DeCommas Monthly Digest
DeCommas is launching the Monthly Digest series — each month it will feature the most important developments, announcements, and other news from the past four weeks. Today’s article will be the first DeCommas Monthly Digest. Here we’ll discuss a few important updates and integrations that have piled up since the end of August. But first, we’d like to outline the mission of DeCommas, which our developers are focused on in the long term.
As always we’re happy to hear from you, drop your ideas in #feedback-ideas-suggestions in our Discord channel.
What progress is going on at DeCommas?
Over the past few months, we have shaped our long-term vision of the future of decentralized finance (DeFi) and set two major challenges for DeCommas to solve:
- DeFi automation is very limited at the moment;
- Smart contracts do not self trigger.
The DeFi space needs tools to quickly execute strategies regardless of which blockchain opportunities arise. That’s why the DeCommas team is working on the automation layer. This will allow users to benefit from automated DeFi-strategies capable of delivering real yield.
Eventually, we believe that the most interesting, complex and profitable strategies will be developed by members of our community. So the next logical step in our plan is to develop the tools and infrastructure for third parties to start deploying their strategies on the DeCommas automation layer.
GLP Yield farming strategy soon…
DeCommas is focussed on showing the prowess of the DeCommas automation layer through showcasing it’s capabilities with smart DeFi-strategies,,developing and backtesting new strategies remains one of our main objectives. Last week we’ve dropped a full breakdown of the ongoing work on our delta-neutral GLP farming strategy: https://decommas.io/blog/real-yield-on-stablecoins-delta-neutral-glp-farming-perfected
In backtesting, this new delta-neutral strategy based on the GLP token from decentralized exchange GMX achieved 16% APR from March to August. GLP is composed from a basket of assets, including stablecoins. The token is paid to holders, providing 20-30% APR. The strategy seeks to capitalize on the earnings paid by GMX without the risk of GLP price fluctuations.
This is done through hedging on Aave. Aave allows our vault to borrow crypto assets equal to the amount owned by the vault in GLP to sell it for stablecoins. Thus, the risks of a long position in GLP (de-facto token ownership) are mitigated and the strategy becomes delta-neutral. Simply put, it allows our users to earn on GLP holdings without the risk of token value collapsing.
Thanks to the number of tweaks and changes we managed to achieve an APR of 50-75% of the average APR provided by GMX. And this is just a small part of the work done on one strategy! There are many more interesting updates awaiting you in the future.
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Multichain Swap is live
We continue working on tools that allow users to transition assets from one blockchain to the other easily.That’s why we’ve built Multichain Swap. Check it out here, and remember it is still in beta. Multichain swap allows you to transfer tokens between different blockchains with comfort.
Currently, Multichain swap supports BNB Chain, Polygon, Avalanche, Ethereum, Optimism, Fantom and Arbitrum. We also plan to add support for Solana soon. It is easy to use:
- Use your wallet.
- Choose a token to swap.
- Switch to Polygon. You can specify a different address to receive tokens in the highlighted menu.
- Finally, confirm the swap itself.
We’ll continue further developing Multichain swap, while adding more supported blockchains to make it broader. So we focus on bringing more features such as: Opex, Futures, Multisender, moving assets, fixing wallet explorer. To test it, please follow this link: https://app.decommas.io/swap
This month we announced Community Council, an initiative where our team and DeCommas community will work together to develop the platform. Some of the most active and talented enthusiasts are now working with us to shape the future of automation in DeFi. The Council connects the dots between the broader community and the DeCommas team to help shape the DeCommas Protocol.
The Community Council is an important part of decentralized task delegation. Some projects rely on just a few important leaders and managers, who sometimes can’t suggest and implement the most breakthrough ideas. But a large group of people like DeCommunity has a chance to bring the best ideas to life. The Community Council is an intermediate step toward Web3 ideology, a more effective way to introduce decentralization in many stages of project development.
So, the main reasons for creating the Community Council:
- Two-way communication between the DeCommas team and the community;
- Gathering different opinions and ideas to prevent a narrow outlook;
Creating a pool of talented enthusiasts who may even become future members of our team.
As for activities, we would really appreciate if members of our community would do the following things:
- Provide feedback, suggest completely new ideas;
- Act as ambassadors within the DeFi space;
- Make an impact on the future of the project;
- Help the team with important tasks.
We communicate with representatives from our Community Council on a daily basis. In doing so, its members get bonuses in the form of limited tags in Discord, information on new updates, and direct influence on the DeCommas roadmap. If you’d like to get involved too, message our team on Discord, and read more about the initiative at https://decommas.io/blog/why-were-launching-community-council.
A portion of the funds we receive in USDC from grants and awards will be redistributed back to the community. You are helping us build DeCommas, so we will help you!
This week we’ve announced the first of these community incentives, the PERP-ETH-MAINNET Yield Boost.
We will inject funds into the PERP-ETH-MAINNET strategy to boost cumulative yield. We are still in the early testing phase, so we want to reward those who have been part of this journey with our team. The exact timeline and more details about injection will be announced soon. Subscribe to our Twitter if you don’t want to miss it!
Read more here:
There are many new initiatives and giveaways in the future. Unfortunately, we can’t share the details about them all yet. But as usual, stay active in our community, and your chances of getting rewards will increase!