There have been many developments regarding Konstellation and VegaX products this quarter. For Konstellation we have made a number of product updates to the tech on the back end. For VegaX we have upgraded the dashboard and developed a new strategy and new indexes.
Here is a more detailed description of the product development updates for Konstellation and VegaX.
Konstellation Product Updates
The Konstellation Q2 product updates are back end updates designed to enable synthetic asset functionality and include:
- Oracle module creation and integration (will enable to track live data to reflect the price for the synthetic assets)
- Smart contract integration (will enable the minting and burning of synthetic assets with specific conditions)
- An authorization and notification service (will enable the blockchain to recognize users that mint and burn synthetic assets as well as notify them if there are any issues with their collateral staking)
Note: Alkemy will be the front end of the synthetic asset functionality, however, it has not been developed yet. Developing Alkemy is one of our primary goals for Q3. The synthetic asset logic (backend) has been built already
Alkemy is our platform that, when built, will enable synthetic assets to be traded, but what are synthetics assets?
Instead of using contracts to create the chain between underlying assets and derivative products, synthetic assets tokenize the relationship. This means that synthetic assets can impart exposure to any asset in the world — all from within the crypto ecosystem.
A synthetic asset is simply a tokenized derivative that mimics the value of another asset.
Imagine that you want to trade Gamestop stocks without holding the $GME asset itself. Using a synthetic asset, you can trade $sGME (synthetic GME) instead, which behaves like the underlying asset by tracking its price using data oracles.
How do synthetic assets work?
- Users mint (create) synthetic assets by depositing collateral. The collateral is used to back the minted synthetic asset with real value. The collateral is either one or a mix of cryptocurrencies.
- Oracles feed the target asset’s price to the platform in real-time, enabling the synthetic asset to track value accurately.
- Traders can sell or buy synthetic assets such as traditional stocks, cryptocurrencies, or any other assets that one can think of.
The biggest advantage to trading crypto synthetic assets over ordinary equities on exchange apps like Robinhood is simple: synthetic assets give you unlimited, uncensored, and instant access to any asset imaginable.
VegaX Product Updates
We have developed a new Korean website for our Korean audience. We are also working on redesigning the English version of the VegaX website that should be upgraded in 2 phases this summer. It will be more UI/UX friendly and will address more of the needs of our clients by providing more information and details about what VegaX is doing and how it will be achieved.
New Strategy: VDEFI
The VegaX DeFi strategy includes the top 5 projects in DeFi by market capitalization. It provides clients with the opportunity to take part in one of the most exciting developments in the crypto space and learn more about some of the projects that are having the biggest impact on the decentralization of the finance industry and financial services.
New Index: VDCX
VDCX is an index that has been designed to track the data providers in the crypto industry.
New Index: VSCPX
VSCPX is an index that has been designed to track the smart contract platforms in the crypto industry.
New Index: VNFTX
VNFTX is an index that tracks the top 5 NFT tokens of financial protocols by market capitalization.
New Index (To Be Released Shortly): VDPX
VDPX is a new index that is currently waiting in a backlog to be released at a later date. More information on this index will be released soon.
Dashboard Phase 1 and 2 Development
During Q2 we have been working on further developments of the VegaX Dashboard. Phase 1 of the dashboard updates has now been released, with Phase 2 to be released soon. For more information on the VegaX Dashboard updates and the different phases, read this article.
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