deFarm Monthly Updates - November 2023

Last month, the crypto world witnessed significant developments. The resurgence of Layer 1 networks, like Solana, Avalanche, NEAR, and a few others, set new records in transactions and network fees. Additionally, there were notable announcements regarding platform enhancements for various protocols. November proved to be a hectic month for the deFarm team. Our focus was on advancing the system towards greater decentralization and permissionlessness. The team dedicated substantial efforts to internal audits, ensuring the utmost security for smart contracts. And many UI/UX reveals for the Mainnet beta are expected next month. Dive into the details and stay tuned for what’s in store for deFarm!

Social Activity

Community Talk

November was the first time we witnessed our CMO go online and engage directly with the community in two informative AMA sessions with HAK Reseach and TradeCoinVietnam (in Vietnamese), with total rewards of up to $380. During these sessions, insights were shared on the inception and development journey of deFarm, shedding light on the team’s efforts since inception. The discussions unfolded regarding the project’s direction and forthcoming launch plan. For those who missed the talk, the CMO hinted at a potential airdrop in the near future coinciding with the Mainnet Beta. Stay tuned for further updates!

deFarm Fiesta

Let’s take a moment to recap recent community incentive programs, specifically the deFarm Fiesta’s first two chapters in Season 1: Grand Opening and FieldTest Frenzy. Congrats to those who completed these chapters and successfully minted the special OATs. If you missed out, no worries! Chill, as many more exciting chapters are set to unfold this December.

Xmas is cuminggg…

New Year is cuminggg… to the farm.

Products

System Upgrade

In light of critical insights gained from security and safety concerns affecting both the platform and users, the deFarm team engaged in thoughtful discussions. Subsequently, a unanimous decision was made to expedite the renovation of the system’s architecture ahead of the initially proposed roadmap. Broadly, for the upcoming Mainnet Beta, we plan to upgrade the information processing system on-chain comprehensively through smart contracts. Trigger events will be seamlessly relayed from users' activities directly to the smart contracts and then, ultimately, DEXs. This change aims to minimize the risk of external intrusions into third-party services we’re using, addressing vulnerabilities observed in our current Testnet.

More details about the upgrade will be shared later, #SAFU!

UI/UX Enhancements

Thanks to our fantastic community, all your feedback has been heard, as the upcoming Mainnet beta promises an entirely revamped UI/UX. Users will experience a significant upgrade compared to the current Testnet. Notably, the navbar has been streamlined for a more compact feel. At the same time, a new sidebar has been introduced to accommodate additional secondary information fields.

In this upcoming beta, we’ve reimagined how to present ourselves as a social platform. Next time, you simply scroll to access information about managers and farm cards seamlessly, like scrolling through X or Facebook posts. We won't divulge too much to maintain an element of surprise and enjoyment. We invite you to look forward to the firsthand experience.

From the outset, we strategically positioned ourselves for development, recognizing the growing reliance on mobile. We’ve placed significant emphasis on optimizing spending approximately 3-5 hours leisurely browsing social networks for entertainment and updates. In contrast, platforms related to finance typically receive only 5-15 minutes of attention despite being critical to managing one’s assets. With deFarm, we aim to redefine the SocialFi application experience. Anticipate an unparalleled encounter, unlike anything you’ve encountered in the crypto industry.

deFarm Seed

For more understanding of the Seed, we encourage you to explore our recent blog cover introducing the concept and its wide-ranging applicability within the deFarm system, here.

Concerning deFarm’s latest feature in the social layer, deFarm Seed has completely finalized the smart contract architecture. The functionalities for enabling and purchasing/selling Seed are now in place, with frontend tasks underway. Simultaneously, backend tasks are being expedited to ensure prompt internal testing before the feature debits in the beta version.

What’s NEXT?

In summary, the Mainnet Beta version's essential functions are nearly finalized and poised for launch. However, we are allocating time for internal audits and engaging reputable external audit firms to prioritize user safety. Therefore, the expected time to release the Mainnet beta version may be mid-January 2024.

In terms of funding, our Seed round has concluded with the backing of prominent VCs; specific names will be disclosed at a later date. Simultaneously, we have initiated a Strategic round exclusively for contributors, dedicated to supporting community growth and user education. If you represent an institution or community keen on participating, kindly complete this form. Alternatively, you can contact us at outreach@de.farm or connect with our co-founder on Telegram at @cuongdo.