For the past few weeks our MVP has been live on the public testnet and just two weeks ago we launched our bug bounty program. Already we’ve had some amazing feedback which has helped us tweak the platform ahead of its mainnet launch.
While everyone usually hates bear markets because of the devastation they inflict on portfolios, as a project the additional time and space they give has proved invaluable. Not only have we been able to continue our development in a robust, methodical way, we’ve also had the time to roll out our Ambassador Program.
At a time when many businesses are slashing their marketing budgets our decision to focus on grassroots campaigning is proving to be tremendously effective. Just a few short weeks into our Ambassador Program the results we’re witnessing across all of our social channels is incredible and a testament to the hard work and dedication of our community.
As Wilson, our COO recently explained, “I just want to personally thank the ambassadors. I’ve really noticed a pretty big increase in social activity that’s happened in the past couple of weeks in particular. So definitely a big shout out to Dr. Simon, Asante for leading the whole programme and for doing such a great job with everything that’s been going on with all the ambassadors. Keep up the great work, I really love seeing you guys doing it so well.”
An additional benefit of the bear market is that the pressure to launch on the mainnet is reduced. This means projects can focus on making certain their technology is as tested as possible before launch. With so many examples of things going wrong in DeFi, it’s reassuring to have extra space to properly test our code base.
For instance, being able to launch the bug bounty program while we’re still in the testnet phase has been invaluable. Even though our code has been audited by Hacken, bounty programs create an ongoing audit that helps to reinforce the security of the platform. Far from wanting the bounty program to be quiet we were hoping people would find any issues as this improves our overall resilience.
As Deniz, our CEO recently described, “We want to have problems. That was the intention behind the bounty program. So the more problems, the more bugs reported, the better it is for us. We’ve had several bugs reported. Some were from medium to high level complexity and…those are being fixed now. Everything’s going smoothly and we will be making the payout soon for the first set of bugs that were found and fixed.”
It’s a view shared by Wilson, “From a development point of view, bear markets give us the ability to diligently strengthen our platform. Fortunately, for us during this time we have been able to deliver a robust and tested code base. Having a testnet phase and bug bounty program shows our dedication to developing the Paribus protocol in the most secure way possible.”
Having the space to focus on development issues has also allowed us to explore implementing a liquidity indexer instead of a subgraph for updating data. Using a liquidity indexer not only allows for a faster refresh rate it also opens up a greater world of possibilities with transitioning to other chains. As not all chains and sidechains have suitable subgraph support, our approach of using a liquidity indexer should increase our ability to deploy cross-chain in the future.
As Simon, our CTO explains, “These are the kinds of decisions that can really make a difference in the performance of the protocol long term. Using the proper coding tools for specific purposes gives us the ability to have our platform run smoothly from the end users perspective. This is the motivation behind all of the hours making sure the code is up to our standards.”
The downside of increased development means that our launch on mainnet is inevitably delayed. It’s often hard for us to give a precise date when we’ll launch as each new development or bug discovery can cause some slippage. While we’re as keen as everyone else to launch on the mainnet we’re also eager to ensure the testnet and bug bounty programs have the best opportunity to stress test the MVP.
As Deniz explained, “We want to keep the bug bounty running for another two weeks at least because it’s only been two weeks that we’ve been running it and we don’t want to miss anything critical. Anywhere between three to four weeks we want to go live. Hopefully at the latest by the end of November we should be on the mainnet. That’s the current plan at the moment.”
As with all things in crypto that may be subject to change, but we trust that our community understands and appreciates that we only delay our timescales to ensure we deliver the best MVP possible. Even though the bear market has been brutal at times, it’s also helped forge an incredible protocol backed by an amazing community.