June 2024 Update

4 min readJun 30, 2024

The growth continues! Contrax had a great week at Consensus and then went on to break $250k in TVL this month! The team has been hard at work adding vaults from previous partnerships. Steer vaults are going up, and we have them audited as well, so you can comfortably park your funds in high APY vaults. We are also finalizing a market maker and incubation deal, with more news on that coming very shortly!

Contrax Breaks A Quarter Million TVL 🎉

Things are still just getting started for Contrax, but as our charts show, we have had nothing but steep upward growth in TVL since we completed our audit in March. We will continue to push out the word about our web2 fintech-like experience for DeFi, bringing in TVL through partnerships and marketing campaigns.

LTIPP Rewards have Begun! ETH is over 30% 📊

TIPP rewards have begun, and our Hop vault is consistently offering more than 30% in APY, thanks to ARB emissions from Contrax, as well as auto-compounding of ARB emitted by Hop itself, as they also have LTIPP emissions that they are providing. Contrax will also add Steer vaults within a few days and boost them with LTIPP incentives as well. These increased APYs + Loyalty ARB tokens will be provided for the next 3 months, so don’t miss this chance to get good, consistent APYs on ETH and stables!

Second Cyberscope Audit Complete! ✅

To get our new Steer vaults up, Contrax made some upgrades in the way our contracts do pricing, work with V3 vaults, and auto-compound various tokens including external tokens like the ones being provided in LTIPP. We applied these new changes to our Steer vaults, which are up for testing on staging, and will soon be available for anyone to use.

Alchemy’s 4337 Implemented on Staging!

Although we already have account abstraction implemented, Contrax is working with Alchemy to put up actual 4337 vaults that will allow us to cover gas with more efficiency, scalability, and, of course, decentralization. Alchemy also provides a lot of customization options, and we can ensure that EOA wallets work as normal, with gas coverage for them being done by our current implementation which covers social wallets.

The changes are not production-ready yet, but they can be tested out at https://erc4337.contrax.finance.

Next Steps for Contrax 🎯

Market Maker & Accelerator: The Contrax team is looking to finalize a post-launch market maker & accelerator to help us launch strong and have market making for exchanges post-launch. We are late in the stages of setting this up and are looking forward to announcing the details early next month.
Steer Vaults & 4337 in Production: We are looking to finalize and get Steer vaults into production within days, and then our 4337 integration shortly after.
More Partners for Integration: As we look to launch, Contrax will continue engaging other DeFi protocols that we can build on top of, including LTIPP-incentivized protocols as we have been.
Multichain Exploration: Contrax believes in offering vaults on multiple chains in a chain-abstracted manner. We have been speaking with Agoric and other cross-chain messaging protocols to help find the best solution for us, which would open the floodgates for vaults we can add to all EVM compatible chains!

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