Charge DeFi weekly update
ChargeDeFi sends out weekly updates on the project status, current market conditions and future developments. Stay in touch with recent developments, get insight into the team set up and get ahead of the curve by being aware of our plans.
It has been a busy week at Charge DeFi. After the initial launch coincided with a large crypto market dip the team decided to double their efforts into making this a successful DeFi project. After we released new features in quick succession, as well as increased spending on marketing, the total capital in the project quickly rose to new heights.
We’ve seen an incredible influx of new investors. Some are experienced with Algorithmic Stablecoins, others completely new to DeFi and learning the ropes. Because of this “charge” of new investors into our project, we had to adapt quickly. We’ve recruited several mods, hired a dedicated marketeer and are expanding into several area’s. As we’re on the brink of another large crypto market dip the project feels strong. Where Evergrande and liquidating long positions caused last weeks crypto dip, this week it’s all about rising inflation numbers worldwide and a reduction of Covid funding to companies that have been affected by the virus.
But you didn’t come here for a market update, you came here for the news!
The main factor for the success of a project is the number of investors who can see your tokens. We’ve successfully listed our project at the following locations:
- LiCoinGecko, (Charge and Static)
- CoinMarketCap, (Charge and Static)
Also, marketing expenses have been increased. With the enormous success of the project after launch, we were able to allocate extra funds to marketing this week. And during the next couple of weeks, this will be increased further. We’ve also set up partnerships with BNBswap and Smart liquidity. Expect to hear more about this “soon”!
This past week a lot of effort went into upgrading the infrastructure behind ChargeDeFi and refactoring of website code. At some points, traffic to https://www.chargedefi.fi was reaching over 3.000 concurrent visitors resulting in a flood of RPC calls. We switched out the standard RPC that was used for price updates because it overloaded quite fast with all the traffic and resulting calls. There has also been a large overhaul on the backend and frontend code to implement better multi-call handling, reducing the number of requests. This upgrade will make the ChargeDeFi app a lot faster to use and have it consume fewer resources.
A lot of work has also been done on frontend tweaks, making the UI easier to use. Expect these to go live after we complete our round of testing!
New vaults and staking strategies
Testing has been completed on our new staking vaults featuring a 60/40 strategy. These vaults will auto compound your earnings and will be featured on our new “vaults” tab on the website. They essentially consist of two separate vaults:
All deposits made into this vault will transfer 40% of the deposit into the $Charge vault. The $Static-BUSD vault auto compounds and can be unstaked at any time.
Withdrawals from the $Charge vault will be locked for 48 hours. After that period, there is a 2 hour unlock withdrawal window. At the start of the unlock all rewards will be compounded. Newly deposited funds will be staked at the end of the next unlock window.
The strategies in these vaults have been proven to be successful in other projects, combining high yield with an incentive to lock more assets into the project. Be aware though that the images shown above are from our testnet implementation. The values shown are not definitive.
As we posted in our whitepaper the initial pre-sale funds of the project have been used to contract Certik for doing an audit on the solidity contracts and our tokenomics. This audit took longer than expected as our contracts are not a simple Masterchef fork. There was also the matter of our contracts being un-deployed and not linked to a Timelock. So Certik had to do a final pass of our contracts after we deployed and configured the Timelock. The Timelock resolved all Major issues that Certik found initially.
We are happy to announce that Certik has completed its audit and we have linked it on our website: Audit results. They will publish this report on their site as soon as possible.
At this time the core project members are doing 40–60 hours shifts managing external contacts, releasing and testing new features, doing marketing, answering queries and working on future projects. Working overtime during a project launch is normal but also unsustainable in the long run. To solve this we’re in the process of hiring extra developers, visual artists, marketeers, tokenomics and crypto specialists. Several contacts have been made and we will be expanding our team soon. We have several exciting features ahead of us and to increase the current velocity, without burning down our devs, expansion is needed. These extra resources will also help the investors as the backbone of the project will be a larger and more professional organization.
Funds for this will be paid from the project wallet, as stated in the original whitepaper.
One of the buzzwords in DeFi has always been Money Legos. The open-ended nature of DeFi allows you to stack protocols, apps, platforms together. Over multiple chains if needed. Money Legos allow you to string complex DeFi transactions together. Building your personalized actions and strategies as if an investor is stacking a tower of Lego blocks.
Charge DeFi is developing a platform that will have the following features:
- Interaction between common protocols
- Configurable elements: PCS, mdex, farms, loans, etc.
Funding has already been reserved in the project wallet to hire extra devs for these features, under the guidance of our core team.
Even though we’re still in our project launch phase works has started on Multichain solutions. While building the project an in-depth analysis was made of the current ecosystems and their viability for a project like ChargeDeFi. A shortlist has been selected and we’re actively working on a strategy for a launch on a, for now, unnamed chain. Expect a status update about this in a few weeks!
It was a busy week for all of us. And you might not have the time to read all of this. So let us give you a quick summary and end with the milestones:
- Marketing started and will be increased significantly
- Certik Audit done, as expected we’re “Safe”
- New 60/40 vaults coming
- Website backend, frontend and UI upgrades incoming
- ChargeDeFi team expansion in progress
- Money Legos development underway
- Multichain options
- Twitter increased from 350 to 5000+ followers in 1 week!
- Telegram increased from 400 to 1700+
- Over 13 million trading volume
Exciting times are ahead of us, see you next week!