Weekly Report | Ares Protocol NPOS testnet and quotation program upgrade

Hi Aresians

We have plenty of good news recently to share with you. Currently, the team is conducting a big recruitment while brand products are undertaking all-round upgrading. From this week on, we will bring you news on weekly basis called Ares Protocol-Oracle of Polkadot Weekly Update. Here, we will note you with every bit of changes on Ares.

Project review

Oracle of Polkadot ecosystem-Ares Protocol was found in August 2020. We are committed to building a new generation of Oracle that is more real, safe, fast, and consumer-friendly.

Ares Protocol is the first decentralized cross-chain Oracle service of Polkadot ecology and it’s the first-emerged generation of Oracle to realize verification on the chain. It is also the first to open up a compensation channel for data users who suffer from business losses due to the appliance of Oracle data. Moreover, as a vital infrastructure unit between the real world and blockchain network, Ares Protocol holds the grand vision of Web3 era and its aim is to offer reliable data service for interconnection of thousands of chains and development of digital economy.

2020 Q4

• Whitepaper 1.0 was issued.
• Core design of Protocol
• Grant application of Web3 Foundation
• Development of prototype based on pallet and offchain work

2021 Q1

• Technical yellow paper was issued
• Improve the cross-chain interaction of Oracle users
• Realize the random selection of aggregators and on chain aggregation
• Improve the challenger and arbitration council model
• Million dollars of financing accomplished

2021Q2

• Token was listed on secondary market
• Ares trojan stake mining was started
• The Ink Contract authorize asset quotation program to extract the price
• Early access to Recoco test and participation in Kusama slot auction

Development Progress

Recent progress in Ares Protocol involves regular stake mining, parachain crowd-loan participation and reward, NPOs testnet and quotation procedure.

Crowd-loan contribute Project

• Kusama crowd funding data extraction program, a system which offers data support for reward distribution of crowd-loan participants.
• KSM/ETH address binding submitter
• The back-end signature verification module is about to develop the reward distribution system

Ares staking project

• Upgrade trojan UI, add Regular module
• Fix the browsing page hopping problem, staking MAX value problem
• Fix the timing error of withdrawal in regular contract
• Implementation tests of 60, 120, 180 days contract

Ares Protocol testing network

• Reconstruct the Oracle price quotation pallet on Substrate v3.0.0 edition
• Upgrade babe consensus to substitute aura consensus
• Congregate xcm cross-chain pallet, test the data extraction between parachain
• Ink contract data analyzation and contract callback of quotation data

Ares quotation Program

• Convert Ruby quotation program to Golang version
• Compare the quotation procedures of bit stock Ruby and Python
• Support multiple exchanges, multiple transaction pairs and multiple data queries
• Build restful API with Gin architecture

Weekly market & community

Airdrop for first anniversary of Ares-Chinese community

• Anniversary of Ares has been taking place for one week. Participants could get Ares reward , real cash or exquisite surroundings by community invitation or lucky draw of every midday.
• The highest reward could be 20,000 Ares! This week we will review the final biggest winner.
• Currently, the activity is soaring in popularity. Till the day of announcement release, the Chinese community participants reached the number of 4556. The bonus covered 258 participants in total. Last weeks’ airdrop was successfully accomplished, detailed information you may reach our article airdrop half-way review. This round of activity will last till Beijing time 12:00(mid-day) of This Friday. We wish you seize the opportunity to join in.

We built new language groups-worldwide marketing

• Last week ,1500+ new members have subscribed our official twitter account. English group members have achieved 2000+ new members one week. Persian, Georgian, Armenian, Israel groups were emerged. We especially welcome the new joined manager Boat Ray, Navid Shokriyan, Rauli.

Ares brand upgrade

• Ares brand images were updated and optimized. Fully updated the format in Logo, wechat subscription. Blue, white and relative colors are used in design to fully depicted the steady and innovative character of Ares Protocol. Currently, we are implementing an all-round upgrading in our website or other platforms. We will showcase the changes soon to the loyal users.

Promoting the Ares regular stake mining product

• Ares Trojan stake mining was issued in May and staking rate is steadily keeping at around 60%. Last week, we have issued three regular products which included three divisions as 60days, 120 days and 180 days. The APY of 60 days, 120 days,180 days are respectively 35%, 40%, 45%;
• After one week of issuing, 3 regular products have respectively gained staking volume of 16,032,937 Ares; 6,644,463 Ares; 5,621,233 Ares. Also, the current amount of staking is stable at 38, 430, 318 Ares.

The secondary market of project is outperforming

• At the end of July, project went through the second round of unlocking, the price is 0.019U at the lowest. The past two weeks, Ares Protocol secondary market performed stable, the price outperformed at maximum 0.064U.

This is the end of update in this week, thank you for reading. See you next week.