https://etherscan.io/tx/0xf2a0af45bfb37039a3e80c49e16780d6549e8827a6ccc96053d75f138dd6846f
gm or gn.
Please find below a list of highlights from the last week.
A DAO proposal (on snapshot.org) to reduce the token fees for X7R and X7DAO was proposed by the X7 dev team and passed by token holders. The result of the proposal was executed on chain. Additionally, a modification was made to the voting weights on snapshot.org to NOT weight magister accounts (on snapshot.org). This change will only affect future proposals. We believe this is more in line with the function of the Magister NFT.
The maximum duration for loan terms ILL001, ILL002, and ILL003 was increased from 7 days to 28 days. Tokens can have very different lifecycles, seeing success or failure in a matter of hours, days, weeks, or months. An ILL should not ever be the reason a project dies, and we think a 28 day maximum duration will give most projects a sufficient amount of time to find their stride. We still provide an incentive to launch with the shortest duration viable for your project (in the form of discounts to the origination fee and premium fees), but we encourage projects to take advantage of this longer duration as much as possible. We will change the duration on other chains as well soon.
We are still in the process of replacing ILL002 with ILL004, and retiring ILL002. Additionally we strongly encourage devs/projects to reach out within the community, send an on chain message, or email dev@x7.finance if one of the three loan terms does not meet their needs. Our expectation is and has always been that the loan terms are going to require rapid iteration to really find the best fit, and we encourage that process to begin now.
We continued work on the Xchange interface including:
- Fixed a gas model bug that prevented Xchange swap route finding on Optimism and Arbitrum
- Supporting the increased maximum loan term durations
- Adding BSC support (still in local testing)
We have decided that open sourcing the Xchange interface (uniswap fork) and the X7.finance website, contract build, and testing repo is a critical next step in the project's evolution. This work has some challenges as we want to provide a maximally ergonomic development experience for present and future community developers. A fully open sourced code base will enable public scrutiny of the code, changes to the code, etc. It will also enable a more transparent development process as ideas become committed smart contracts and UI features being built in the open.
