Product Update Issue 12: C-OP Hatching Program Complete — Mainnet Awaits.
TLDR
C-OP: The headline of this article speaks for itself. This week we wrapped up the C-OP Hatching Program. Code has entered final audit.
ULend: steady state with target testnet mid-April.
Smart Contract Protection: development in progress.
C-OP
After two weeks of beta testing on Rinkeby, UNION has completed all testing milestones. The withdrawal logic passed muster, with time-locked deposits unlocking on-time.
Thank you to all our testers and your participation! We will review transactions and distribute the testing rewards next week. Please keep an eye on the C-OP Testing Beta channel for announcement, testers.
The C-OP code is now frozen (that is, no more changes for the time-being), allowing independent auditors to review. Typical audit timespan is 1–2 weeks of review, plus additional time to fix identified issues, if any.
Team is heads down now, preparing all the necessary environments and mainnet configurations, so expect a period of “calm before the storm” as far as product new features go.
In other exciting news, many members of the community have asked about C-OP incentives. We will soon share details on our incentives for C-OP liquidity providers, to get C-OP pool to a healthy liquidity for C-OP purchasers.
ULend
ULend continues its steady progress towards Testnet. We updated the design of the C-OP screen within ULend’s borrow workflow to show both token amount and $ equivalent, as well as letting users enter their purchase amount in token amount or $ equivalent. This setup makes it much simpler for users to equate the value of what they are borrowing with the value of what is optimized, especially in cases where user is borrowing non-stablecoin assets (for example: borrow UNN while optimizing with ETH collateral, which all have to be normalized to USDC equivalent for optimization purposes).
The team is targeting a mid-April ULend Hatching program similar to C-OP Hatching. Given the much wider breadth of ULend, the testing program may run longer.
Smart Contract Protection
With all the activity and potential of C-OP, UNION has also been working on its smart contract protection. As laid out in our whitepaper, UNION’s smart contract protection will leverage the credit default swap (CDS) model from TradFi. We will share more details around CDS and why we chose this direction to price protection in our upcoming product update.
For more info, follow us at:
Website: https://www.unn.finance/
Twitter: https://twitter.com/unnfinance
Telegram: https://t.me/UNNFinance
Telegram ANN: https://t.me/UNNFinanceANN
Disclaimers:
- UNION is not an insurance company and UNION does not sell policies of insurance.
- UNION is not an issuer of CDOs.
- We are in rapid development phase, and the screens may or may not look like these in final product. Some of the numbers shown are placeholders.
