Update 7–Development and Staking
While the entire cryptosphere is screaming “BEAR”, we aren’t concerned the slightest bit. We don’t have time to waste worrying about something that will be irrelevant since the volume and demand for MOD will be driven by the On-Demand Oracle once live. When we reveal the On-Demand Oracle on the Modefi Platform, it will be bear-proof, recession-proof, and housing bubble proof (although MOD isn’t a house, clearly, but we will cover that sector as well, rise or fall).
Why will the Modefi ecosystem be immune to major market swings?
The On-Demand Oracle (ODO) won’t be stuck being just a price feed JSON parser. Oracle’s have so much more potential than that.
The ODO is a set of smart contracts, custom API, and a web front-end designed and built from the ground up that provides a fully-customizable oracle solutions that can be used by any and all industries for limitless requests. Scale to whatever number of datasets suits your need. We got you.
Alright, great you made something cool…now what?
Since the ODO is fully customizable it will allow “you” the user to setup everything however you please.
Want to set up a wager with a few friends online? *cough* Do Kwon Wager *cough*. We got you covered (5–10 minute setup). Decentralized, P2P, and no “trusted” escrow required.
You stream? Set up an entire tournament with the ODO, multiple players, teams, entry fees, and sponsors. Want to place a wager on who wins? Don’t worry, we got you there as well.
Teaser — Jesse has already designed and developed a simple public tournament contract that seamlessly and dynamically integrates with our On-Demand Oracle contracts. This should be ready in time to test and use during the coming beta release.
Decentralized Fantasy Sports
Need to import an entire league roster stats to the blockchain? Oh boy, do we have the solution for you!
Decentralized Prediction Markets
Information markets, decision markets, idea futures, event derivatives, world events. Whatever, whenever, worldwide, no borders.
Need data updated on the blockchain securely for your Dapp to run properly? We got you too.
Enough is enough!
We could go on all day with all of the use-cases for the ODO, but we’d rather get those idea juices flowing by you guys and gals!
Show Me the Money!
We built a thing that decentralizes a lot of other things, that guess what?! Is powered by the MOD token! The best part is, creators don’t even need to hold $MOD, we do all the heavy lifting for them via our integrated on-ramp and exchange contracts.
So, despite us being in a bear, bull, bubble, zombie apocalypse. MOD will be there, running at full tilt, creating, validating, and crushing it, day in and day out.
In light of recent market conditions and events (UST / Luna implosion), we can assure our community we were not impacted. Our treasury is fully in tact and ready to take on a extended bear market if necessary.
On to the Dirty Details
Recently we decided to completely restructure our On-Demand Oracle contracts. It was a big undertaking, but a massive improvement over the old system we were using and brings us much closer to our ultimate goal, a truly limitless and fully decentralized oracle solution.
The latest update allows users to deploy their own contracts, solves a massive scaling issue, and increases overall decentralization. Let’s break down why this is such a big deal and what makes it especially important for the user (you).
Switching to direct user deployment (instead of a back-end server) removes the possibility of downtime and the requirement for a trusted 3rd party (us). Which in turn gives the ability to easily integrate the contracts into their platform via our API (currently under development).
The scaling issue. Previously, we could only allow 3–4 datasets per request. Now, with the new contract structure, we can now support an unlimited number of datasets per request. By batching dataset requests across transactions, we are removing any sort of practical limit and giving users infinite possibilities on how they can use Modefi.
Datum: A piece of information.
Dataset: A collection of data/datum
Development Repository Activity
As most of you already know our Github is currently private while we build out our products, for obvious reasons. However that doesn’t mean we can’t share some of the stats with everyone.
As noted in our last update there were a total of 2578 commits from the start of development on the On Demand Oracle (July 2021) to March 1 2022.
Our team has still been pushing at an amazing rate and now to date we are currently at 3499 commits, 921 more than previously shared just 83 days ago. This is an average of 15.6 commits each working day.
If we look at this in a 3 month period, we are at 1014 commits. Currently for this past 3 month period Solana has had 1018 commits and Chainlink just 362. Which is on par with Solana and 3x the amount of Chainlink.
Completed Development Items
- Frontend dispute
- Contract upgrades
- Dispute modal finalized
- Dispute contracts
- Oracle test updates
- Update UI for dataset confirmation
- Update UI for user-provided data
- Claim and unlock implemented
- UI text optimization
- Update limit constraints size
- Sort function for all columns
- Notification on dispute implemented
- Slippage maximum implemented
- Prepare cron jobs
- Direct edit implemented on the event page
- Updated gas cost estimate
- Contract progress bar finalized
- Delete options implemented
- Dispute cost finalized
- New UI for datasets, dispute, and event detail pages implemented
- Completed integration of the interface between the contract builder and the dapp front-end
Items in progress
- Alpha testing on the Fantom testnet
- API (Application Programming Interface)
- Tournament contract testing phase 1
- New distributed oracle model contract testing
- Fix finalized datasets on the dispute tab
- Quick export and import via CSV
- Complete sponsor, participate, and complete page
- Frontend contract attachment
- WalletConnect integration
- User guide / tooltips
- Dashboard front end bug testing (on-going)
- Oracle test updates
New staking contracts will be deployed and ready for launch next Wednesday, June 1 (exact time tba). The staking period will be for 60 days. We will be supporting both single staking and LP staking (MOD/USDC) on both Polygon and Fantom once again.
$MOD tokens will be provided on testnet for those interested in participating in the public beta.
Beta participation instructions and rewards will be announced.