Alvara Development Update: September 2024
Hitting all our key milestones as we push towards our mainnet launch, we’ve been diligently developing a variety of exciting features and putting essential measures in place. Here’s a quick look at our progress over the last few months, and what’s up next.
Troon Technologies
At the end of Q2 Alvara partnered with Canadian development firm Troon Technologies, who are now leading the charge on all protocol development, ensuring we stay on track and deliver a polished product. Troon boast a 100+ strong tech team with deep experience in both the blockchain and fintech industries. More than just a tech partner, Troon’s vast network of institutional asset managers will prove instrumental in the acceleration of Alvara’s mainnet launch.
Avalanche C-Chain
With a strong focus on Institutional finance and RWA tokenization, the Avalanche ecosystem is a natural second home (after Ethereum) to the ALVA token. Alvara, Troon, Squidrouter and Axelar collaborated to optimise the ALVA token for bridging, and then integrating ALVA into the Squidrouter platform on both chains to ensure fully decentralized and secure bridging between Ethereum and Avalanche C-chain. Alvara is now live on the Avalanche C-chain. This sets the foundation for smoother, faster transactions and a more scalable ecosystem.
Rainbow Wallet
Among Troon’s first tasks was the integration of Rainbow Wallet into Alvara’s testnet platform — testnet.alvara.xyz. Offering a far more user-friendly and visually appealing experience, this initiative has expanded web3 wallet interactions for our users.
Leaderboard
Alvara’s BTS Factory and Leaderboard was developed to work on Ethereum mainnet. Launching and running on Sepolia testnet has therefore presented several issues in the accurate pricing of underlying tokens and ERC-7621 baskets. To combat these issues, which primarily concern testnet liquidity pools, we have now developed a custom router to replace the Uniswap v2 testnet router. This, alongside a testnet specific pricing mechanism utilizing higher tier Coingecko and Coinmarketcap APIs will resolve these pricing issues, meaning that the testnet Leaderboard and BTS ecosystem will be pulling through accurate pricing reflecting that of mainnet.
This will align with the launch of our eagerly awaited trading competitions, offering users the opportunity to demonstrate their trading expertise to win rewards. In tandem, we’ll be releasing multiple major KOL BTS, kicking off our mainnet marketing campaign.
Our development team have also now released upgrades that allow users to filter the 5.6k BTS already minted on testnet according to a variety of performance metrics and attributes, such as manager wallet and 24 hour performance.
Portfolio Manager
All backend processes have now been optimized to improve performance and reduce loading times, making portfolio data retrieval faster and more efficient. We have built out a “Wallet Profile Details” UI and fully integrated it with our APIs, offering users a seamless and responsive interface to manage their own wallets, as well as the ability to view other users’ wallets and BTS history (both managed and held BTS).
Additionally, we’ve implemented a tabbed view system with table listing UI, making it easier to navigate through different sections of your portfolio, and keeping in-line with industry standards. For users who prefer different viewing formats, you can now toggle between list and card views, providing more flexibility and control over how you engage with your data.
Smart Contracts & QA Environment
We’ve deployed and upgraded our smart contracts in a robust, newly developed QA environment. These security and performance improvements are key to ensuring a smooth and successful launch, safeguarding Alvara’s longevity while minimizing risks and enhancing the user experience.
Token Management & API Integrations
Our token management system is now more efficient than ever. With a fully functional token list, seeded directly into the database, and a newly developed API to fetch ERC-20 token data, we’re ensuring seamless operations as we head to mainnet. We’re thrilled to share that new tokens will now be added to testnet every week.
Coingecko Integration Resolved
Hurrah! We’ve fixed the “Too Many Requests” issue with Coingecko, ensuring timely and accurate token pricing for a smoother trading experience.
What’s Next?
Development has now started on the staking and governance platforms. Staking and Governance play an integral role in the architecture of the Alvara Protocol. Read more about veALVA and the inevitable ALVA Wars that will follow mainnet launch. We are currently on track to launch our Staking Platform in October, ahead of mainnet launch in Q4. Why? To give our community the opportunity to earn passive rewards as we all prepare for launch.
Xerberus Now Live
Our risk-rating partners, Xerberus, have recently gone live on Ethereum and are now ready to begin risk-rating integration on Alvara testnet. This will provide managers and investors with a number of important risk-ratings, guiding decisions on 7621 compositions, as well as manager track record and trust scores.
We are eager to unveil an exceptional product, beginning with our testnet and transitioning to a live launch. We are in the process of building out one of the most significant pieces of DeFi infrastructure the industry has seen. While this journey takes time, we remain steadfast in our commitment to realizing this vision. With trading competitions, BTS release & promotions, and a powerful marketing push on the horizon, we’re on track for an exciting launch. Our aim is to enhance access and transparency in finance, ensuring a fairer experience for all.
If you represent a project and would like to have your token included in the testnet dropdown menu, we encourage you to reach out to us. We’re always looking to expand and enhance our offerings, and we welcome the opportunity to collaborate with innovative projects. Please don’t hesitate to get in touch with us to discuss further details. We look forward to hearing from you!
About Alvara Protocol
The Alvara Protocol is a decentralized platform that utilizes the ERC-7621 (Basket Token Standard) to create and manage funds on the blockchain. Alvara offers a comprehensive fund Factory and Marketplace, with a transparent leaderboard showcasing the performance of every BTS created. ALVA and veALVA tokens assume crucial roles in driving the ecosystem’s growth and governance with veALVA holders wielding significant influence over the substantial ALVA reward stream. Removing traditional barriers, Alvara fosters a democratic meritocracy in crypto investing, enabling full lifecycle fund management, from creation to ownership transfer, within its seamless framework.
