Hello Genius Family,
It’s been a year and half since we started our journey in the crypto space. Back then, we identified the need for a new DeFi paradigm, and Cardano was the obvious choice because of its unique structure and promise. We’ve assembled the best team possible with Dr. Lars Brünjes as CTO, Marvin Bertin as CSO, and many other experienced developers.
It is no secret that building on Cardano is complex and requires rigorous research, the ecosystem is still in its infancy, and a great number of tools need to be built from scratch. One challenge for example is that the eUTXO model requires specific event handling in the backend for the premium user experience we’re aiming to deliver. We’ve done our part in building tools to support our own infrastructure and dApps and decided to share our work to help the ecosystem grow. That’s why we recently open-sourced Atlas, our Plutus Application Backend to the community.
Our staking dApp now capitalizes more than 3m USD worth of tokens in Total Value Locked. Several prominent projects have joined our ecosystem: NMKR, Nunet and Empowa have trusted us to provide staking opportunities to their users. The staking dApp was built to be non-custodial, much like our launchpad. We have exciting plans in the future for our staking dApp, including new features and new staking opportunities.
At Genius Yield our goal is to push the limit of innovation and build revolutionary tools that have never been done. A good example is the Genius X Launchpad: we’ve introduced a unique oversubscription mechanism that solves the “first-come, first-served” issue typically encountered on other launchpads while removing the need for complex tiered systems and making ours the most inclusive decentralized launchpad in the crypto industry. It is also the most advanced, non-custodial and regulatory compliant sales platform on Cardano.
Our decentralized exchange was designed with the same goal in mind- build something revolutionary. We did not want to go down the path of others in the space and replicate DEXs already built on other chains, but instead, go the extra mile and build something new and innovative that is only made possible by Cardano’s eUTxO model.
Earlier this year we were confident we would release the DEX by mid 2023. Unfortunately, we underestimated the amount of work remaining to release a first-class product. There were new challenges to overcome and processes took longer than what we expected due to the complex nature of the eUTxO model.
Nonetheless we have made significant progress. Here is a list of our recent achievements:
- We have improved our backend infrastructure and it now allows us to better handle all blockchain events
- The full order placing UI user flow has been improved and completed. Backend and front-end integration are in progress
- The Liquidity position UI user flow has been refactored and improved
- Smart Order Routers bots now support partial order fill and have been integrated with Atlas
- A non-custodial staking reward claiming bot has been developed — integration is in progress. Users of the staking app will soon be able to see and claim their accrued rewards on GENS and other projects’ vaults when they unlock.
We will extend the deposit phase on the GENS locked staking vaults until the DEX is on testnet.
There is still a lot of work to be done in order to handle every part of our complex system and after a thorough time estimation by the development team, and we’re confident in announcing the roadmap below:
- DEX testnet around mid-August
- DEX mainnet will be released 4–8 weeks after a successfully completed testnet, depending on how the testnet and last pieces of development go
We know it’s a new delay and we’re deeply sorry.
Nonetheless these multiple challenges have allowed us to be more efficient and experienced as a team. We’ve improved our process all along the way and we’re building faster and better than ever. This will also allow us to deliver a more well-polished product for an enhanced user experience.
We want to thank you for your continuous trust and support and we want to assure you that we are still driven by the same passion and aim for the same initial goal: bringing innovation and opportunities to our community and the whole ecosystem.