Contrax April 2023 Update

5 min readApr 1, 2023

This month, along with our usual development sprints, we had a lot of new testers and users from all backgrounds give us feedback on the Contrax dApp, and here is what everyone is telling us: Contrax is the undisputed champion for the simplest and most approachable farming app out there! We have been overjoyed by the love we’ve seen given to our app from non-crypto natives to DeFi degens alike.

Based on their feedback, lets get into all the ways we make Contrax even better.

As promised, New Farms! 🤠

Our beta has been a valuable test for us to see which types of farms make the most sense for Contrax. Therefore, we are deprecating our Swapfish farms, and you’ll see the following farms replace them (but don’t worry about withdrawing. We will always have a page where you can withdraw from deprecated farms). You can soon deposit into farms for:

WETH-Sushi
WETH-Dopex
WETH-rDopex

For single sided staking, we are replacing Dodo farms with Hop farms for USDC, USDT, and using Hop for our ETH farm. There is also a new DAI farm coming too.

Transak with tiered KYC 💳

Transak has replaced Ramp as our primary fiat on-ramp. Not only are fees now under 2% with options like Cashapp, but Transak is soon launching tiered KYC, which would allow them to verify identity in most cases without requiring the tedious and error prone steps of document uploading. That means with just a few keystrokes or even just a few taps with Apple or Google pay, you’ll go from fiat to crypto in no time. A few taps after that would put you into a farm in no time. Could getting into DeFi be any easier?

Keep Track of Your Price Changes 📈

That little green arrow is something we’ve found missing from the vast majority of DeFi apps: a simple way to see the change in value of your staked position. Given that DeFi apps all blockchain data, its not a simple task to keep track of changes for a user’s position, but Contrax has put in the work to make it happen. This is the simplest version of tracking, where if you change your amount by adding or removing, it will restart. We plan to make it keep track of all deposits and withdrawals in time, and even add a companion stat showing how much of the change is particularly from your auto-compounded APY as well.

Enter and Exit All Farms with USDC💲

Wouldn’t it be nice to not have a middle step between fiat and farms? Well, USDC is our stand-in for fiat, so we think it makes sense to either be in crypto in the farms, or out in USDC. This feature is basically ready from our side, but we need to wait for our Zerodev wallet upgrade before we enable this, since that provides the solution to still needing ETH for gas.

ETH as the default entry/exit currency of the farms will remain an option if you prefer.

Contrax at ETH Denver 🏞️

Contrax has arrived at ETH Denver to universal praise! We spent the entire conference demoing the Contrax dApp to as many people who would hear us out. After about ~100 demos, we’ve seen the fruits of our labor in the form of excitement, praise, and anticipation for Contrax and its potential. Many of our changes this month are based on the direct feedback of the Ethereum community. We also met presenters, founders, executives, and investors all who gave us great feedback. Many actually revealed their disdain from DeFi because of its UX, and how Contrax would be the first DeFi app they’d happily use.

The Next Steps for Contrax🎯

These are the current goals we are working toward. If any of these speak to you, speak to us!

Gas-less Transactions with Zerodev wallets! That’s right, on Contrax, you won’t even pay gas to enter and exit farms thanks to our new Zerodev integration. Its in the works right now and should hopefully be up soon early this month.
Wallet & Farms Migration: With zerodev and other farm upgrades to make the change arrow possible, all current users will soon need to exit their positions, transfer to a new social wallet, and re-stake. Thankfully, Contrax has already made it ridiculously easy to create a wallet and stake/un-stake positions. The process shouldn’t even take you five minutes.
Slippage controls: Although Contrax only lists liquid farms to ensure the price of entering and exiting is predictably negligible, we are aware that liquidity changes or routing mishaps can lead to unreasonable prices. Therefore, Contrax will provide a confirmation dialogue with more details on slippage if it becomes more than a negligible percentage.
Marketing Campaign Launch: Once we put the final touches and have asked our users to migrate farms, Contrax will launch our first marketing campaign! We will invite
Contrax raise exploration: So far, Contrax has just been funded by friends and family, built by a small team of DeFi users with a passion for mass adoption. With the vision of Contrax becoming more evident in the product, we are considering taking Contrax to its seed round. If you are an investor or know of investors, please get in touch with us. You can always reach me on Telegram here or on Discord here.

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