Contrax March 2023 Update

Contrax continues its path to be the most user friendly DeFi app on the market. This month Contrax has integrated several new services, put up several new farms, improved UX and added features for the farms and the dashboard, completed the user guide docs, and launched a bug bounty program to ensure our contracts are secure. Whew, that was a lot. Let’s go over each one.

Single and Dual Tokens 🪙

Contrax aims to simplify farming to be as approachable as possible. The farming experience can significantly be improved if users can stake single sided tokens. This staking can be of various types, including providing liquidity on two types of the same asset, like we do with WETH and WstETH, so that impermanent loss is no longer a significant risk, and keeping track of your tokens and their values are greatly simplified. If users prefer to deposit into dual sided farms, that’s also possible. ETH is our default way of depositing, so even dual sided tokens are approachable and quick to use thanks to our zapper.

Buy, Bridge, and Swap↩️

Contrax has done three separate integrations to fill in the DeFi capabilities of the app, and to make the use of our farms as accessible as possible.

Ramp for Buy & Sell — Contrax has partnered with Ramp to provide users a way to buy Arbitrum ETH directly from the app! This means anyone can start with just cash and enter a farm without, earn, and eventually sell back into cash without ever having to leave the Contrax app!

Socket for Bridging — For users who have tokens on mainnet Ethereum, Socket is a convenient way to bridge over to Arbitrum. Our guide explains several ways to move ETH from exchanges even without a bridge, but if there isn’t a better option for your platform, we have you covered.

Swap for Trading — Some users may bring other tokens to Contrax or prefer to use the actual listed tokens instead of our ETH zapping method. The integrated Uniswap widget makes it easy to trade whatever you need in seconds.

The User Guide is Ready📋

We’ve also spent the last month focusing on writing a thorough user guide to explain not only how to use Contrax, but the basics of DeFi, how to buy, bridge, transfer, and swap, all with step-by-step screenshots and explanations. We made the guides as noob-proof as possible, and we encourage you to read it, try it out, and give us any suggestions on how we can improve it.

Immunefi Bug Bounty Program🐞

Contrax went live with Immunefi this week, the largest open source bug bounty in the crypto space. Our contracts are forked and almost unchanged from battle-tested ones holding multi-millions in TVL, but we still want to be as sure as possible for all of our users. Many hackers tried, with most bug reports confirming to us that your funds are untouchable. One hacker did find an edge-case exploit that is actually a nearly impossible to pull off. The exploit was not from our code, and its actually applicable to a few projects. We have covered ourselves, and have disclosed the bug to all the affected projects that we know.

The Next Steps for Contrax🎯

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

1. Contrax at ETH Denver: The Contrax team will be at ETH Denver to spread the word about the app, get feedback, and hang out with anyone who wants to! If you are reading this and the conference is still going on, hit me up on Telegram or Discord. I’d be happy to meet and give you a personal demo.
2. Fiat Gateway Upgrade: On-boarding is a huge part of what we do, and so our current gateway is a starting point. Contrax is looking into better ways to onboard users, and even abstract away wallets for those who don’t understand them. More to come on this soon.
3. Additional Farms: We added a bunch, and a bunch more are to come. Our goal is to get better about adding the best farms at the best times, with our new layout being ideal for the less familiar to reach the farms with barriers.
4. Smart Contracts Audit: This is a high priority for Contrax. Our Immunefi bug bounty We’ve spoken to biggest and the best at this point, and our app will not exit beta phase before a proper audit. We have had many non formal audits of the contracts already, but we understand the importance of getting a external audit and the rubber seal that comes with it.

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