Fluid Protocol Grant Bi-Weekly Update (5th Edition)
Date: February 6, 2024
I. Executive Summary:
a) Roadmap Progress
- Expanded Support for Cryptocurrency Tokens: The releases added support for a range of cryptocurrencies including SOL, ARB, LINK, UNI, DOGE, XRP, and LTC, broadening the platform’s compatibility with the crypto market.
- Enhanced Bot and API Performance: Improvements were made to the efficiency and reliability of the trading bot and API, leading to faster transactions and more stable operations.
- Fixed a Leverage Bug: A critical fix was applied to correct leverage calculations, ensuring accurate trading operations.
- Maximum Execution Fee Buffer: Introduced a buffer to cap execution fees, protecting users from excessive costs during high network congestion.
- Order Editing Feature: Users gained the ability to modify existing orders, enhancing trading flexibility without the need to cancel and replace orders.
- Multicall Functions: Implemented to combine multiple blockchain calls into one, improving transaction speed and reducing price discrepancies due to execution delays.
- Migrated our “Quick Trade” feature to the database. Transferred the underlying data and functionalities of the Quick Trade feature from its current storage and processing system to a structured database management system. This process is to significantly enhance performance, scalability, and reliability for users and the platform.
b) Milestone/KPI Achievements
- Trading volume has reached over 19M, demonstrating strong growth and user engagement. This is a significant achievement for us.
II. Current Progress
- Prioritizing the development of an affiliate program to further engage and reward the community, with the program being a top priority.
- Development priorities include reevaulation of our contracts.
- Comprehensive and intuitive guides have been created to facilitate easy and swift adoption by users.
- Planned updates for this week:
- Add BNB trading support (collateral in BNB or USDC) via Bot and API
- Implement validation for “Leftover collateral below 1.00 USD” in Bot
- Planning to introduce support for multiple wallet options for users, enhancing flexibility and user choice in cryptocurrency management. Currently in development.
III. Community Engagement
- Focused on returning value to the Fluid community through contests, with three $25,000 prize pools, and rebates on keeper fees.
- The upcoming affiliate program is highlighted as a significant community benefit, allowing users to earn from referrals.
- The contest has successfully engaged the community with over 650 trades completed and over 3M in volume, underscoring the active participation and enthusiasm within our user base.
- Held a Spaces event on X.com where we addressed several topics. This included detailed points such as objectives, participant engagement strategies, key achievements, challenges faced and solutions, community engagement activities, future plans, and answered community questions, aiming for transparency and fostering a strong connection between the team and its users. We plan on continuing this moving forward.
IV. Partnerships and Collaborations
- No new partnerships announced, but ongoing efforts to leverage existing relationships and explore long-term collaborations, particularly with Camelot on Arbitrum for enhanced visibility and potential for Fluid token holders.
Challenges and Solutions:
- Blockers: No major blockers for the FluidGMXBot.
- Risks: No major risks.
- Bugs: No major bugs are currently open.
Closing Remarks:
The Fluid Protocol team remains committed to delivering an enhanced trading platform, working on depolying the staking contract quickly, and launching the affiliate program to reward the community. We appreciate all of the continued support as we work towards these goals.
Attachments/Links:
Fluid GMX Bot - Telegram: Contact @FluidGMXBot
Fluid Trade Portal - Telegram: Contact @FluidTradingPortal
Fluid Docs - https://fluidtrade.gitbook.io
Fluid on X.com - https://twitter.com/FluidToken
Fluid on the web - https://fluidtrade.io/