Development Status Update
Dear Soldex community, we would like to share an update regarding the current development status and resources allocation:
Regarding the current development status and resources allocation:
It may look like the DEX & Farming are finished and that there is nothing else being developed at the moment. What the whole community needs to understand, is that there’s no way to build a complex mechanism of AI trading & bots on top of the fragile foundation. In this case, the foundation for the automated trading and AI is Soldex DEX & Farming modules.
It is incredibly complex to build such modules in a quick and secure way (Solana is still fresh and even a slight changes in the Solana itself, are affecting each project’s functionality as well). That is why, from the user perspective, it may look like the UI is working and there’s nothing else happening, but from the backend, there’re a lot of things to develop to be certain that the foundation is solid and secure. Nobody would want to experience a crash and massive losses due to AI bots making transactions and trading on a fragile foundation.
At this moment m, and for the next good few weeks Soldex & part of Alfprotocol Development teams are working on 2 main aspects:
- Finishing the foundation (DEX & Farming) modules to make sure that they’re working as they should and are ready for the audit. This includes mostly backend work with the Solana part + the preparation for the AI to be build on top of the foundation.
- Research of AI and automated trading strategies based on a DeFi sector. Developers do have a very specific solution for the AI bots to be implemented, but DeFi is not as simple as traditional financial markets where hunders of AI bots are already trading on the markets. To build an automated trading system using AI is one thing, but to implement it to work on a decentralised exchange is far more complex. Even though, we do have a solution for that, we’re taking our time to make sure that everyone is on the same page in terms of development tasks. We want to minimize the risk of errors as much as possible, as such mistakes would be very costly both for us, and the users.
Soldex Marketing Team is also thoroughly involved in this process as there’s a simple thing to understand: if everything works on DevNet & Testnet, the MAINNET is always different. That is why, it is extremely difficult to TEST certain features of the development on the mainnet when the usage of the platform is low. Soldex Marketing team is working really hard to find partners that are willing to move their liquidity to Soldex, to boost the usage of Soldex products which would also let the developers test certain features.
Knowing that the market conditions are quite difficult at the moment has both good and bad sides:
It’s good because the interest in DeFi is lower and teams are able to work behind the scenes and take required time without the need to rush.
It’s bad because finding partners to transfer liquidity to a brand new DEX is risky for others as the liquidity is usually lower and money is tight for most of the projects. When the market is green and everyone is rushing to find the highest APY’s, attracting liquidity is easier. Also, it makes difficult to keep the community positive, as everything is falling and it may seem like no process is happening.
We want to clarify this negativity around the development as much as possible and we believe that the information written above will help. The team is not hiding anything, the team is not stopping the development, in fact, the complete opposite is happening. We’re happy to have part of the Alfprotocol team with us as well and we’re working as much as we possibly can to implement the next stage of the features. But as mentioned before, we cannot just put AI on top of the DEX and let it run when the DEX & Farming needs improvements and preparation for the AI part to come.