May 2024 Update

3 min readMay 27, 2024

Contrax has continues to kill it in May! To start with, our TVL increased by 4x in May alone, with almost a week still to go! Users are getting into place to receive their share of our Arbitrum LTIPP grant, which is scheduled to release in early June. Oh, and we are giving users what they want and working with RWA Inc. to get yield-bearing RWAs onto Contrax!

Contrax Vaults grow to $115k in TVL!

Given that we are bootstrapped, limited in marketing resources, and just 3 months out of audit, we are excited to announce that we are not only growing, but growing fast! We had more than a 400% increase in TVL in the month of May alone! We expect this to just be the start of the snowball, as LTIPP rewards release, xTRAX rewards continue to emit to all vaults, and more vault options go up, we can expect a lot more TVL finding its way on Contrax.

Contrax Partners with RWA Inc.

Contrax is all about making access to DeFi easy, and we welcome the inclusion of yield-bearing real world assets to the world of DeFi. Contrax will work with RWA Inc. and future RWA partners to figure out the best way to offer RWA options on Contrax. The one thing we can guarantee even now is: it will be the best UX for acquiring RWAs out there! The actual announcement and co-marketing will happen in early June, but for now, we wanted to let everyone know about our intention to add RWAs and the first partner who will help us in doing it.

Arbitrum KYC & KYB Completed for Grant

The Contrax multi-sig holders & the Contrax DAO have both completed KYC and KYB with Fractal ID, Arbitrum’s KYC/KYB partners, and we are now set to increase APY and give ARB loyalty rewards to stakers on Contrax. We will be increasing the APYs of the most popular vaults, and providing ARB loyalty rewards to every single vault.

Next Steps for Contrax 🎯

Seed Round has Begun: Contrax is currently taking commitments for the seed round. It’s still early, so we aren’t highlighting this, but if you are an investor or connected to VCs, contact us and we can discuss.
Steer & PeaPods Upgrades: Steer vaults are currently down as we update the architecture to use ARB emissions as part of the rewards to increase APY. New Pods will also be up very soon.
EIP 4337 Upgrade: Contrax currently uses just in time gas to cover gas costs and only for social wallets, but we are close to completing our 4337 solution which will allow all wallet types to have gas covered while also allowing the option of passing gas costs off to the user if gas coverage becomes unsustainable for the DAO at times or on certain networks.
Contrax at Consensus! Contrax will be in Austin this week! Our goal is to continue speaking to potential users, partners, growth hackers, CEXes, launchpads, and investors about Contrax and our ongoing seed round.

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