Launches: Tranquil Finance

Funding Proposals Grants
18

Hey everyone, Tranquil Finance has successfully launched for around 1 week now, and I would like to post an update on our progress so far:

  1. At the time of this writing, we have reached 63 million in deposits and 23 million in borrows across 5 markets, ONE, 1WBTC, 1ETH, 1USDC, and 1USDT, becoming the third largest protocol on Harmony by TVL in a short time. Over 3000 users have deposited assets into our protocol.

  2. A very significant percentage of all WBTC, ETH, USDC, and USDT bridged onto Harmony are deposited into Tranquil:

  • WBTC: 183 / 667, 27% (15% at the minimum if all borrows are re-deposited)
  • ETH: 6125 / 17787, 34% (28% at the minimum if all borrows are re-deposited)
  • USDC: 8562976 / 28701204, 30% (10% at minimum if all borrows are re-deposited)
  • USDT: 3678810 / 12795193, 29% (11% at minimum if all borrows are re-deposited)
  1. Our next step is to improve the trust, security and reliability of the protocol, as the only way to truly move the needle is to get more assets to be bridged onto the chain. We believe the best way to accomplish this is for users to feel that they are using a safe and reliable protocol. To achieve this, we will aim for the following milestones by the end of the month:

  • Put all contracts behind a 3-day timelock, and announce all changes to the protocol in advance. Initially, we wanted to preserve the tactical flexibility to make rapid changes, but now we feel the protocol is in a stable state.

  • Complete an audit of the core contracts. We have signed a contract and initiated an audit with CertiK with a preliminary timeline to be completed by the end of the month.

  • Migrate to Chainlink oracles. We have signed a contract with Chainlink and will have first access to their price feeds when they are available mainnet. Chainlink oracles will also allow us to raise the collateral factors across all markets, as they are set very conservatively right now due to using TWAP oracles.

We have also built a strong and passionate community around our project, centered around our Discord channel. I would like to thank our wonderful community for their feedback and support!

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