Ooki News for January 25, 2022
News

Ooki News for January 25, 2022

Community Contributor
Community Contributor

Ooki is excited to share the latest bi-weekly news and update series hosted by Ooki. In this week's episode the DAO has a few exciting features to share with you. Listen to the video below to learn more about what is happening at Ooki.

Ooki Staking

The DAO's developers have been hard at work with Ooki Staking. When it launches in the near future, it will be easy for users to use OOKI tokens to stake in order to earn platform fees, and to participate in DAO governance.

Reflexive Interest Rate Codes

DAO received numerous requests about when the DAO's new interest rates algorithm launches, and what it will consist of more responsive interest rates mechanisms to make the protocol even more competitive for lending and borrowing. Additionally, the rates will adjust to changing demand and supply for collateral. This update will make the protocol much more competitive through the utilization of dynamic lending and borrowing rates. The feature is currently in testing phase.

New Deployment of DAO

Another up and coming feature is the deployment of DAO voting and staking for OOKI token holders on Ethereum. This will open the doors to greater governance and voting participation for the OOKI token holders.

Progress on Ribbon Finance Strategy for Ooki Treasury

The Ooki covered call strategy through Ribbon Finance will be voted on by the DAO for activation. If approved then the integration will take place shortly thereafter enabling a monthly expiring vault for OOKI covered call selling strategy. This new vault is based on the highly successful vaults already implemented by Ribbon and will generate significant protocol revenue. At the present time the DAO is also waiting for Chainlink to incorporate price feeds for OOKI to enable this.

Community Gift

A surprise announcement the DAO has that is also discussed in the news segment this week is the deployment of Ooki protocol on a new blockchain. We will be announcing which one soon.

Fixes

Beyond the general content the DAO has been preparing and new features, there has also been substantial improvements and bug fixes. Including: UI bug fixes, improvement on wallet connection Issues, and trade page loading times.

Dex Selector

Other new features in final phases of testing include the DEX Selector. This new feature Ooki will be introducing is a new tool that is being offered to margin traders to aid in better execution for trades. This feature will allow for users to specify and select different dexes for where their trade will occur on to get the best price possible. This will make trading on Ooki even better because it will allow users to specify liquidity providers

Website Language Translation

The DAO has already completed the translation of the website in 8 new languages. These translation are now being added to the landing pages and should be finished soon.

Individual Developer Updates

Yuno

  • Raising UI scalability to add new chains even faster.
  • Doing analysis of new features

Oleh

  • Fixing UI bugs
  • Wallet connection issues
  • Improve Trade page loading
  • Trade page refactoring

Drypto

  • Dex selector final testing and review
  • Buyback for P125 and Sweep Fees on Polygon completed
  • Started cross-chain governance and fee bridging
  • Updating limit and stop orders to be compliant with dex selector
  • Review staking
  • Completion of flash loan fees

Roman

  • Review code
  • Interest rate testing
  • Interest rate curve fitting
  • Staking testing, proposal script
  • Deploy chainlink keeper, meeting with chainlink

Eugene

  • Testing new interest rate model, manual + writing tests
  • Collected and created locked bzrx airdrops
  • Updated Ooki API adding new blockchain

That is all for DAO updates for this week. Join us on Ooki weekly news the week after next for more news and updates.