Connect Financial Community Update
We are excited to announce this week the successful completion of our L2 Arbitrum migration and launch of its full capabilities in the Connect Financial ecosystem. As announced previously this rollout being completed was a significant checkmark on our to do list prior the platforms full launch.
The growth experienced in DeFi has been unprecedented in 2020 and 2021. Currently, the amount of cryptocurrency held in DeFi globally has grown by over 40,000% since November 2018. As a result of this DeFi growth, high gas fees and slow transaction times on the Ethereum network have occurred. Projects like ours have been diligently working to solve this poor experience and be well prepared for the continuous growth expected in the industry.
We understand the essential nature to leverage modern technologies for the success of our products, service and overall customer engagement and satisfaction. Layer 2 projects like Arbitrum will quickly become the robust solutions for the Ethereum scalability confrontation.
To date, we already have implemented and fully support a number of chains such as Polygon, Solana and EOS. Now with the addition of Arbitrum and continuing to leveraging L2 rollup technology we can ensure our users experience more customized swift and secure transactional experiences with networking bridge options and cost-savings all while still obtaining L1 premium security.
For more about this integration read our press release here: https://cnfi.me/34ImLn8
Staking Portal Updates
We recognize with the migration that there are a few items on the token portal that are temporarily experiencing issues. The developers are going through the token portal and actively addressing the issues one by one.
There will be a delay on some of the metrics being available again. With the migration to Arbitrum there are a few nuanced differences on the chains which cascaded into a significant portion of how our token portal worked…not working anymore.
In an attempt to ELI5 — The staking contract records time stamps of when you transact on it (staking, withdraw, reinvest etc). It then makes a note of your pool weight at that time stamp. Then approximately every 24 hrs it makes a notation of the total pool weight on your record. We do not actively distribute your rewards every day, as that would be resource intense (very expensive). When you make another transaction (withdrawal, stake, reinvest) the system then does the actual math to calculate how much you earned every day based on the total pool weight recorded from that time stamp and gives you those amount of tokens on the contract to complete whatever it is you were doing. Then it creates a new time stamp record of your pool weight based off the end result of your transaction, and it starts recording everything over again with the new time stamp record as your starting point.
What the token portal does is runs a sort of proxy smart contract and simulates the math the blockchain would be doing as you view the website. Since the only real data on the smart contract at any time is your time stamps and the pool weight at a given time slot for you, the token portal pulls that data and does the math to generate your reward balance. We then do some fancier math to come up with your base token reward and your bonus reward if your evolution staked.
Currently those functions did not carry over from Ethereum to Arbitrum perfectly. We are looking at rewriting the token portal to use a sub graph of the contract which will allow for a graphql api of the data.
We are also looking into some of the supported wallets having issues with the RPC calls to Arbitrum. We will update you as soon as those are fixed.
Liquidity on Arbitrum
This week we are excited to announce that CNFI tokens are able to be purchased on the Arbitrum network from Uniswap. This means that you can continue adding tokens from the familiar Uniswap interface, but pay a fraction of the Ethereum network gas fees.
We have successfully migrated liquidity from Ethereum to Arbitrum on 08 February, 2022. The pool can be seen here: https://info.uniswap.org/#/arbitrum/pools/0xd392b1d4bdf7e16ceeb25ece50dcafa86245faa2
In order to swap to CNFI on Arbitrum, a small amount of setup is required.
Step One: Bridge Ether (ETH) from Ethereum to Arbitrum.
If you have already interacted with the token portal since the migration, you should have already bridged some ETH over to Arbitrum One. For instructions on how to do this, refer to the Staking on the Token portal support article.
Remember to leave some ETH on Arbitrum to cover transaction fees.
Step Two: Switch to Arbitrum on Uniswap
Select Arbitrum from the network list.
Step three: Add CNFI to your token list.
- Open the token list
- Select ‘Manage token list’
- Select ‘Tokens’
- Add the CNFI token using the contract address: 0x6F5401c53e2769c858665621d22DDBF53D8d27c5
- Select ‘Import’
Note, you can also review the contract on arbiscan.io
As of February 09, all Connect Financial liquidity has been migrated to Arbitrum on Uniswap (only a small amount of residual liquidity exists in the Ethereum pool).
Some users may still prefer to purchase CNFI on the Ethereum network and manually bridge unstaked CNFI to Arbitrum before interacting with the token portal. To do this, CNFI can currently be purchased on Ascendex.
The migration to Arbitrum represents a major technical achievement and is just the first step in Connect Financial’s plans to deploy our services across multiple chains. Once the customer portal goes live, CNFI tokens will be able to be purchased and staked directly from within the Connect Financial ecosystem.
This is by far our largest endeavor, it is the heart, the engine, the core of everything we build in the future. To date we have checked off a massive amount of backend processes, front end flows and are working diligently to get it ready for our MVP launch date.
This sprint is focused on wrapping up the initial card sign up flow functionality along with the membership sign up flow UI completed and doing final acceptance testing on them.
The backend team is completing our SDK packages and integration with our banking partners. On our weekly call today our Card Processor partner let us know they will be finalizing their development lift in the next two weeks and we will go live with testing our credit decisioning engine that pairs up to their side. This process will require thorough testing and certification, but luckily it is all programmatic and we can run hundreds or thousands of tests in a matter of minutes.
In our global digital era it is imperative to have flexibility, control and connectivity. It is with this in mind that our team is working diligently to develop our native iOS and Android mobile application to support the Connect Financial ecosystem. Our target focus in its developments is to bring the value add to our users to allow them clear visibility to their Connect account. Ensuring all primary functionality of the Connect ecosystem including managing cards, wallet holdings, transactions and buying and selling crypto are easily accessible, whenever, wherever.
As mentioned in the previous update our team has broken ground on this new initiative. We have successfully completed the acceptance criteria and have begun UX developments. Please stay connected with us over the coming weeks for more progression updates on its rollout.
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