Contrax August 2022 Update

5 min readSep 1, 2022

Hey project fans! As you guys have requested, we are starting a monthly update newsletter. Every month, we will give a short update on the notable achievements of the previous month, the major goals of the next month, and our current areas of need where we ask for your help directly.

What is Contrax? 🤷

Since this is our first newsletter, let’s start with our elevator pitch:

Contrax aims to lower the barrier of entry to Decentralized Finance. Think what Robinhood did for stock trading, except for DeFi applications. Users can be both creators and consumers of DeFi tokens, pools, farms, and more. The platform will cater to first time DeFi users —from noob-friendly, jargon-free user flow for liquidity provision, and auto-compounded farming — to DeFi natives that just want a better platform that gives access to the most popular DeFi services on multiple chains with a UX-focused, customizable dashboard. Contrax will initially launch on the Arbitrum network.

Read the full explanation here.

The Beta Development Has begun! 🎉

When beta launch? This question has been asked to us since we started to lay down the foundational code of the project. We are working on it actively now, and have finalized the scope we want for it.

What does the beta do? Glad you asked!

Token Creation: Using a simple interface, users can create an ERC-20 token on Arbitrum. The token can be fixed or variable supply, and supports burn and fees per transaction.

Pool Deployment: Users can deploy liquidity pools on Sushiswap for their Arbitrum token. They can select their own self-created token along with an existing Arbitrum token. Anyone can see and interact with their pool afterwards on Sushiswap.

One-token Auto-compounding farms: Users can participate in select auto-compounded farms that use zapping to allow users to start from a single token. The first farm for the beta testing is wETH — DAI.

DeFi Dashboard: All data related to the users self-made tokens, pools, and farms is pulled into a dashboard to allow for easy management of their assets.

All the above are currently just for the Arbitrum network. Other than Ethereum mainnet, which will be integrated during the live beta, these are the chains we will operate on for the foreseeable future.

Meet Abbie: Our New Solidity Lead 🖥️

We’d like to introduce Abigail (or Abbie), our new lead solidity and smart contract engineer! Abbie has worked as a smart contract engineer for several DeFi DAOs, and is experienced in building new DeFi components from the ground up. A recent Dartmouth graduate, she has an affinity to problem solving, which she owes to her background in mathematics, physics, and philosophy. Abbie believes in technical ingenuity as a core component when decentralized applications for start-ups.

You can check out her personal portfolio here: https://abigailcameron.com/

Contrax at DeFiCon 📢

Contrax decided we should show our faces IRL and let the DeFi community know we are coming! We attended some great talks, and met some awesome degens. A lot of great ideas were shared, as well as potential synergies for improving or optimizing features. The DeFiCon talks have been posted on their YouTube channel.

Check them out here (and see if you can spot us during the Q&As).

September Goals 🎯

Here is what you can expect to see from us this month:

Beta Development : The beta will continue to be developed aiming for the feature list described above.

Beta Tester Target: We are aiming to get at least 20 – 30 people to test the public beta for all the listed beta features. We will have directed activities as well as an open directive to try to find issues, bugs, or any other UI or UX suggestions.

Current Asks 🙏

If you can help with any of these, feel free to reach out via any of our social media channels. Messaging Soheeb or KJ on Discord would be fastest way to get in touch.

Beta Testers: Join the public beta! Public beta testers will get a spot as a bonafide community member, which will come with a Discord role and more perks in the future. If you want in, join the Discord and wait for the announcement.

Code/Smart Contract Reviewers: We invite everyone to look into our code, and create pull requests with any suggestions you have. All reviewers will also be entitled to the same perks as beta testers.

DeFi UX Expertise: Our project is UX focused, and we recognize that our services are only as good as the user experience we can provide. If you have or know of anyone who has expertise in DeFi UX expertise, be it design, user flow, React, or all of the above, then we’d love to hear from you!

We hope this was informative. Expect a newsletter to drop from us on the 1st of every month. If you have any feedback to give on this format, just reach out and we will definitely take any thoughts into consideration.

Spread the Word: This is the start of a new journey. With the public beta around the corner, there is no better time to share this newsletter and invite people to see what all the fuss is about. We hope you’ll stick around.

Join Our Community 🔗

Join our Discord and contribute your ideas.

Check out our homepage here.