is facing and surmounting these challenges alongside its community.