Note, the full protocol launch of Gyroscope is scheduled for October with deployment already underway over the next few weeks.

Before the full launch, another Discord AMA will be held, the exact date will be communicated shortly.

Audits & code in production

The final audit concluded on Aug 15, covering the protocol and governance system. Additionally, parts of the code base are already live and no security issues have been identified since the launch in EOY ‘22. 

So far, the proto-version of the protocol on Polygon and the concentrated liquidity pools (E-CLPs) on various chains are live in production. 

Early testing

Thanks to everyone who participated in the p-GYD stress tests and to everyone who tested the governance UI. This provided invaluable feedback and validated that key components of the Gyroscope protocol work as intended.

Partnerships & collaborations

E-CLPs continue to see great initial product-market-fit. Balancer and Aura are key partners of Gyroscope and good relationships with BeethovenX, Stader, Polygon, Swell, Raft, and others have been established.

The wstETH Optimism pool and the stMATIC polygon pool in particular are great examples of the E-CLP’s PMF as they frequently facilitate most of the 1inch trade volume for that market.

Calibration

The calibration of the governance system and stablecoin protocol is being finalized. Note, the initial mainnet protocol calibration will differ significantly from the Proto-Gyroscope system on Polygon, as the new focus is not on trialling functionality, but on achieving resilience.

Calibration relates to, for example, selecting parameters for voting weights of different vaults, choosing the set of initial reserve assets, defining thresholds for circuit breakers, and many other areas.

UI of the Gyroscope app

You can expect a more intuitive UI with a step-by-step walkthrough for minting and redeeming stablecoins. This part of the frontend design has been fully overhauled and is currently being implemented. 

Balancer will also natively support Gyroscope in their new, upcoming frontend.

Governance bootstrapping

Several processes are running in parallel to bootstrap the governance system. 

A group of highly involved community members is shaping up as a set of early DAO delegates. Several key parties (e.g. university clubs, key delegates from other projects, etc) are ready for onboarding.

Strategic integrations & stablecoin utility

Strategic integrations are multi-faceted, ranging from pursuing integrations with additional trade aggregators and routers to ensuring Gyroscope contracts are integrated in relevant information aggregators (be included in Dune tables/ abstractions or shown on DefiLlama). 

Parallel to these efforts, FTL Labs is also engaged in early talks about integrating GYD as an asset in various DeFi projects and about reaching out to several grant giving platforms (e.g., Optimism, Arbitrum, or Gnosis) to secure initial incentives as part of a L2-focused growth strategy to bring the resilient GYD stablecoin to other chains. 

Community efforts by the early DAO delegates group have also already started to situate GYD as a means of providing treasury diversification for DAOs.