Paloma Weekly Wings: December 20, 2023 - Paloma Upgrades to Cosmos SDK 0.50.0 Continue, Palomabot Launches Curve Leverage Lending Bot for Automated Perpetual Futures
Your new Paloma hatchlings this week?
Welcome to the weekly update on new software design from the Paloma community of developers.
REMINDER WARNING: The Hatchling Paloma Network of “Messenger” (v1.10.2) and the Pigeon relay module are on v1.10.2. Paloma is still young, and its Cosmwasm and EVM contracts are still unaudited and undergoing continuous upgrades on the protocol and its smart contracts. The GRAIN token is on mainnet but is not yet trading on any exchanges. Although the flock is flying on the messenger mainnet, it is still subject to the continued development of Paloma’s cross-chain messaging system and the security guarantees offered by the GRAIN token. We expect “Messenger” to experience weekly chain halts and chain restarts. We also expect numerous undiscovered vulnerabilities. No one on this project controls or influences the price of GRAINs. The community will strive to preserve the mainnet state, which includes balances, but considers this mainnet high-risk. Proceed with caution.
1. Paloma to Cosmos-SDK 0.50.0, Comet BFT 0.38.2 and Cosmwasm 1.5.0 First Merges to Master
Progress on Paloma’s upgrade to Cosmos SDK 0.50.0 and Comet BFT 0.38.2 continues. The Vitwit team has completed upgrades to the following Paloma Modules:
EVM Module (Module for communicating with L1 and L2 EVMs)
Scheduler Module (Module for scheduling jobs and their message relays)
Consensus Module (Consensus)
Treasury Module (Treasury)
Valset Module (Validator Powers)
Gravity Module (Cross-Chain Communications Module)
The progress of the module upgrades will lead to a final merge into a Cosmos-SDK v0.50.0 version that will need to be tested against an upgraded Pigeon for Cosmos SDK v0.50.0.
2. Palomabot Launches Curve Leverage Lending Bot for Automated Perpetual Futures
Palomabot.ai publishes the alpha release of its Curve Leverage Lending Bot run on the Paloma blockchain. The Curve Leverage Lending Bot allows users to swap into ETH and then borrow crvUSD, which is used to swap into ETH to purchase crvUSD repeatedly. This functionality to increase a levered position on a stablecoin loan is available on Curve.fi’s main website. Still, Palomabot uses the Paloma validator set to monitor the leverage position and to repay the loan when the position is within a certain percentage above the liquidation health rate. Paloma’s innovation allows users to liquidate automatically at a pre-determined stop-loss amount. This saves borrowers from losing all their ETH to crvUSD and allows them to deleverage without actively monitoring their position.
Now, Paloma's validator set becomes useful for DeFi users who do not have time to monitor multiple leverage positions. The Paloma validator set works to execute scheduled transactions while securely managing users’ account balances. This product may be most compared to a Perpetual Futures contract where funds are borrowed to continue leveraging or purchasing an asset. Palomabot Leverage bot is under active development but available for testing with small amounts here: https://www.palomabot.ai/curve-leverage-lending/
Stay up to date and follow the Paloma public repositories and the commits of ongoing upgrades to the Paloma Cosmos-SDK blockchain and the Pigeon relay module here:
https://github.com/palomachain/paloma/releases
https://github.com/palomachain/pigeon/releases
Pigeon of the Week: AI Art Pigeon Series - The Gundam Pigeon
The Gundam Pigeon is part of Paloma’s AI Art Pigeon Competition.
The Gundam Pigeon
source: https://twitter.com/z7039585/status/1737020019178143809
Conclusions:
Paloma aims to launch decentralized Mirror Trading bots on Rysk Finance and Premia on Arbitrum as the network continues to find alignment with decentralized execution use cases with demonstrably strong demand by decentralized exchanges. Paloma attestation upgrades continue the work of Pigeon Feed, starting with the release of Paloma 10.0.2. We continue to partner with Vitwit for Paloma’s upgrade to Cosmos-SDK 0.50.0 with the first merges into the master branch. We continue to fly faster and faster with each week! COO! COO!
To learn more about Paloma, please visit https://palomachain.com
To follow the project on Github, please star the project https://github.com/palomachain/paloma
To participate in the community, please join the Paloma Discord: https://discord.gg/HtUvgxvh5N
