Liqwid 12-Month Development Roadmap
Liqwid 12-Month product and feature roadmap (June 2024-June 2025)
Following the launch of Liqwid v2 for all market actions, our focus has shifted towards enhancing the user experience (UX) of the new app and completing updates for non-market components of the protocol. These components include Agora (delegating, voting, and staking) and the data analytics page. To improve data architecture and availability for better app performance, we have recently developed several software tools and applications, such as:
1. Aqueduct: This application is responsible for providing all of the v2 components with useful real-time onchain information and access to historical data. Aqueduct is the most important infrastructure component in v2 because it’s what enables us to speed up the entire v2 technology stack and to build a number of tools with much better performance and usability than what was possible to us in v1.
2. Tap: A library we built responsible for holding all offchain protocol logic, mathematical computations and transaction building. Tap is what enables us to optimize our usage of Aqueduct-provided data.
3. Pond: This is our source-of-truth for describing markets, assets and onchain deployed scripts.
In addition to these updates, our future v2 oracle bot will utilize Aqueduct, Tap, and Pond. Each of these updates is at various stages of completion. Once all have been implemented on the mainnet, Liqwid v2 will be considered fully launched.
At this time we are excited to share our proposed 12-month product and feature roadmap (June 2024 - June 2025) with the Liqwid community. At the beginning of this roadmap, the core team will engage auditors to conduct a comprehensive security audit of Liqwid's onchain smart contract code, including v2 risk features such as supply and borrow caps.
Following the completion of the audit, the core team will implement the new features, products, and improvements outlined below. Each major component groups together similar new features, products, and improvements, for which the core team is completing design and early stages of development.
Here are the different work streams, including their respective products and improvements:
Oracle:
1. Liqwid v2 oracle bot rewrite: Rewrite the oracle bot code to incorporate Aqueduct, Tap, Pond and other recent offchain improvements launched with v2.
2. Oracle price aggregator plus related alerts: Create a Liqwid internal pricing system that queries multiple price sources for use as a reference price sanity check to compare to the price received from the decentralized oracle (e.g. Orcfax). Once fully implemented this feature provides another level of price data security.
If there is a large deviation from the price returned from the decentralized oracle feed and the reference price from our internal oracle price aggregator system, the price will not update and last updated price will remain. In such an event the system will also send alerts to Liqwid core developers to review the price deviation.
3. Orcfax integration: Integrate Orcfax as a primary or secondary oracle price feed for each Liqwid market once they are live on mainnet. We’ve collaborated closely with the Orcfax team to fully understand technical details required to integrate our oracle smart contract with the transaction data schema used for Orcfax oracle price feeds.
Liqwid App:
1. Improved Liqwid App design, UI and UX: Building towards the most user-friendly lending protocol that can meet the daily needs of DeFi newcomers and veterans alike. The launch of the v2 is the first in a series of steps aimed at improving the app’s interface, usability, and performance.
2. Liqwid Analytics and reporting: Enabling users to view analytics and reports on their wallet’s lending and borrowing activity within the protocol.
3. ADAmail and user event alerts: Developing an opt-in integration to allow users to receive automated alerts directly to their Cardano wallet.
Infrastructure:
1. Liqwid Infra v2 improved performance and monitoring: Improve the performance and reliability of the newly deployed infrastructure.
2. Aqueduct Data Analytics: Continue building out the data querying layer to track and model market performance over time.
3. Improved Infrastructure and DevOps security practices: Implement additional infrastructure security measures and practices focused on enhancing Liqwid infra v2’s reliability.
4. Liqwid multisig tools: Develop a purpose-built multisig tool similar to RoundTable v2 that enables a more custom developer experience and that is purpose built for common Liqwid transaction types (e.g. parameter updates, rewards distributions).
Liqwid Transaction System:
1. Transaction queuing for user actions: Our goal with this feature is to minimize user-facing errors and reduce contention to the lowest possible level. Users will be able to queue transaction requests during market batches. Instead of receiving errors, users will start a back-end job that returns a valid transaction once the market batch is complete.
2. API Integration + SDK: One of our main priorities with V2 is enhancing interoperability with other projects and protocols on Cardano. To achieve this, we aim to develop a highly user-friendly API. Alongside this, we will create an SDK that enables developers to integrate seamlessly with the API without the need to manually construct API requests.
3. One-Click Leverage Trading: This feature will enable users to leverage long and short assets against each other in a more automated and user-friendly manner. Currently, users must perform multiple steps to achieve their desired leverage. With this feature, users can achieve their desired leverage (e.g., 1x/2x/3x) with a single click and a few automatically prompted transaction signatures over a minute or two. This integration will initially be available with some of Cardano's largest AMM DEXs.
4. Transaction Chaining for Batching Bots: We will implement single-block market batches, reducing the average maximum time for a batch to approximately 20 seconds.
5. Dynamic Batching: Dynamic batching is planned to minimize market batching to only occur when sufficient interest accrues in a given market, justifying the batching mechanism. Other heuristics may also be used to initiate market batches.
Others new features, products, and improvements:
1. Liqwid v2 security audit: A third-party audit firm will be contracted to complete a security audit of the onchain smart contract code.
2. Liqwid Website Update: A newly created website that encapsulates the mission and vision of the Liqwid ecosystem.
3. Liqwid Documentation Update: A central documentation hub that empowers users and developers with accessible protocol guides, diagrams, and information on how each of the protocol’s components operate.
4. Marketing, Education, Outreach: Discord and Twitter focused marketing strategies to grow Liqwid mindshare in the Cardano and wider DeFi ecosystems. Liqwid DAO approved educational awareness programs that reward community members for Liqwid content creation in a decentralized approach.
Conclusion
The proposed 12-month product and feature roadmap for Liqwid signifies a pivotal phase in our journey to enhance the Cardano DeFi ecosystem. With a comprehensive plan that includes a thorough security audit, user-centric app improvements, and reliability-focused infrastructure enhancements, we are committed to delivering a secure, and user-friendly lending protocol.
Our focus on interoperability led us to build out a developer-friendly Liqwid v2 API and SDK. Together these will facilitate permissionless integration with other Cardano DeFi protocols and wallets. This both expands the utility of Liqwid and fosters a more interconnected and vibrant Cardano DeFi ecosystem.
Moreover, the introduction of innovative features such as one-click leverage trading, dynamic batching, and improved transaction queuing underscores our commitment to reducing user friction and enhancing the overall user experience. By leveraging tools like Aqueduct, Tap, and Pond, we ensure that our backend processes are as efficient and reliable as possible.
As we embark on this ambitious roadmap, we are confident that these strategic improvements will not only solidify Liqwid's position as the leading lending and borrowing protocol on Cardano but also contribute significantly to the broader DeFi landscape. We look forward to the continued support and collaboration of the Liqwid community as we strive to achieve these milestones and drive innovation within the Cardano ecosystem.