Hello everyone,. surprisingly it is me one last time.

19 May 2023, 19:14

Hello everyone, surprisingly it is me one last time. It will be a short on the product side without graphics as I am spontaneously stepping in with this. 1. The frontend developer has continued to deliver and is actively working on the frontend again. 2. The test net has been quite useless in the past and for users it still stays likely useless for now but the team was able to do some rudimentary tests on. 3. As noticed there was an outage of v1.warp.finance. As promised it was investigated and the issue was fixed. The simple issue was that V1 was actually forgotten to be migrated away from Advanced Blockchain infrastructure and it seems like bills weren't paid. Close observers have noticed also other unrelated projects going down at the same time with the same issue like Instrumental Finance. The fix itself was quite easy by deploying the frontend through Vercel and reconnecting the domain with the Warp Finance Vercel account. 4. As the planned V2 as Yield-Extractor serves a different purpose as 'just' an isolated lending protocol we dived deeper into the calculations and models behind Warp. Warp V2 has taken the Jump Rate Model from Compound Finance as it is also a borrowing/lending protocol. Several hours were spent this week doing calculations and formula updates and the team believes that this can get improved to attract more liquidity and to give more attractive 'Supplier rates'. We see the bottle neck in the Supply and want to do everything we can to attract suppliers with a good yield. 5. Discussion about the Arbitrum deployment have started and we want to look into deploying code on Arbitrum to start early (and really stressing out early) tests on Arbitrum. Nevertheless, the okay to good progress is getting lowered by the never ending issue of the missing audit and feels like that we are hitting a dead end here. Even though it wasn't much written about it over the last two weeks but this issue has given us quite a few turbulences. Lots of work during Q1/23 went into removing the bad legacy and bad debt from the product and we felt that we were able to clear everything around it. But the reality is that we also oversee things, discover new findings and notice that even though we made great progress on this matter that we have not reached our goal. Warp V1 as an example which is - even though not deployed through our Vercel until recently - hosted by us and causing some costs but not bringing any revenue to us as the rewards wallets are from someone from the old Warp team we don't know. V1 isn't doing much revenue which is making this less as an issue now but as we never received ownership of the contracts we can not do any changes there. This means that we would need to fully redeploy everything around Warp even on Ethereum. This made the team realize that this big issue could be turned into an opportunity to clear out old baggage, stop overcoming more gigantic obstacles which are still in front of us, and to make a more radical cut by leaving dead weight (and tokens) behind and actually start with a clean slate which allows to tackle all fundamental issues we are facing right now. My personal goal was to give this product and the people who are still with it a perspective for a better future. If I reach my goal, I don't know. But this is not about me. The team is having a great plan which I personally think increases the chances and the team will share their plans soon. Those plans include respecting stakes of individual community members in the Warp Finance project. Make your own decision but don't overreact into any direction. Due to my past and my agreements with previous Warp Finance stakeholder I won't be able to continue with the team and have to depart in the foreseeable future. Until this happens I can assure you that work in general is continuing towards one goal. It was an honour to be with you. This was really my last update. You will hear from the team soon. Over and out. 🫡