Greetings Ruby community!
This is a short end-of-week update to let you know about the progress we've made since our soft launch on June 16.
Over the last two weeks we have fixed the most serious bugs, including:
- Problems withdrawing ETH from the Gas Wallet
- Optimization of funds required by Gas Wallet for bridge transactions to mainnet
- Bugs arising after being connected to the wrong network
- Low slippage tolerance causing failed swaps
- TVL, Rewards, and APR showing the wrong values
- UI bug when calculating values for stablecoin-token (not token-stablecoin) pairs
- Add to MetaMask button included
We're also working on overall site performance. At the moment, the site makes a large number of smart contract calls. This was a temporary workaround we implemented while we address some issues deploying our own subgraph. Ultimately, this will index data from the Europa SKALE Chain and make it easily available, which will significantly improve loading speeds and other issues.
RUBY Staking Rewards
We're aware that users have mentioned a couple of other issues that we'd also like to clarify. A number of users have reported that they're unable to connect to Ruby.Exchange using Coinbase Wallet. While adding other wallets is on our roadmap, for now MetaMask is the only option supported by Ruby.
The other issue is that users have reported that their RUBY staking rewards appeared to have stopped. This is due to the way that rewards are collected in the RubyMaker (Ruby's reward distribution contract) and then distributed.
Whenever liquidity providers deposit funds to a pool, 0.04% of the LP tokens issued are sent to the RubyMaker contract. While they are in the contract, those LP tokens continue to accrue value, because—like every other LP—they receive 0.25% of every swap made on Ruby.Exchange.
Payments to stakers only occur when the RubyMaker Convert function call is made, at which point all LP tokens held in the RubyMaker are converted to RUBY. Anyone can call the Convert function, but doing so means that the LP tokens held are redeemed and so can no longer accrue any trading fees. This stops any new rewards accruing until further liquidity is added to Ruby's pools. In short, staking rewards are not paid continuously, and the less often the contract call is made, the higher the overall rewards will be over the long term.
That's all for now. When we complete bug fixes and optimizations and come out of beta, we'll be unveiling some new gems and some very exciting developments for our liquidity miners.