The web vault, vault nodes, explorer and paper wallet are now fully operational on Fluxnodes
Following on from a community proposal and discussion, we held a vote to decide whether to proceed with development work on creating a wrapped version of one or more Haven assets. The outcome was clear with 80% majority in favour and over 50% also in favour of wrapping XHV and xUSD. There was a great deal of input from the community on the destination chain and this has been taken onboard during the decision making process.
From this outcome we formed a community working group (WG) to further refine the process and determine which chain to bridge to.
The Working Group
A number of community members expressed an interest in being part of the group and for several weeks have been actively discussing and refining ideas on the next steps. The work for this has been carried out by Lancelumix, CEO.THOR, xScaramanga and Y2sme with input from Greywolf (Polarity) and Madlentil.
The initial phase was to create and refine a shortlist of candidates. This was comprised with input and suggestions from the community. The first decision to be made was whether to go with an established chain or look at some of the upcoming and recently launched projects. It was agreed that we should only consider existing chains with a high TVL (Total Value Locked) and many existing protocols built on them.
This area of DeFi is extremely fast moving with many new and interesting projects being launched all the time and if a wrapped token proves to be successful in adding value to Haven, we can continue to look at bridging to additional chains in the future.
The shortlist comprised the following chains (in no particular order):
- Binance Smart Chain
To maintain a consistent approach and to reduce individual bias we looked at a range of key metrics for each chain in the shortlist and weighted each metric individually. The average of these were then used in the calculations for scoring each chain.
We felt it was important to use knowledge based opinion backed up with relevant chain data in order to make a balanced and informed decision.
The metrics (plus sources where applicable) and reasons they were considered are detailed below:
- TVL (Total Value Locked) – (source: https://defillama.com/) This is an important metric that can be used to indicate likely usage of a bridged token. It provides a real time snapshot into the amount of money held in the chain’s protocols and can be used to gauge network growth over time on it’s own as well as comparitively against other networks.
- Daily Transaction count – (source:https://www.nansen.ai/) This is a useful measurement to give an idea of actual protocol usage on a day to day basis. While the TVL gives a picture of money tied up it does not reflect the amount of regualr activity.
- Number of Active Wallets – (source: https://dappradar.com/industry-overview) This is used for gauging the number of active users and can be useful to get an idea of how much and often money is moved around the network.
- Twitter Followers (main account) – (source: https://www.coingecko.com/) This can be useful as a proxy for the size of a particular community and therefore number of active contributors and investors.
- TPS (Transactions per second) – (source: various) This metric can be difficult to accurately measure as it is usually only possible to go by claimed figures on the various networks websites or explorers. Many of them have not really been stress-tested by large scale usage but it is a useful indicator of potential future growth and usage capabilities.
- Number of DApps/projects – (source: https://defillama.com/) This metric gauges the depth of utility and level of trust that protocols give to a network in deciding to build on a particular chain. The higher the number of DApps, the greater range of utility and options for yield and usecase for a wrapped Haven token.
*All data correct as of 26/04/0222
Each of these metrics was considered by the WG members and ranked according to their perceived importance. Each metric was weighted (1-5) with 5 being highest and the mean taken as per table below:
|Metric||Individual scores||Average weighting|
|Total value locked (TVL)||4, 5, 5, 5, 5||4.8|
|Daily transaction count||5, 5, 5, 3, 4||4.4|
|Number of active wallets||5, 4, 4, 4, 3||4|
|Number of Twitter followers||3, 2, 3, 1, 4||2.6|
|Transactions per second||1, 1, 1, 1, 2||1.2|
|Number of DApps||3, 3, 4, 4, 4||3.6|
The mean was then taken against the individual scores for each section and an overall score calculated using the following formula:
Each metric was divided into quartiles with each chain then given a score between 1 and 4 depending on where it sits within that range. The resulting number is then multiplied by the average weighting to give a score. These individual scores for each metric are then totalled to give an overall score for each chain.
You can view the spreadsheet used to calculate the scores here:
After much discussion and working through the process we are pleased to announce that we will be bridging to the Binance Smart Chain (BSC). We all agreed that there was no right or wrong choice with selecting the chain and we view it as just the start of a process to generate additional utility, awareness and growth for the Haven network.
Once the development work is complete and the wrapped token live we can look at potentially bridging to addtional networks and building out further integrations.
There are several keys steps to be taken over the next few weeks as we prepare for the launch of a wrapped token on the Haven network.
The team at Polarity will be carrying out the development work for the bridging and will liaise with the working group on progress. Updates will be relayed to the wider community as steps are completed.
There will be a number of steps for the technical implementation to be considered that will be discussed in parallel with the intial dev work.
- Set up for multi-sig signatories, including number and distribution.
- Agreement on max supply for wrapping availability.
- Creation of web page/site for wrapping interface.
- Carry out security reviews/audit where necessary.
Alongside this we will be liaising with the outreach WG on awareness/marketing and potential platform integrations.