May Monthly Update
June 13th, 2022

While May was dominated by negative crypto headlines, our team at Rubicon blocked out the noise and kept building.

As of writing, the Rubicon order books have tighter spreads than ever before, all Pools have produced positive monthly returns, and OP liquidity mining on Rubicon is right around the corner! A few other highlights include OP markets going live, the protocol reaching $1 million total value locked (TVL), and our Code4rena audit contest for the Rubicon v1 codebase.

This month we will officially launch Rubicon v1 on Optimism once we release a protocol version that implements recommendations from the audit contest!

Launching OP Support

On May 31st, Optimism airdropped the OP token to more than 130,000 addresses! Most Rubicon users were able to claim this airdrop, if you have not already claimed you can check your eligibility here.

Shortly after the drop, Rubicon order books went live for OP-USDC, which has been the most popular pair on Rubicon since its launch 🔥

In its first full week of trading, the OP liquidity pool produced over 4% returns for liquidity providers. That’s the power of active management!

It’s important to remember that liquidity pools on Rubicon can have negative returns depending on market conditions, but so far we are very excited about the OP pool’s performance!

Rubicon’s OP Proposal

As part of the launch of Optimism governance, the Optimism team proposed OP allocations to projects built on the network. Rubicon received an allocation of 900,000 OP, which we will use to incentivize liquidity providers, reward early users with an airdrop, start a Rubicon Grants Program, and seed the OP liquidity pool.

You can find more details in our proposal on the Optimism governance forum, but here’s the summary:

  • 540,000 to OP Liquidity Mining in Rubicon Pools
  • 135,000 to a Rubicon Grants Program
  • 135,000 to an Early User Airdrop
  • 90,000 to the OP liquidity pool

The Phase 0 proposals from Optimism projects will go through Optimism governance in one batch, with voting starting June 9th. If you are an OP holder, you can vote on the proposal through Snapshot. A vote for this proposal would kickstart OP liquidity mining on Rubicon and over a dozen other apps on Optimism! So far, it looks like the proposal will pass 🥳

Code4rena Audit Contest

On May 23rd, Rubicon started a $50k audit contest on Code4rena covering the Rubicon v1 codebase.

The contest was a massive success, we got great feedback on our contracts from dozens of C4 wardens, and have already started implementing their recommendations.

In the coming weeks, Code4rena will publish a report on the Rubicon contest. In addition to this, we plan to publish our own writeup that will detail protocol changes to be implemented in a v1.3 protocol release.

New Open Orders UI

After receiving feedback from our community, we made some improvements to the Open Order tab to increase its usability and convey more information to traders:

What’s Next

This month we plan to officially release Rubicon v1, continue adding support for new markets, improving the Rubicon app, and refining Rubicon Pools to prepare for the decentralization of market making.

And on top of all these upgrades, Rubicon will receive an OP allocation this month! This means OP liquidity mining, an OP airdrop to early users, and the start of a grants program for contributors 😎

Rubicon Links

Thanks for reading! Here’s where you can find us online:

Alea iacta est.

(This post is for educational purposes only. Nothing in it should be construed as financial advice. Do your own research before making investments)

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