We haven’t been in touch for quite some time. Many things have happened at Interlay, and we are moving towards new horizons beyond the intensity of this late summer rush.
Kintsugi going Kusama
Kintsugi, our interBTC’s canary network, participates in the second round of Kusama parachain auctions. Kintsugi’s kBTC brings radically open Bitcoin to Kusama to provide liquidity for projects like Karura, Shiden, Basilisk, and Moonriver. The users can earn yield with Kintsugi by hodling BTC with interest, farming real BTC, KINT (the governance token), kBTC and KSM in one, and arbitrage on kBTC and collateral. To create a proactive crowdloan process, Kintsugi released four special airdrops — 10% (1 million KINT) of the initial 4-year KINT supply.
Kintsugi tokenomics: https://medium.com/interlay/kintsugi-btc-crowdloan-takes-off-86c72190bf5b
Despite a slight delay in entering the crowdloan competition, Kintsugi performed extraordinarily and reached its cap of 200 000 KSM before the end of slot 9 with 8 013 KSM contributions. That makes Kintsugi the leading contestant for slot 11, that has started on October 6.
The Interlay Ambassador Program
At the end of August, we launched the Interlay Ambassador Program that aims to bring together and build a community of fervent supporters to lead the way, speak on Interlay’s behalf, create and empower all who believe in Interlay’s mission and a cross-chain decentralized future.
Our community has grown to approximately 10,000 people across Twitter, Telegram, and Discord, with 9 Ambassadors and 80 Apprentices, nominating 3–5 Ambassadors and 40–50 Apprentices every week. We have channels in English, Russian, Spanish, Turkish, and a few more in the making. The very first community campaign, #Kintsugi2Kusama was impressive (only in a day 211 800 views) and instrumental for boosting Kintsugi crowloan efforts.
Interlay has resolved two comprehensive audits from Informal Systems. These focused on the completeness of our protocol specifications (interbtc-spec, XCLAIM) and correctness of our implementations (interbtc, interbtc-clients).
Q2 Audit (2021/06/12) informal-report-interlay-audit-2021Q2.pdf
Q3 Audit (2021/09/09)informal-report-interlay-audit-2021Q3.pdf
Parachain — new version 1.0.3
- Vault Improvements: Implemented multi-collateral to allow alternate backing currencies for minting interBTC/kBTC, Vaults may now self-redeem without fees.
- Reward Adjustments: Removed the reputation system (SLA pallet) in favour of rewarding Vaults based on their issued interBTC/kBTC. This helps to simplify the implementation and also make the reward estimation more predictable for Vaults.
- Rococo / Westend / Kusama: Added genesis chain specifications for most available parachain testnets and added the alternate currencies — KBTC, KINT, KSM. This was done in preparation for the launch of Kintsugi.
- Oracle Improvements: To make the oracle more resilient against outliers, oracle values are now medianized. In addition, we now only require the “fast” value for Bitcoin fee estimates to ensure redeem requests are processed quickly.
- Improved Testing: Added spec-based tests for all pre and post conditions. For example, using these conditions https://spec.interlay.io/spec/issue.html#specification, we can better verify the state before and after a transaction occurs. This is in preparation for a more formal analysis of our system.
- Detailed code changes: https://github.com/interlay/interbtc/compare/0.8.5...1.0.3
Vaults (clients) — new version 1.0.2
- Multi-collateral support: Vault clients are now started with a dedicated collateral currency to make them ready for multi-collateral support. In the future, Vault clients will be able to handle DOT and KSM, but also other assets like LDOT or LKSM.
- Improved theft reporting: Vault clients are now able to detect an edge case when another Vault is sending the same redeem or replace transaction twice. We have integrated electrs as an API service to detect duplicate payments and report this as theft.
- Stability improvements: The Vault client automatically reloads the Bitcoin wallet if required, e.g., if the bitcoin node is restarted.
- Audit feedback processing: Cancellation scheduler (for issue and replace requests) now subscribes to new relay blocks.
- Major bugfixes: Vaults overpaid on refund transactions: when a user sends too many BTC during the issue operation, Vaults are automatically configured to return the surplus BTC. For example, if a user requests to issue 0.1 kBTC/interBTC, but sends 1 BTC, the Vault returns 0.9 BTC minus the issue fees and a refund fee. However, we had a bug where the Vault would not deduct the refund fee.
- Detailed code changes: https://github.com/interlay/interbtc-clients/compare/0.8.0...1.0.2
UI/API — new version 1.2.0
- Updated design: Replaced the topbar with a sidebar for better navigation.
- Performance improvements: We are replacing redux with react-hooks and worked on componentizing most of the UI for better performance.
- Multi-collateral readiness: Enabled multi-collateral support on the code level. In preparation for supporting currencies such as KSM, DOT, LKSM, LDOT and others, the API and UI have been extended to be ready for more collateral assets.
- Major bugfixes:
- Fixed display bug for retried redeem requests, which used to erroneously show up as reimbursed. They will now correctly display as “retried”.
- Fixed display but for issue requests awaiting execution. The UI would erroneously display requests as “confirmed” before they were actually confirmed and ready to be executed. They will now correctly indicate that further confirmations are required, up until they are ready to be executed.
Detailed code changes: https://github.com/interlay/interbtc-api/compare/0.17.0...1.2.0
We are hiring!
For more details, check our website https://interlay.recruitee.com/