⏩ TLDR

• Gnosis Chain CCIP Bridge enabled

• New jEUR-EURe pool on Balancer on Gnosis Chain

• Shutting down of the jEUR Credit Lines

• LP Vault time-lock upgrade

• Liquidity Pools interest split upgrade

🗞️ Quick news

Vote to shut down jEUR Credit Lines

New jEUR-EURe pool on Balancer

The new jEUR-EURe pool has received a gauge and is receive BAL for the first time during this epoch, and will receive BAL and AURA starting from the next epoch.

🧪 Protocol

• We have enabled the Gnosis Chain CCIP Bridge and perform the first transfers between Base and Gnosis Chain with jEUR.

• We have updated the LP Vaults and the Liquidity Pools on Avalanche and on Base, and we will proceed to do the same on other networks. This upgrade was long-overdue one, and is addressing two issues:

  • The front-running fee in the LP Vault: to prevent front-running, the protocol was charging a fee when joining a vault (becoming LP); but, the more the liquidity was utilized, the more the fee was higher. The last upgrade removed the fee and introduced a time-lock; when a LP joins a vault, their LP token is locked for a duration of 2 hours.

  • Interest split in the Liquidity Pool: the calculation method used to split the interests generated by lending the reserve on lending market did not reward correctly the risks taken by the LPs. The current method is done to incentivize to add liquidity on vault where liquidity is over-utilized. This led to an edge case where, if no liquidity is added, the LPs who are taking less risks are rewarded more than the LPs who are taking more risks. The new calculation method solves this issue.

📱 Application

• We have integrated the Arbitrum CCIP Gnosis Chain.

• We have completed the calculation of the Trading Fees APR for the liquidity providers, by storing off-chain all the data of each transactions on the protocol, and calculating the Trading Fees APR for each LPs.

🗳️ Governance

Discussion

• JIP 8: a new discussion about granting Jarvis LTD a budget to buy back time to time jEUR and jCHF on Polygon, when the prices of these stablecoins is below a certain price, in an effort to reimburse bit by bit the bad debt that resulted from the hack of Midas, in January 2023.

Proposal

• JIP 7: the governance has approved the shutting down of the jEUR Credit Lines on Polygon.