May was a turbulent month in the crypto and NFT spaces, but at NFT Protocol we had our heads down bringing the NFT.org DEX closer to launch, deploying v1 of the DEX onto an Ethereum L2 solution, gaining clarity on $NFT token utility, laying the groundwork for the NFT Protocol DAO and more!
NFT.org DEX (v1) on Polygon
In early May we were contacted by the Polygon team through our friends at ETH Global. The Polygon team had heard about our project through the ETH Global NFTHack event in March 2021 of which we were a sponsor. We set up a call with the Polygon team and by the end of the call we were sold on deploying the DEX onto Polygon. The Polygon team mapped our $NFT token onto Polygon, guided us through setting up our own Polygon full node, assisted us throughout deployment and testing of the DEX on Polygon, and offered us a developer grant to boot.
With NFT activity on Polygon continuing to grow and it becoming increasingly appealing to use Polygon as a means of transaction Ethereum assets we believe that our Polygon deployment is going to be a wonderful asset to our user base. Transactions are incredibly fast and affordable and the Polygon network’s proof-of-stake (PoS) model and massive DeFi liquidity pools may present additional opportunities for $NFT token holders. So stay tuned for more details on our Polygon integration as we continue to explore the opportunities to be had therein!
NFT.org DEX Roadmap Update
When Tilo joined the NFT Protocol team on May 1st he immediately dove head first into the DEX v1 smart contract, refined its code and began implementing new features. As a result of his work we’ve had to revamp our roadmap. Features like ERC 1155 support, ETH as a payment option and multi-asset swaps which we had originally planned on implementing after the v1 public beta launch are now complete and built into what we are now calling the DEX v2 smart contract.
The DEX v1 contracts have been deployed both on Ethereum mainnet and Polygon where they’ve been thoroughly tested. The DEX v2 contracts with the aforementioned features are complete and have passed all of Tilo’s unit tests at 100% coverage. At this moment he is making some security refinements but anticipates being able to deploy DEX v2 to Ethereum mainnet and Polygon next week. Although our front end developer has already begun to rework the front end to accommodate v2’s additional feature set, this process will take some time and so once the v2 contract is deployed we will need to initially test it without a front end. We anticipate being able to initiate the contract audit process before the front end is brought up to speed and fully integrated with the deployed contract. We will continue to build and integrate the front end around the v2 contract throughout the audit process. Once the audit is complete and the front end is functional and refined we’ll be ready to launch a beta version of this thing to the public!
We are so close! I can see the light shining brightly at the end of the tunnel!
In preparation for the imminent public beta launch of the NFT.org DEX we launched our governance forum last week. After the DEX has beta launched to the public governance will become a crucial aspect of NFT Protocol as it continues to transition into more of a fully functional DAO. If you hold $NFT tokens please sign up for our governance forum!
At the tail end of May it was announced that we are going to be involved in the FC Dynamo Kyiv soccer team becoming the world’s first major sports team to sell NFT event tickets. The program is pioneered by our friends at Moonwalk. The tickets will initially be sold on the Binance NFT marketplace. As the program matures, however, our friends at Blockparty will provide the NFT marketplace for Dynamo Kyiv’s website and we will provide the protocol for secondary market sales of the NFT tickets!
CTO Joseph Fiscella also continues to engage with the entities involved in putting together a sort of NFT-DeFi feature set for future iterations of the NFT.org DEX. We’re really excited about this blossoming collaboration and will continue to provide details as they become available.
$NFT Token Utility
Our new legal counsel with abundant knowledge of crypto and DeFi whom we acquired not long ago has been an absolute gift from the heavens. With his help we have gained the clarity we’ve needed to move forward building out and solidifying $NFT token utility. Most notably we will be able to move forward with DEX fee sharing! We are still discussing and refining the details regarding exactly how this will work and would like to involve our governance model at some point as we establish our model for $NFT token utility and fee sharing. This clarity from the legal counsel is hot off the press so stay tuned for more details and perhaps a standalone newsletter on token utility in the near future.
We recently made an offer to a front end/Web3 developer candidate and this week the offer was accepted! At this time it is unclear when he will be able to start working with us, but we do know that he will need some time to give notice to his previous employer and bring that engagement to a close. We will provide you with more details on this addition to the team as they become available, but for now we are really excited to have this incoming personnel addition who will ensure that our front end/Web 3 work keeps up with the pace that Tilo is setting on the Solidity side of development.