Blog

Shareslake Status Updates

Every Sunday we publish a status update describing the work that was done during the week. Come here every Week to be informed about what we did or which are our next steps.

11/13/2022

At the end of the next week we will be in Lausanne for the Cardano Summit!

News

  • The new website is live! Including a new transparency section.
  • The Redeemable ticker was renamed from $RED to $RUSD
  • Some changes were announced regarding the whitepaper and roadmap. Check them here.

General

  • We hosted a Twitter space with FluidTokens
  • We contacted and had talks with other projects trying to increase the Redeemable utility in Cardano mainnet.

11/06/2022

News

  • Redeemable will be supported by FluidTokens to lend and borrow RED using NFTs as collateral.

General

  • We have been working on the new website
  • We had meetings with funds
  • We took the time to deeply think again on Redeemable. We are deciding if leaving Redeemable as 1:1 with the USD forever and creating the living costs pegged token as a separated one is the right decision, taking into account what the Cardano community wants.

10/30/2022

News

  • The Redeemable re-pegged organically in Cardano mainnet DEXes.
  • We supported fiat deposits to mint Redeemable in Cardano

General

  • We designed a new website with a better structure and we are working on it.
  • We added a new video to the homepage.
  • We had several conversations with funds.
  • We hosted a break-out room with the European Cardano Community.
  • We are working on a new partnership that will be announced soon

10/23/2022

During this week we dedicated a lot of time to bureaucracy, but still, we worked on the following points:

News

  • Redemptions are enabled in the dashboard! You can now Redeem your RED. to avoid draining the liquidity, by the moment they are limited to the previously minted amount.
  • We joined a conversation about MiCa in the European Cardano Community space. Nest Thursday 27th we have been invited to the Town Hall.
  • Article published in Cardano Essentials.

General

  • We created some videos to add to the website and to share in the Cardano Summit post communications.
  • We started to work on a new design for the website to improve the communication of our mission.

Technical

  • Updated BFT nodes' KEY keys
  • Created redemption workflows in the dashboard.

Remember the voting for the Cardano Summit mainstage speakers finished on October 24th. Help us by voting for Shareslake under the stablecoin category!


10/16/2022

News

  • We were shortlisted to talk at the Cardano Summit
  • The reserve now supports ADA deposits
  • Redeemable can now be minted directly in Cardano
  • Muesliswap verification finished

General

  • We worked on enabling redemptions. The feature will be released next week.
  • Some changes on the website

We achieved all the goals we planned for the week and focused on understanding how to attract more people. We found a way of enabling redemptions without harming the initial liquidity bootstrapping. We will be enabling redemptions during the next week and continue focused on catching more Redeemable users.


10/09/2022

News

  • New Wingriders pool to swap Redeemable
  • Muesliswap listing in progress

General

  • Preparing the bridge UI to appear on dApp browsers.
  • Talking with other Cardano projects to reach partnerships.
  • Meeting some investors and financial companies.
  • We submited an article to essentialcardano (publishing pending, under review).

This week has been more focused on talking with people, learning what Cardano community want and thinking how to improve Redeemable liquidity and trust.

The goals for the next week are to allow crypto payments, at least with ADA on the dashboard, and allow to mint Redeemable directly on the Cardano network. We will also continue talking with other projects and working to increase people trust in our stablecoin.


10/02/2022

We became the first ever Cardano stablecoin!

News

  • The bridge was released, making Redeemable the first ever Cardano stablecoin!
  • Our first AMA session was great

General

  • Released the bridge and it is running smoothly and without issues.
  • Created a pool to exchange Redeemable in the Cardano network, Minswap
  • Applied for Coin Market Cap listing
  • Had some talks with possible investors
  • Contacted other projects looking for partnerships to increase RED volume and usability in Cardano
  • Organized and run an AMA to answer community member's questions

Technical

  • Moved the bridge infrastructure into production which was a big task.
  • Updated the websites, docs, and information to reflect the new release.

During the next week, we will continue putting effort into increasing Redeemable circulation and adoption. Listing the bridge in Dapp browsers, improving the UX for getting Redeemable directly from the dashboard, and continue sharing information about how Redeemable works.


09/25/2022

Everything is ready to bring the first Cardano stablecoin to Cardano mainnet!

News

  • The beta version of our bridge is ready to be published.

General

  • We finished all the bridge details. Finally, on Monday 26th we will be releasing the bridge, taking Redeemable to Cardano as the first "stablecoin".
  • We prepared the bridge release:
    • We wrote a blog post
    • We created bridge docs
    • We did a minor refactor on the website to include bridge information
    • We created a new logo for Redeemable

Technical

  • Updated the Shareslake network nodes (those owned by us) to node version 1.35.3
  • Updated all the infrastructure components to support node version 1.35.3
  • Deployed the bridge production infrastructure
  • Registered the bridge metadata into the Cardano metadata registry.
  • Registered new Redeemable token in the Cardano token registry.

During the next week, once the Cardano nodes and db-sync finish sync, we will be opening the bridge to the public, bringing to Cardano the first "stablecoin".


09/18/2022

During this week we focused on finishing all the bridge aspects so we can open it the next week. The opening of the Shareslake bridge is a really important step in our development because it could bring to Cardano ecosystem not only the first ever backed "stablecoin" but all the Redeemable features.

If you still do not know why Redeemable is better than a simple stablecoin, check out this other article.

General

  • We did progress on the MSB registration to allow U.S. people to interact with reserves.

Technical

  • We started and finished the bridge UI.
  • We started the bridge infrastructure deployment for production.
  • We fixed some errors with the rollback monitor.

During the next week, we expect to open the bridge to the public if everything goes as expected.


09/11/2022

General

  • We did a step forward on supporting crypto payments on the Dashboard by talking and sending the required information to an off-ramp service that will allow people to pay with crypto while the reserves will be filled with USD.
  • We progressed with the reserve custodian (a US bank) and we are in talks to start the due diligence process.
  • We had a meeting and started a relationship with the biggest exchange in Spain.

Technical

  • We highly increased the bridge processing speed by implementing parallelization and pipelining of UTxOs. We had to re-write such a feature 3 times so we did not have time to start with the UI, which we will start next week.
  • We built the node version 1.35.3 and all related components, updated tooling, container images, and documentation.
  • We created a solution to receive ledger rollback notifications that integrate with Cardano DB Sync.

09/04/2022

General

  • We decreased the Dashboard fees to the minimum possible to increase Redeemable circulation.
  • We have been looking for more wallets to support the Shareslake network.
  • We have been evaluating the addition of crypto payments to the dashboard through a third-party off-ramp system.

Technical

  • We continued working on the bridge. We refactored the whole code and tested it connected to the dev-nets. It is already functional and we plan to start with the UI during the next week.
  • We did some improvements to the Dashboard.

During the next week, we plan to publish the binaries for nodes version 1.35.3 and associated tooling. We will continue with the bridge, with luck we will start with the UI.


08/28/2022

News

  • The Shareslake Dashboard was added to Eternl Dapp browser, allowing people to use it from mobile devices.
  • We reached 100 on our Discord server.

General

  • We published a Medium post talking about Shareslake and Redeemable. It is also available on the blog.

Technical

  • Implemented support for Cardano Dapp Connector bridge on the dashboard.
  • Automated bridge testing infrastructure to deploy and delete Cardano and Shareslake dev-nets on the fly, DB-sync, PostgreSQL, submit API, the bridge itself, and generate testing transactions.
  • Debugging corner case issues with the Cardano address monitor and chain rollbacks.
  • Created Shareslake submit API docker image. Sources here.
  • Bridge debugging. We found several issues on the new version testing with the devnets and we are working to solve them.

During the next week, we will continue working on the bridge. We consider the Cardano bridge as a pillar in Redeemable adoption. We will also start to put extra effort into increasing Redeemable circulation, starting with a significant reduction in dashboard fees.


08/21/2022

News

  • The dashboard was released. Through it, people can interact with the reserves to obtain Reedemable and soon to redeem USD.

General

  • We created a LinkedIn page for Shareslake.
  • We reviewed our presentation deck.
  • We established contact with an exchange to start working on general listing requirements.

Technical

  • As part of the dashboard release, we monitored its working in production and worked on the following related stuff:
    • Implement passport identity verification. It was initially released only with national ID but we noticed a high interest in using passports.
    • Implemented a new payment method with lower processing fees. Initially, we only supported credit cards, that incur high processing fees for users. We implemented a "Payment Request" method, which allows cheaper ACH and wire transfers.
    • Other minor fixes and improvements attending to users' feedback.
  • We created scripts to deploy dev-nets for each network the new bridge will support. We will start with Cardano <-> Shareslake and will continue adding new networks later.
  • We configured other general stuff such as website analytics, email configuration to avoid being considered spam, etc.

It was a great week with plenty of work done. During the next one, we plan to add the Dapp connector bridge to the dashboard so it can be listed in wallets browsers, continue working on the new bridge version, work on attracting more people to the Shareslake ecosystem (we are especially looking for SPOs), clarify website information, improve our documentation, ...


08/14/2022

General

  • We are about to publish the dashboard during the next week

Technical

  • We implemented a new payment method in the dashboard with lower processing fees.
  • We prepared the dashboard for the publication
  • We deployed the required infrastructure to publish the dashboard

Since we focused on the dashboard publication we had no time to work on the bridge. The dashboard is required to acquire Redeemable, thus it is currently the most important part. During the next week, we will be publishing the dashboard and overseeing its work.


08/07/2022

General

  • A new blog post about Redeemable
  • Finished FINRA registration

Technical

  • Reviewed the dashboard fulfillment of the AML program and transaction monitoring requirements.
  • Implemented extra testing of the dashboard

We did not have time to automate the dev-nets we require for the bridge testing so we will start with that during the next week. Also, we will check the possibility of publishing the dashboard limiting the transaction amounts to avoid breaking regulations.


07/31/2022

General

  • A new blog post about Shareslake's multi-chain bridge was published.
  • We had meetings with some US banks.
  • We created a new presentation deck for banks and investors.
  • We reviewed the written AML program

Technical

  • We finished building the bridge for Cardano <-> Shareslake and will start to implement testing the next week.
  • We fixed a network issue with KES keys renovations.

During the next week, we will start to review the dashboard's implementation to ensure it follows the AML program, we will start to implement tests for the bridge and dashboard including development networks and we will continue working on the legal side.


07/24/2022

Technical

  • We continued working on the 2-way bridge:
    • We deployed the extra infrastructure necessary to index the ledger and submit transactions from a remote process.
    • We finished the code to react to events in the bridge for both Cardano and Shareslake and reflect them in the opposite network.

General

  • We are working with our attorneys towards the proper setup of the reserve.

During the next week, we have some meetings scheduled with banks, we will continue working with our attorneys to set up the reserve and we will continue the bridge development.


07/17/2022

We spent the week mostly continue working on the bridge.

Technical

  • We added a new feature to the Cardano address monitor to configure the address and k from another table.
  • We continued working on building the 2-way bridge between Cardano and Shareslake.

General

  • We signed with a law firm to help us with the legal part of creating the Redeemable reserve.

During the next week, we will continue with the development and talk with attorneys about how to properly release the dashboard. Also, we will continue looking for a custodian for the Redeemable reserve.


07/10/2022

During this week we have started to work on a new two-way bridge to allow the movement of Redeemable between Cardano and Shareslake. This will ship the Redeemable benefits to the Cardano ecosystem and will allow the interoperability of both networks.

Technical

  • We started the design of the new bridge
  • We created a proof of concept for an address monitor that runs along with cardano-db-sync and sends events with new transactions.
  • We released binaries for all the components supporting Vasil hard fork (node version 1.35.0).
  • We created container images for the node and db-sync.

General

  • We continued talking with attorneys and banks for opening the reserve to the public as soon as possible.

07/03/2022

This week was focused on looking for the reserve custodian.

Technical

  • We started to design the new version of the bridge.

General

  • We contacted and had some meetings with banks and banking services providers to find the custodian of the Redeemable reserve.

Finding the proper custodian for the reserve is getting more time than expected. In the meantime we will be working on the second version of the bridge, that will allow sending assets in both directions.


06/26/2022

Great things happened during this week!

News

  • Three new pools from the community joined the network. One of them is the BLADE pool, a top 10 Cardano stake pool.
  • IOG published the video containing our Interview at Barcelona Certification Meetup.

Technical

  • We deployed a new monitoring infrastructure and created new dashboards gathering and plotting metrics from the network nodes.
  • We set up the dashboard production configuration.

General

  • We wrote the AML program, there are just some details left to finish it, and submitted some of the required government forms. We continue working towards our MSB registration.
  • We wrote terms and conditions and the privacy policy of the dashboard platform.
  • We contacted several financial institutions for custody of the treasury.

During the upcoming week, we will continue working through our MSB registration and looking for partners for reserve custody. The dashboard is ready to be published and more and more people are asking about how to obtain Redeemable. We will be trying to find a way of allowing the acquisition of Redeemable even before the treasury is set up under third-party custody, we already have one possibility but incurs many fees for the users that we would like to avoid.


06/19/2022

During this week the version of Eternl wallet supporting Shareslake was released. Those users who have Redeemable can now easily create transactions using Eternl.

General

  • The dashboard KYC integration was finished. The dashboard is now ready to be published and will be released after clarifying some legal aspects.
  • We continue working on the legal part.
  • The team took some disconnection time and will come back to work as usual next week.

During the next week, we will work on some infrastructure improvement tasks such as improving monitoring and login stacks, will configure the dashboard production deployment, and will continue with legal requirements such as AML programs.


06/12/2022

During this week we have focused on continuing with the dashboard creation and legal stuff. The dashboard is almost ready, and once we obtain some information we will be able to publish it.

General

  • Continue with legal paperwork.
  • Cardano Cube announced our listing.

Technical

  • We were able to test Eternl wallet working with the Shareslake network for the first time.
  • We worked hard on finishing the first version of the dashboard to acquire Redeemable and redeem them for USD dollars.

During the next week, there is some planned disconnection time for the team, so we expect to publish the first version of the dashboard within two weeks.


06/05/2022

During this week we focused on legal requirements and bureaucracy as well as building the dashboard to interact with the reserves and publishing the information about the refactorization.

General

  • New documents were published/updated.
  • The website's content was updated to reflect the recent refactorization.

Technical

  • We started to build the dashboard to interact with the reserves. We create a simple UI, integrated KYC, and payments.

During the next week, we will continue working on the dashboard so people can continue acquiring Redeemable as soon as possible through the new platform. We will also start to create the required processes for AML.


05/29/2022

This week has been focused on preparing the refactorization of the Redeemable coin. It will become a fully collateralized coin that will preserve the purchasing power of people over time. Below are the most important points we have been working on during the week.

Technical

  • Protocol parameters upgraded to use 4 decimals instead of 6.
  • As part of the refactor we integrated KYC into the website. Will be published along with the rest of the changes.
  • As part of the refactor we are supporting the acquisition of coins through our website directly.
  • We continue working with Eternl to support our network into its wallet, previously called ccvault.

General

  • Setting up legal stuff.
  • Preparing new documents describing the changes.

During the next week, the website will suffer a refactorization of its content and the new documents about the Redeemable will be published.


05/22/2022

News

  • We are working with Eternl wallet to support our network
  • We stopped the coin sale. We are refactoring the coin economy to reduce volatility and improve its usability.

Technical

  • As part of the refactorization, we are moving to reserve all the funds, except the ones bought in the coin sale, that can be transferred from Cardano mainnet to Shareslake through our bridge.
  • We updated the Tau parameter to move the funds to the treasury and then to the reserve.
  • Preparing a protocol parameters update that will take place during the next week. It will imply changes to use 4 decimals instead of 6.

General

  • We attended the IOG Meetup in Barcelona.
  • We will be performing major changes in our whitepaper during the next week.

05/15/2022

News

Technical

  • A new version of our whitepaper has been published. We remove coverage of network fees on the exchange. The reasoning was that for an investor it is insignificant while it would have a high negative impact on the funds to be distributed as incentives to the companies.
  • We did some network maintenance and it reached protocol version 6.
  • We submitted a CIP to standardize wallet-backend communication. We also continue looking to adapt existing wallets to work with our network.

General

  • We spent some time preparing the next week's presentation since we consider it a good place to get feedback and visibility.

05/08/2022

News

  • Our network reached the Alonzo era. Welcome smart contracts!
  • You can now move your Redeemable from Cardano to Shareslake through an automatic bridge.
  • Project Catalyst voting finished.

Technical

  • The prototype of the exchange UI is finished.
  • Worked on adapting existing Cardano wallets to work in Shareslake. We will be submitting a CIP for standardizing wallets and backed communications.

General

  • We set up a new small PR campaign about the network release.
  • We continued exploring exchange listing options.

05/01/2022

News

  • Mainnet is released and ready to accept new nodes! We will be creating some posts about it during the next week. Join our Discord to receive all the updates.
  • A new developer joined us!! He will be helping on building the platform for companies at the beginning.

General

  • We extended the pre-sale, as getting coins is needed for using the network.
  • We are setting a way for sending our Cardano mainnet token to the Shareslake mainnet.

04/24/2022

News

  • Project Catalyst voting started, don't forget to support us by voting.
  • We will be finishing stuff and preparing our network release during the next week.

Technical

  • Network bugs fixed.
  • We continue developing some smart contracts and a dApp POC.

General

  • We run a one-week marketing campaign that brought some extra sales to the pre-sale.

04/17/2022

News

  • The pre-sale surpassed 200 transactions
  • Our twitter reached 1000 followers
  • Next Thursday Project Catalyst voting starts.

Technical

  • We continue with the creation of some smart contracts
  • This week we could not work on the network, but we will continue working on it the next week

General

  • We continue looking for the first companies
  • We are in conversations with some exchanges to check the RED listing

04/10/2022

Technical

  • We started the creation of some smart contracts
  • We continued debugging an issue with the network

General

  • We continue looking for companies to join our network
  • Starting on April 14th you can vote for us in Project Catalyst Fund 8
  • We rethought the go-to-market strategy

04/03/2022

Technical

  • We improved the interaction with our network by adapting a CLI.
  • We mitigated a DDoS attack over our website. The site was down just for 1 hour.

General

  • We are talking to and looking for the first companies to join our network.
  • We tested some new marketing options.
  • We continue with the Project Catalyst Fund 8 participation.

03/26/2022

Destacable News

  • We surpassed 30k tokens sold.
  • Remember you can help us by voting for us or sending some kudos at Project Catalyst.

Technical

  • We continue debugging our network and performing tests.
  • We continue working on adapting existing tools for a proper UX in our network.

General

  • We talked with several founders and investors.
  • We continue trying to grow the team. If you are interested you can contact us on Discord.

03/19/2022

Destacable News

  • We are participating in Catalyst Fund 8.
  • We talked with the Nami Wallet founder and we will be maintaining cardanocli-js from now on.
  • Nami Wallet will probably be the first high-level wallet that will work on our network.

Technical

  • We are deploying the first stake pool into the mainnet before make it public in order to identify issues.
  • We are adapting CLIs to work on it.
  • We are building the system to migrate the tokens from Cardano to Shareslake coins.
  • Network release has been delayed.

General

  • For becoming one of the first SPOs join us at https://discord.gg/Ds6XVSNFBq
  • We are still looking for a new team member.
  • We are making progress in making ourselves known in the Cardano ecosystem.

03/11/2022

Destacable News

  • The Shareslake Network is running smoothly under testing. It will be officially published around March 18th.

Technical

  • We focused on network deployment and updates.
  • We moved the infrastructure to bigger servers supporting the increase in traffic.
  • A human error lead our pre-sale to stop processing transactions and we spent a day recovering data and services. At the time of writing this, our nodes are syncing with the Cardano mainnet and all the missed transactions will be processed in order once they finish the sync.

General

  • We are still looking for a new team member. Contact us if you are interested.
  • We continue working on community growth.

03/04/2022

Destacable News

  • The Shareslake Network will be released much sooner than expected.
  • We have a new channel on our discord to support the first stake pool operators.

Technical

  • We started the deployment of our network.
  • We started the development of a system for buying tokens with a credit card.
  • We migrated the website to a bigger server.

General

  • We started the hiring of a new team member.
  • We worked on community growth.
  • We updated the roadmap.

02/25/2022

Destacable News

  • The sales increased exponentially compared to the past week.
  • Our coin received an initial valuation of 4 million ADA regarding the prices of the transactions in swap platforms.

Technical

  • We created a development network that is being used internally by the team.
  • We defended 2 DoS attacks and implemented DoS mitigation tactics on our website (don't worry, nothing was compromised).

General

  • We continued working on PR and marketing campaigns.
  • We worked with a designer for creating great creative images and banners.

Contact Shareslake

Any question? Reach out to us and we’ll get back to you shortly.
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