To all of our Composers, welcome to our first ever dev log, where we recount development activities and share the latest plan towards the launch of Mosaic Phase 2 and the Pablo DEX.
While the bulk of the application development work for Mosaic and Picasso are done, the team continues with blockchain integrations, testing, and code reviews. Below, we give more detail on the development of Mosaic, a cross-chain transfer availability layer that routes liquidity to various L1s and L2s and Picasso, our Kusama parachain hosting several arrays of pallets including oracle, vault, governance, DEX, LBP, and more.
We continue to develop Mosaic Phase 2. The relayer is being enhanced via pallet Mosaic to seamlessly communicate with Substrate chains; this means that cross-chain transfers to Picasso continue to be in development. As we expect Mosaic to bring liquidity from various chains to Picasso, this is a key focus ahead of the Picasso launch.
On the other hand, Mosaic is ready to launch on Ethereum and compatible chains: Polygon, Arbitrum, Avalanche, Moonriver, Fantom; tokens supported on day one include WETH, USDC, DAI, USDT, FRAX, gOHM, MIM. After the first batch of chains, we will then launch Mosaic on Optimism, Moonbeam, zkSync, and Harmony — gradually positioning Mosaic as the transfer availability layer that improves cross-chain user experience regardless of which chain users are on. Phase 2 is therefore a significant milestone for Mosaic, as the launch of our just-in-time liquidity bots, real-time vault balancing, and uncapped TVL see it become a valuable tool for scalable cross-layer liquidity.
On the R&D front, we are looking into the potential of using Aave Portal as a bridge for Mosaic’s rebalancing. The idea is to deposit funds on Aave for aTokens, use the Portal to move funds to the destination layer, then swap the aTokens on the destination chain to the tokens required. While the bridges built by DeFi protocols come with native liquidity, we are assessing the fees Mosaic incurs in the above process to determine feasibility.
Apart from Mosaic, all other core pallets planned for Phase 1 and 2 launch on Picasso are in the internal review and testing phase. For example, the PR on the liquidity bootstrapping pallet has passed our internal peer review and is ready for external audit with Halborn, an award-winning blockchain cybersecurity firm that has worked with Polygon, Avalanche, Terra and more. For example, the Mosaic pallet will allow us to be one of the first teams to bridge EVM tokens to a substrate native parachain to be used with the Polkadot.JS wallet. Then, with the LBP pallet, we are able to achieve a fair price discovery and magnified liquidity for our native tokens.
In addition to internal reviews, we planned several rounds of audits covering all major aspects in Mosaic and the Picasso parachain. Currently, we are working with auditors from Trail of Bits, Halborn and Stela Labs. Our collaboration with ImmuneFi for a bug bounty is still live since June 2021.
Checklist for Picasso launch
To fully capitalize on the momentum of a launch, we plan to only launch the Pablo DEX and $PICA LBP once Mosaic can bring in liquidity from other chains to Picasso, i.e. when Mosaic functions as a pallet on Picasso. The below checklist, therefore, uses Pablo to reach full DEX functionality as the current target. In addition to the security checks, we continue to fine-tune the tokenomics and liquidity parameters for the launch of our tokens and the initial trading on Pablo. Given that we are launching new and innovative pallets and substrate protocols, it remains our focus to ensure stability, security, and a smooth user experience.
As we roll out several new pieces of tech on one chain, we expect unexpected issues that require us to expand the list of to-dos before launch. In addition, software development is an iterative process and each milestone below represents interaction of two of three streams in development, internal QA, and external audit. This means that we cannot check out a box before work in all streams is finalized, even though there is progress underway — which will be communicated in the sections above. We will continue to communicate our progress and development with the community and look forward to launching high quality products that offer valuable functionality from day one. Our discord remains open for further questions, and we thank the community for their support as we build the future of cross-chain DeFi.
[x] Internal QA on Pablo LBP functionality
[x] Internal QA on crowdloan pallet
[x] Internal QA on governance pallet
[ ] Internal QA on Cubic
[ ] Internal QA on Apollo
[ ] Internal QA on Pablo
[ ] Mosaic Phase 2 development
[ ] Internal QA on Mosaic Phase 2 pallet
[ ] Internal QA on bonding pallet
[ ] Halbourn audit on first batch of pallets (Cubic, Apollo, Pablo, Mosaic, Bonding, Crowdloan, Vesting, Governance)
[ ] Post-audit fixes on pallets
[ ] Mosaic Phase 2 roll-out to full launch (details TBA)
[ ] Enable KSM transfers (XCM)
[x]= Successfully completed.
[ ]= In progress
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