Project Update March 2021

Introduction

Another big month for Haven with a huge amount of work being undertaken to prepare for the next major project milestone, the launch of xAssets on mainnet. It would be impossible to cover everything that’s happening with the project, but here’s an overview of the main items. As always, many thanks to our enthusiastic community for testing, discussing, and helping spread the word on what we believe will be the future of digital money. 

Onwards and upwards…

xAsset Testnet

Over the past few weeks we have carried out multiple testnets to ensure correct functionality of the xAsset implementation. Some of the tests are listed below:

• XHV <> xUSD conversions
• xUSD and XHV transfers
• xUSD <> xAsset conversions
• xAsset transfers
• Sub-address functionality
• xAsset fees implementation (0.3% + std tx fee)
• xAsset tx unlock times (10 blocks ~20mins)

Fee Structure Update

As part of the testnet, we also engaged in community discussion around a new deflationary ‘volatility burn’ as part of the transaction fees. After much thought and analysis, it was decided that the fees would be left as they are currently until further network monitoring and discussion could be had. This will be re-visited after the first phase of xAssets has been launched to mainnet.

Once xAssets are live there will be a new fee payable on conversions between xUSD and xAssets of 0.3% (+ std tx fee). The additional timelock does not apply to this type of conversion so the standard tx time of 10 blocks (~20 mins) still applies.

All the details on the fee structure can be found here: https://havenprotocol.org/knowledge/transaction-fees/

Launch of xAssets to Mainnet

Having successfully carried out the testnet we are now very excited to announce the launch date for xAssets. We will conduct a hard fork at block height 831700 (on or around 12.50 hrs UTC on 12th April 2021) to implement the new xAsset codebase and launch xEUR, xCNY, xAU (Gold), and xAG (Silver). 

These new assets (referred to as xAssets) are private, synthetic representations of real-world assets, traditional currencies, and other financial instruments. When used within the Haven Vault, xAssets will always maintain their intended value due to Haven’s “mint and burn” protocol and the use of pricing oracles. For this release, we are once again utilising ChainLink.

Once launched, these new xAssets can be minted in your Haven Vault via xUSD.  xAssets can then be transferred from vault-to-vault and converted back to xUSD using the same process. Additional information about xAssets and their use in the Haven ecosystem can be found here: https://havenprotocol.org/knowledge/xassets-a-guide/. 

Important Note for pools and miners– You will need to upgrade to the latest daemon. The release will be v1.3.0a, and available on Github soon. 

For Haven users, you don’t need to do anything just yet. On or before April 12, you will need to upgrade your Haven Vault to start using the new xAssets. 

Web/Desktop vault re-configuration

In parallel to the xAsset testnet our devs have been busy reworking the backend architecture for the GUI integrations, in order to support xAssets. Work on this is nearing completion and final polishing of the UI and UX is being done on the front end. We intend to start internal testing shortly before opening up a public testnet. We plan to have all vaults, including web and desktop, ready in time for the xAsset hard fork on April 12th.

Thor Chain Integration

ThorChain integration is currently awaiting final integration by the Thor team before going live. There is currently no date confirmed for this but we are in regular communication with them. As always, we will keep the community posted.

Chainlink CNY Price Feed

Chainlink has continued to provide secure and reliable price feeds for the Haven network. During March they enabled a new Chinese Yuan price feed in time for the launch of xCNY, the world’s first private Yuan pegged stablecoin. Check out the live feed data here: https://data.chain.link/cny-usd

Haven Debit Card

Pre-registration is now open to everyone. You can register your details on the new Haven Debit Card website here: https://havencard.io/

We expect the card to go live sometime in April and we will keep everyone updated on progress. The card will initially be available to users in the US with plans to extend this into Europe, UK and others over time. We will keep everyone updated on the progress with this.

Listing on CoinEx

We’re very pleased to have added another exchange listing to further improve access to the Haven network. You can now trade an XHV/USDT pair here: https://www.coinex.com/exchange/xhv-usdt

Listing of XHV/BTC pair on KuCoin

In addition to the existing XHV/USDT pair and by popular demand from our community we have added an XHV/BTC pair to KuCoin. Trading is live and can be accessed here: https://trade.kucoin.com/XHV-BTC

Community

There’s been a huge amount of community activity with many new reviews, videos and articles being written about the project. To coincide with the launch of the first phase of xAssets on the network several of our community members have spent many hours creating an article and video to push the message of financial autonomy and freedom. We have also created a new page to showcase community created content…check it out for news, reviews and some monster Tweet threads: https://havenprotocol.org/knowledge/the-community-view/

You can watch the video that introduces our new heroine ‘Haven’ below, and read the associated post: https://havenprotocol.org/2021/03/23/haven-2021-the-dawn-of-financial-freedom/

This video resulted in 283k tweet impressions, promoting the xAssets launch. Fantasic work team!