Balanced project update | July 2021
For increased transparency, the Balanced team will share the progress we make each month, and outline what we plan to work on next.
This is the first update of many.
Achievements in June
June was a busy month, as we worked to add features the community has requested since the launch. The highlights include:
- Quality of life improvements to the UI/UX (improved swap tab, more precision on the reward threshold, etc.)
- Fixed Ledger integration after feature-breaking Chrome update
- Refactored the front-end code
- Added Geometry Labs to the core team
- Added two front-end developers to the core team
- Added support for Omm assets on testnet
We also shipped the Geometry Release:
- Network fee activation vote
- Network fee distribution functionality
- TradingView price charts
- Activity history
- Statistics page
- Robust back-end architecture and APIs
- Product Hunt listing and press release
The vote to distribute network fees ended today, with an approval rate of 99.61%. The level of engagement was remarkable: over 85% of staked BALN was used to vote, with only 20% required.
More than $1M of network fees was distributed today, split 60/40 between eligible BALN holders and the DAO fund. Network fees will now be paid out each day.
Focus for July
Our work for July revolves around decentralized governance functionality, and enhancements to rebalancing and the bnUSD pegging mechanism. Specific items include:
- Decentralized governance UI/UX
- Decentralized governance enhancements to smart contracts
- Community-submitted votes on testnet
- Multiple parameters available for on-chain votes
- Full pegging mechanism for bnUSD on testnet
- Mechanism to give rebalancing kickbacks to borrowers
- DEX trade routing on testnet
- More quality of life improvements
The Balanced team is always looking for ambitious community leaders to join us. If you’re a front-end or smart contract developer who would like to work on Balanced, or want to integrate Balanced and/or bnUSD into your own product, reach out to @benny_options on Telegram to discuss next steps.
Thank you to our amazing community for your continued support, passion, and respect.