In April, Balanced reached an exciting and long-awaited milestone: all smart contracts have now been translated to Java. Integration testing is all that remains, so you can expect to see them deployed to mainnet later this month. We hoped to accomplish this in April, but decided to spend more time on integration testing frameworks to ensure a safer deployment process.
After deploying the Java smart contracts, the early contributors plan to get going on the features outlined in the Looking ahead section of the April roadmap update.
Here's what was accomplished in April:
- Translated the final Python contracts to Java
- Completed integration testing frameworks
- Implemented a multi-call contract in Java and deployed to mainnet
- Added advanced TradingView charts
- Deployed multi-language support, starting with Korean
- Designed future cross-chain plans
Quality of life and code improvements:
- Added the ability for Ledger users to complete transactions on Balanced while still signed in to other apps
- Removed a bug in the mobile UI that displayed ‘poolFalse’
- Added the ability to keep people signed in on page refresh
- Made it easier to sign out and change wallets on mobile
- Fixed a bug with the time remaining on proposals
Smart contract migration and continuous rewards
After months of development work, the Balanced smart contracts have been rewritten in Java. The core contracts will be deployed in May after full integration testing, assuming all goes well. The changes required for continuous rewards will be deployed at the same time.
As a refresher, the continuous rewards upgrade means that:
- Loan and liquidity rewards will accrue in real time, so you can claim BALN whenever you have a balance available (network fees are still daily)
- Loans of every size and risk level will earn BALN
- Liquidity in BALN-incentivised pools will no longer be locked for the first 24 hours
- Liquidity providers will need to stake LP tokens from the liquidity details section to earn BALN
- BALN in liquidity pools no longer earns network fees, and isn't factored into voting weight
Here’s how the upgrade will go down:
- Deploy the Java smart contracts.
- Publish the LP token staking UI.
- Activate continuous rewards a few days later (exact timing TBD).
We’ll include a message in the app to prompt liquidity providers to stake their LP tokens before the rewards model is switched over. The Stats page will also display APYs for BALN staking and liquidity pool fees (based on the last 30 days), so liquidity providers can better allocate their capital.
Balanced celebrated its first birthday
On April 26, Balanced turned one year old. A lot has happened in the last year, and the early contributors, under the whip of Benny Options, never stopped building. To celebrate how far Balanced has come, we shared some of the highlights on Twitter:
PARROT9 also teased an upcoming collection of Balanced-themed NFTs and wallpapers. Get the first wallpaper and stay tuned for the NFT unveiling announcement.
Thanks to the overall market conditions, April wasn’t a good month for Balanced’s financial performance. In the month from 9 April - 9 May, Balanced earned 7,557 bnUSD from loan fees and $37,417 from swap fees, a 55% reduction.
Overall, Balanced earned $44,957, only 43.78% of what was earned during March.
The DAO fund increased by $81,748 – a 3.4% gain – to leave a total balance of $2,478,309.
Targets for May
- Finish writing and executing integration tests for core contracts
- Deploy all core Java contracts to mainnet
- Activate continuous rewards
- Deploy the LP token staking interface
- Add implied BALN staking and LP fee APYs to the Stats page
- Connect the multi-call contract to the Balanced frontend
- Add more languages to the Balanced app
- Launch the Balanced version of ICON Bridge on the testnet
- Continue planning Balanced’s cross-chain strategy
- Continue to design a new landing page for the Balanced website