The community turnout for testnet.element.fi has been incredible since its launch on Saturday.
Let's reflect on the progress we've made so far ↓🧵
The stated goals for the testnet were 📋
⋅ Let anyone test the whole platform
⋅ Find bugs in the UI or contracts
⋅ Get feedback to improve the platform
So, how're we doin'? 1/...
First takeaway: the community showed up, big time 😤
Four days in, 1000+ unique addresses have interacted with the testnet and 5,000+ trades have been made via the pools. 2/...
From that, ~150 community members exchanged 700+ messages in our #testnet channel on discord.element.fi.
Feedback is flowing, resulting in 30+ issues and feedback raised. Some are volunteering to write docs. Some are sharing specs for products they're building🫂 3/...
In response to the immense feedback, the team has cranked out 44 commits across 26 pull requests for improvements to the UI and overall performance since Saturday. And we're stilling going 💪 4/...
We all may have even contributed to temporarily crashing the Georli ETH faucet 😅 5/...
The launch has far surpassed our most optimistic expectations. Huge shoutout to everyone who's participated so far. The energy and care y'all are bringing means so much 💞🧝
We have more updates coming that you def need to check out so stayed tuned! 🚢
Onwards to mainnet! 🚀 6/
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1/ As Web3 companies, DAO’s, and protocol operations continue to mature, prioritization on treasury management continues to be an area of focus for the majority.
The most common question being, "How does one get started?"
2/ Historical treasury management practices offer a wealth of existing, time-tested experience that the Web3 space can leverage – starting by looking at what has made for good treasury management strategies and practices by existing companies and corporations.
3/ Treasury portfolio construction could be viewed with a deeply academic approach, starting with a clearly defined goals and investment mandate, which outlines a treasury’s purpose and establishes a set of principles.
Chainality - An on-chain NFT rewards royalty derivatives project that rewards users for on-chain actions with derivative NFTs that can be resold on a speculative marketplace.
Aztec's bridge contract connects Element's DAI term with Aztec's rollup, enabling users to send their Element fixed rates purchase and redeem txs through Aztec's L2. These txs are batched 3 times per day, reducing gas fees and achieving several things:
-Join and formally accept their role in the GSC
-Push proposals to an on-chain vote (bypassing the off-chain sentiment poll)
-Vote on proposals
-Leave the GSC voluntarily
-Kick other members that have fallen under the current threshold
3/ It allows members of the Element community to:
-View GSC eligibility
-View activity and hold GSC members accountable
-Track the GSC members voting power
-View a list of “Rising Delegates”
-Kick members that have fallen under the current threshold