Team Saturn continues progress towards Saturn Protocol v2 & Saturn DAO being deployed to mainnet.
During Q2 2020, (and on-going) we have witnessed the astronomical rise in gas prices on Ethereum due to increased network usage. This has greatly influenced trader behaviour on the platform. Overall, the protocol's usage has gone down which we believe is primarily because traders do not wish to deal with high transaction costs or long confirmation times. That being said, even while facing higher gas prices than ever, we do continue to see project leaders list new assets on a weekly basis and promote the platform as their communities preferred exchange. As a result, we have exchanged more trading volume in USD value (+13%) compared to Q1 2020. We can clearly see the demand for the platform is there and still growing, once these network fees stabilize it appears certain we will see another period of growth and adoption.
Of course, we are hoping that ETH 2.0 upgrades will solve this network congestion for good and users will be able to enjoy low transaction fees. But, if that does not happen rest assured our development team has been researching alternative solutions along with how we can further optimize gas usage on the exchange.
Despite dealing with the high gas prices, along with the heightened stress of the COVID-19 pandemic, Team Saturn has continued development progress following our roadmap to bring us closer to protocol version 2 & DAO launch date. On that note we do hope you and your families are well and continue to stay safe.
Q2 Exchange Trading Statistics
- Trades: 14,146
- Orders: 14,547
- ETH Volume: 3,496
- ETC Volume: 904
- SATURN distributed (trade mining): 297,020
- STRN distributed (trade mining): 989,847
- Trading Volume USD: $1,120,514
Saturn Network continues to be a go to exchange for young crypto projects launching their token. We now have over 891 tokens listed on the protocol and have facilitated over 8,979 users trade assets. In total we have now seen over 11,954 ETH and 40,155 ETC go through the protocol's smart contracts, at current prices that would roughly be $4,095,976.
Collected Trading Fees
Protocol collected trading fees wallet continues to grow, in total there is now 30 ETH and 99 ETC in trading fees, roughly 12,189 USD.
These are funds that will be transferred to DAO contracts once our governance model is in place. You can verify the wallet address.
- Announced plans for major upgrade Saturn Protocol v2 to migrate towards an automatic marketing making model with liquidity pools.
- Published vision on Saturn DAO along with technical details of how we believe the Saturn ecosystem will interact.
- Launched the The Final HODL to complete the development of Saturn Roadmap.
- Upgraded our Gas miner tool to support minting new CHI tokens on Ethereum.
- Released a fully open source component to build your own trading interface and host on your own website: Saturn Widgets.
- Launched a rewards program to incentivise project leaders to setup mirrors using Saturn Widgets, creating further decentralization of the protocol. So far this has led to the creation of 12 different mirrors.
- Ecosystem partnership formed with OKChain with plans to collaborate on various DeFi and cross chain interoperability projects in the future.
What to expect next?
- Our partners Pocket Network have successfully launched their mainnet this week. We plan to migrate quickly towards using their new infrastructure for Saturn's Web3 infura requirements, safeguarding our users from node centralization.
- Saturn Widgets is 100% compatible with being deployed on the InterPlanetary File System (IPFS), we will be publishing a tutorial on how project leaders can do this and take advantage of the decentralized web.
- To further push decentralization the next open source release will be components for hosting a full mirror of the exchange (where you can trade any token).
- Work continues on Atomic Swaps, with the goal of bringing DeFi to Ethereum Classic. We plan to deploy our first bridge between ETH<=>ETC to testnet during August.
- We believe that SATURN & STRN require a new token economic model to drive more attractive growth along with generating a sustainable ecosystem. We are planning to publish new tokenomics during August. We hope to see DAO members provide feedback that we can discuss as a community.
Future is bright!
New to Saturn Network?
Read more about Saturn Protocol V2 below, our planned exchange protocol upgrade that will bring token to token pairs, automatic market making, DAO activation for community governance, dividends payments and much more!