OpenSwap welcomes you to the 1st edition of our weekly community update. Each week we will recap the latest news and provide an update for the community.
This week we review:
⋄ Project Development Update
⋄ CoinGecko lists OpenSwap as an exchange
⋄ Harmony Network Issues this week and the impact on OpenSwap
⋄ Validator Announcement regarding producing OpenX rewards
⋄ Harmony Grant Proposal update
⋄ Newest OpenSwap University Article: Compounding Crypto
⋄ Official documents now available in Français
⋄ Linktree for OpenSwap now available
Project Development Update:
DAO works continues
⋄ While a significant portion of the backend work for the DAO has been completed, it continues to be worked on. Extensive QA testing will begin in the near future for the backend code.
⋄ We hired a designer to start working on UI/UX. Once we have the UI/UX designed, work will begin on the actual user interface for the DAO.
Minor fixes and updates
Several minor updates are being developed at present time:
⋄ A utility page with a rewards calculator
⋄ Additional buttons on the farm page to add flexibility to the user experience. These are expected to be completed in short time and released.
Server updates and maintenance
There was significant server maintenance completed this week. This was needed to provide support to keep the validators running at full capacity.
The team recently reviewed the existing roadmap and deemed it fitting for our vision. Exact timelines of specific updates are not available at this time, but once we have a clear vision of when an update will be completed, it will be shared with the community.
CoinGecko lists OpenSwap as an Exchange
OpenSwap was officially listed as an exchange on CoinGecko this week. Allowing price, volume and much more for all tokens on OpenSwap to be tracked on CoinGecko.
Harmony Network Issues
As many are aware, there were significant issues with the Harmony network this week. This impacted the ability for users use any dapp built on Harmony, including OpenSwap. This also impacted the rewards created in OpenSwap farms. All rewards are based on Harmony blocks being produced; during this outage Harmony was not producing blocks and thus rewards were not being created. The issues have since been resolved by Harmony and OpenSwap is back up and fully functioning.
Validator update regarding producing OpenX rewards
The OpenSwap validators will not be rewarding in OpenX tokens over the next few days. This has to do with the fee setup for both validators on the Harmony staking site. While we reconfigure the fees on the Harmony site, you will be rewarded in $ONE tokens.
A quick refresher regarding our validator fees being listed higher than other validators. Our validators take a portion of the rewards and market buy OpenX before sending the tokens to the delegators. The fee structure is used to gain access to the rewards to conduct the market buy of OpenX.
OpenSwap remains committed to the community to constantly promote growth through DeFi. Anytime the validator is unelected, we will payout the missed rewards.
For additional information on our validators:
OpenX 20% APY: https://docs.openswap.one/harmony-validator/20-apy-goal
Harmony Grant Proposal Update
Many in the community have asked us for an update regarding the Harmony grant we submitted. At this time, we have not received any update regarding our proposal from Harmony.
OpenSwap is building a new smarter DAO. Successful DAO votes will use smart contracts to execute tasks automatically. This tech will be shared with all future DAOs.
Visit our proposal for a Harmony Grant. If you see this being useful, please comment / like it.
For a more detailed summary of our Harmony proposal for a new smart DAO and DAO creation tool, please visit: https://docs.openswap.one/information/harmony-grant-proposal
OpenSwap University presents ‘Compounding Crypto’
One of the smartest tasks to undertake while farming crypto is compounding rewards. This can significantly increase your percentage of returns.
This article discusses what is compounding, how to compound rewards, reviews strategies weighing return vs. time, and more.
For the full article: https://link.medium.com/vVR4q5O4Lmb
Official documents now available in Français
The OpenSwap official documents are now multilingual; published in English and French. This includes our whitepaper, user guides, and more. Plans exist to add additional languages in the future.
Linktree of OpenSwap is now available
The community can find all of the important OpenSwap links all in one location thanks to Linktree. This includes links to our main site, official documents, OpenSwap University, our social media platforms and more. linktr.ee/openswap
Top Farms based on APR% on 1/15/2022
⋄ 83% UST / ONE
⋄ 80% OpenX / ADA
⋄ 79% OpenX / BUSD
⋄ 78% OpenX / MATIC
⋄ 78% OpenX / BNB
⋄ 75% OpenX / ONE
OpenX token burn update on 1/15/2022
Total burned since inception:
⋄ 1,413,316 OpenX burned
⋄ $185,003 burned @ market price
OpenSwap (app.openswap.one) is a fast and secure non-custodial decentralized exchange that serves as a one-stop-shop to buy, trade, and earn crypto whether you’re from the Harmony, Ethereum, or Binance Smart Chain networks. OpenSwap allows Harmony users to seamlessly trade peer to peer without the tokens ever leaving the original wallet and through liquidity supplied by other users of the platform. With OpenSwap, users can:
- Exchange Tokens/Coins
- Provide Liquidity to Pools
- Earn Rewards by Staking in Lucrative Incentivized Liquidity Pools
- View ‘Personal Farming Profile’ detailing your rewards including Total Stake Value, Average APR %, Total Current Rewards, and Total Current Rewards in USD
- Simplified Bridge for Tokens/Coins to and from the Harmony, Ethereum, and Binance Smart Chain Network
- Collect Fees on Provided Liquidity Without Staking
- Vote on Governance Decisions, Including Adding New Tokens