Wondering what's been happening since our last update? Here's the latest progress on XBE!
We are consistently making progress on better explaining our vision for an Integrated Decentralised Finance Protocol, and this is our latest “XBE at a glance” picture:
As this big picture keeps getting clearer, we are getting more and more excited about the value that integration offers all types of users! We believe in a world where you can enter from Securities, FIAT or DeFi and offramp through any of those as you choose - complying with regulations when you touch FIAT and Securities, while still enjoying the benefits of censorship-resistant and self-sovereign money in DeFi.
Some of our dev team unfortunately have contracted covid over the past few weeks, adding to the already challenging world of smart contract development! They are thankfully only experiencing medium symptoms (and we expect them to make a full recovery), but this did impact our audit and delivery process.
We are glad to report that the local unrest in South Africa has thankfully abated, and our local team members are also back to “business as usual” this week. In light of the above (and outputs from some of our audits) we've had to re-align our launch timings - more detail on this below.
We do have A LOT of news to catch-up on though, so let's start with Audits!
- There certainly is a reason you Audit before launch! The vulnerabilities we found during our Audits are being addressed and attended to, and will soon start undergoing a final audit round.
- The Audit for the Institutional Vault (XIV) is complete and will be released to the community in due course, but we will require some more integration testing to ensure the amended contracts behave as intended.
- We also have a number of other smart contract Audits passed, which is great progress - but they are also dependent on the contract vulnerabilities rework above before they can launch.
Integration testing has proved extremely valuable as this has allowed us to optimise our code, and improve the overall interfacing between the respective contracts. For some more detail on our progress so far, we’ve included a status schedule of our current contract audits below!
Together with the challenges already mentioned, this additional audit cycle pushes our first product launch date (including our new FIAT ramps) to the middle of August.
We will make all the Audits available to the community closer to product launch. Even though we originally planned to release them one by one as they completed, they just add more value when considered and analysed together as one large system.
Update on the New Product Line
It looks like we will still be able to launch our promised new DeFi focussed product line together with the XBE Referral Program in early September, only a couple weeks after the first product release.
This is still a major milestone for the protocol as we expand the offering to provide tangible value to mainstream DeFi users in the ecosystem, and in the process generate additional protocol income in exchange for improving the user’s DeFi experience (and returns)!
At our core though, we remain dedicated to bringing the benefits of DeFi to the regulated securities market - and offering DeFi easier and simpler access to traditional finance! It all works better together.
The launch timeline adjustments do come with a silver lining, allowing us time to prioritise version 2 of our tokenised securities contracts: the xbNFT and XBStable Factories.
We are convinced these will open up a compliant protocol for many regulated securities issuers and holders to mint their own NFTs, and through XBE Governance approval include them in the XBE Institutional Hive, and in turn the greater DeFi ecosystem.
This brings us to some exciting developments for EURxb!
We will shortly start a process to re-issue the EURxb, EBND and ESAT tokens using the xbNFT and xbStable Factories to comply with new bondholder requirements - and in the process introduce Bond NFTs at 1,000 EUR increments matching the recent face-value update of the underlying bond as it prepares for listing on major traditional exchanges.
This major smart contract update will allow the bond to trade on traditional secondary markets, and transfer ownership on-chain via NFT transactions in more manageable trade sizes! The same smart contracts will bring many additional new features we've been working on such as on-chain attestation, variable interest rates, bond resolution support, and ERC1155 NFT implementation that all contribute to making the protocol substantially more robust.
Some of this new infrastructure has already been integrated directly into the Nordic Region through STAMDATA feeds to provide support for on-chain attestation and transparency for the tokenised securities - and our team is currently working on integrating this infrastructure with more regions as we speak!
These updates draw from the many learnings we've had this year (primarily thanks to our private network based tokenised securities projects for institutional players in the commercial and central banking sector) to make the xbNFT and xbStable Factories accessible to a much larger issuer network, and adding substantially more on-chain utility to the NFTs themselves.
To facilitate this fairly major re-issue and upgrade of the tokenised bond we will be providing a mechanism to convert EURxb to xbEURO for long term holders in due course, and we are assisting with OTC solutions for those bondholders that are still buying tokens back from larger EURxb holders (so please reach out to the admins on our telegram channel if you would like assistance).
XBE Community Pools Update
Whilst we are on the topic of making BIG changes, we will be working with our community liquidity providers to test demand for an XBE and ETH pool in the near future - and if it succeeds we could see if the community would consolidate trading liquidity.
The founding team will also provide some limited liquidity to the first community pool originally launched on Uniswap with EURxb/XBE, specifically for smaller EURxb holders that prefer to offramp directly into XBE - ahead of the dedicated xbEURO pool launch.
Telegram MEME contest
The cheer brought about with some of the clever community made memes in our official telegram and discord groups has really helped lift our spirits over the last weeks, so we want to say thank you!
We are therefore very happy to oblige the intrepid community members who requested a XBE MEME competition! The founding team has agreed to fund a 1,000 USDT prize pool for the “First XBE MEME competition” ($500 1st place, $300 2nd place, and $200 for 3rd place) - and a win here would make a most prestigious award that should definitely be included in your future CV!
The competition is intended to be a fun exercise for our community, so please be sure not to slander or attack any protocols in doing so - as we do NOT condone the disparaging or attacking of other protocols. We believe that as the DeFi tide rises - so do all DeFi boats.
Submissions for the MEME competition will close on July 30th. Please be sure to submit your memes in the official telegram group, and feel free to ask the admins for more information!
New XBE.Finance website and more updates coming soon!
We didn’t have a chance in this update to cover everything on the go, but will get to another one soon!
Expect more updates soon about the website launch, plans for the respective Layer 2s, and some specifics on how governance will work across the respective networks.
(It contains a really big reward for XBE stakers that lock-up tokens for veXBE!)