At the high level: the protocol development team completed work on MIP-3 and MIP-4 from the roadmap, with R&D being finalised on mBTC and an upgraded mUSD AMM. Given the work behind the scenes here, the front end team were focussed on resolving tech debt across the suite — primarily on the subgraphs (giving us some nice new statistics), and preparing design work for future releases.
MIPs written, contracts developed, tested and audited by ConsenSys Diligence for MIP-3 and MIP-4.
MIP-3 sees gas costs reduced for an average MINT/SWAP/REDEEM by 60–90%. Actors who push the cache past a given limit (determined by governance) will incur Gas costs for doing so — that cost being the same as before the cache was implemented).
MIP-4 sees Gas costs reduced for a SAVE deposit by approximately 50%.
Both MIPs are anticipated to be deployed in the very near future.
The team wrote a primitive arbitrage bot for the new automated market maker (AMM) mockup, reached out to developers at leading projects such as Balancer, yEarn and others for feedback, and ultimately discovered a “money pump” issue with the Delta pool design. This forced a change in the design from the previous Delta pool model.
After reading a variety of literature on automated market makers (AMM), a solution was found in introducing an invariant-based AMM. The team came up with an invariant which is based on penalty functions. Consequently the invariant was implemented, check were run for path independence and the mockup was converted to integer arithmetic ready for implementation.
Next steps alongside Solidity implementation is production of an MIP for mBTC and a consequent AMM upgrade to mUSD.
Hires
Front end wizard Chris Fulford (here is Chris’ GitHub profile) joined the team. He’s been a welcome addition and is already driving positive change to the front end, like the new Governance landing page.
Bug Bounty
A bug was disclosed to mStable in the Liquidator contract which had to do with manipulating prices in a Uniswap pool used to liquidate the $COMP accumulated via SAVE. The bug has already been resolved and all details are available here.
Grants
The team has received a number of grant applications in November and they are being reviewed. If you are interested in building something on top of mStable or in the ecosystem reach out to grants@mstable.org.
mStable-contracts
mStable-contracts has gone from v1.3.0 to v1.3.1. See here for releases.
- Gas reductions & Cache implemented as per MIP-3 and MIP-4 (only core development time is reflected here)
- Aave V2 integration implemented in preparation for Aave V2 launch (yield farming + lower gas costs)
- Liquidator bug fix, detailed below.
- Began work on tokenising the SAVE contract after a unanimous forum post; a MIP and proposal are forthcoming
mStable-app
mStable-app has gone from v1.13.0 to v1.16.1. See changelog for granularity.
Features:
- Implemented Onboard.js to support connecting via any wallet including Trezor, Ledger, Dapper, Fortmatic and Grid+ Lattice.
- Add a gas prices widget to allow the user to select a gas price and see the transaction fee
- Improved the Analytics page with 30 and 90 day views (including for APY), SAVE utilisation, bAsset vault balances, and fees paid
- Fetch historic transactions from the subgraph
Notable fix:
- Added ‘Balance’ to asset dropdown in SWAP
mStable-governance-app
mStable-governance-app has gone from v1.2.1 to v1.3.0. See the full changelog for granular updates.
- Implemented Onboard.js to support connecting via any wallet
- Began adding shared consciousness to the governance app by bringing the landing page to life
Bug Fixes:
- Clarified the STAKE unlock time occurs at 00:00 UTC
- Added historic transaction descriptions
New repository: mStable-subgraph-monorepo
The mStable-subgraph-monorepo was released!
- Major improvements to the way data (e.g. APYs, Metrics, etc) are calculated.
- The monorepo introduced reduced bloat across mStable’s suite of dApps. All dApps have been migrated to use the new subgraph setup, which allowed the team to introduce many of the changes already identified.