Roadmap update | March 2022

We faced some blockers during February that prevented us from hitting all of our targets. As the smart contracts are currently being migrated to a Java codebase, we can't make adjustments or add any new features until it's been completed. This has blocked some important governance decisions, such as adjusting the rebalancing parameters, which need to wait for the Java smart contracts before they can go to a vote.

In saying that, the community devs have made meaningful progress on the Java migration in just a few weeks.

Here's what was accomplished in February:

Java smart contract migration

• Loans - translation complete, running tests
• Rebalancing - translation complete, running tests
• DEX - translation in progress
• Rewards - not started
• Governance - translation in progress
• Emergency reserve - deployed to mainnet
• Token contracts - in progress
• Router - translation complete, running tests
• Fee handler - translation complete, running tests
• DAO fund - translation complete, running tests
• Dividends - translation in progress
• Staking management - translation complete, running tests

We also:

• Completed the protocol-owned liquidity smart contract (in testing)
• Researched ways to enhance and/or replace the rebalancing mechanism
• Made significant progress on plans for the rebalancing architecture, with support from dedicated community members
• Published a blog post: How Balanced Dollars uses rebalancing to maintain its peg

Quality of life and code improvements:

• Added the ability to sort the Tokens and Exchange tables on the Stats page
• Optimized the interface for smaller screen sizes
• Hid the liquidity details section while the Swap tab is active to lower the number of simultaneous API calls on the Trade page
• Deployed a multi-call smart contract to limit the number of API calls on the frontend
• Fixed bugs on the Vote page that prevented transaction signing
• Fixed bugs on the Trade page associated with the decimal precision for IUSDC tokens
• Fixed bugs in the trade router that were impacted by custom pools
• Improved the Ledger UX

Governance and the January market crash

After the results of the 7 text proposals discussed in the February roadmap update, the community continued to discuss the best path forwards, which ultimately led to an on-chain vote.

Of the 1.53M sICX added to the emergency reserve fund from liquidation fees, this proposal would return 1.32M sICX to borrowers who were liquidated, and distribute another 100k sICX to borrowers who weren't liquidated and maintained the price of Balanced Dollars over that time period.

The proposal was approved by a thin margin with a 68.72% approval rating (66.66% is required), so everyone who's eligible can now claim sICX from app.balanced.network/claim.

Thanks to everyone who participated in this process and demonstrated how active and constructive DAO governance can be. 💪

Targets for March

• Deploy most of the Java smart contracts to mainnet
• Discuss and propose BALN allocation adjustments to increase borrower incentives
• Deploy the Stability Fund contract (blocked by the Rebalancing Java contract)
• Deploy the Protocol-Owned Liquidity contract to mainnet
• Add stability fund and protocol-owned liquidity sections to the Stats page
• Publish a new webpage focused on Balanced Dollars
• Continue to fix bugs and optimize the frontend

If you have any questions or want to discuss these changes, join our Discord channel.