https://etherscan.io/tx/0x4c580c62be29d387aad65b235aee895aadd69d0d5a63e18260fd4e02fba74c89
gm or gn.
Product improvement continues!
We shipped the loan repayment UI and iterated on the swap routing implementation. While we respect and celebrate the earliest adopters that took out and paid off initial liquidity loans without a fully working UI (also demonstrating that the underlying technology is agnostic to the specific interface), a working UI for all user flows is critical for user adoption.
While reviewing the repayment details of the 2nd loan term contract (X7ILL002 - 0x740019A6b3a9cF3bd193986a560B05726143B217) we discovered that the exact way that the payment is applied does not conform to the specification. The architecture of the lending pool allows for loan terms to be added or removed rapidly and replacing one or deactivating one does not affect any other loans. We will be replacing X7ILL002 with an updated version (likely X7ILL004) that applies premium payments incrementally. We will provide a more detailed explanation after we finish deploying the replacement contract. This is a big win for the overall design of the ecosystem. We will additionally be adding more metadata within the loan term contract to improve decentralization and ensure no changes need to be made to the user interface when adding new loan terms.
We have also been reviewing the market dynamics from the tokens that launched with Initial Liquidity Loans. One takeaway is the importance of an extended length of time for repayment. The current loan term size and duration limits on ethereum are optimized for testing purposes. It is clear that some projects would have benefited from longer loans to give them more time to execute on the underlying project. We imagine that in the future we will have various short, medium, and long term loans that may have very different leverage ratios and repayment schedules that optimized for the given duration.
If X7 is to be a successful model for a bank of the future, it must be flexible enough to respond to market trends and user behavior. These above examples are great proof points for the flexible but resilient design of the X7 ecosystem.
We are aware that there are some documentation gaps at the moment, and we will find the time to focus on those gaps soon as the high priority UI product work finishes up. We are very close to being able to open source the UI codebase. Doing so will enable not only user contribution from within and without the X7 community, but will also provide greater transparency around the UI work being done.
Long live DeFi!
