Your new Paloma hatchlings this week?
This week we celebrate the completion of a big step for Paloma, the upgrade of Paloma to a successfully running Cosmos SDK v0.47.1. Also, we celebrate the continued release of new trading routes with Arbitrum DEXes on PalomaSwap. These two hatchlings are very important so catch up on our progress, below.
REMINDER WARNING: The Hatchling Paloma Network of “Messenger” is still young and its Cosmwasm and EVM contracts are unaudited. Although the flock is flying on mainnet, it is still subject to the continued development of Paloma’s cross-chain messaging system. We expect “Messenger” to possibly have chain halts and chain restarts as well as undiscovered vulnerabilities. The community will strive to preserve state, but considers this mainnet high-risk. Proceed with caution.
1. Paloma Releases v1.0.0-beta2 Upgrades to Paloma & Pigeon
Congratulations to the Volume, Vitwit, and Binary Builders team. Last week we saw the latest cut release of Paloma moving from Paloma v0.11.7 to v1.0.0-beta. This is the first release of Paloma since its mainnet release v0.11.6 and then upgrade to v0.11.7.
The key takeaways for this upgrade of Paloma include the following important updates:
Cosmos SDK: Paloma now runs on the most advanced Cosmos-SDK release, Cosmos SDK v0.47.1. This release includes Paloma’s transition to CometBFT, the new consensus engine for the Cosmos ecosystem. With IBC ready, Paloma is already prepared to be a controller chain on host Cosmos chains that will receive the Paloma Compass-Cosmwasm light client as well as Interchain Security.
Messaging: No more Account Sequence Mismatches for very chatty Pigeon relayers. Paloma requires that all validators act as relayers, attesting to all transactions observed on all target chains. Paloma now uses Cosmos SDK v0.47.1 transaction prioritization for attestation and valset update prioritization over other, lower-priority transaction types in its custom mempool. Also, Pigeon now uses time spacing for message delivery critical to consensus on message status. Testing yields up no more account sequence mismatch errors and we’re excited to bring that to market.
Compass-EVM: Paloma now supports the creation of ERC20 tokens from Paloma Compass-EVM. Anyone may send an ERC20 creation message using Paloma’s Blueprint-ERC20 token function. Compass-EVM and the Paloma flock of Validator Pigeons will own the ERC20 token. This allows anyone to create ERC20 tokens on any supported target-chain, but have that token owned and controlled by the Paloma validator set.
Speed & MEV: Paloma is faster at querying on-chain transaction history for attestation and we expect more features to come to focus on speed, as well as privacy. Paloma RPC endpoints will now support MEV-enabled RPC endpoints from partners such as bloXroute. Validators using MEV-protected endpoints will now be able to provide more front-run protection and mempool advantages against relayers that don’t provide such protection.
Stay up to date and follow the Paloma public repositories and the commits of ongoing upgrades to Paloma Cosmos-SDK blockchain here:
2. DCA Bots Testing on BNB Chain
As we continue to upgrade Paloma, last week the Volume team spent time continuing to manually test successful bot deployment from the private testnet to BNB chain mainnet of its Dollar Cost Averaging (DCA) Bot. The Dollar Cost Averaging Bot swaps a specific amount of token on any DEX based on transactions scheduled into Paloma’s blockchain. These swap transactions are repeated within a specific time period. Combined with a limit order, they also allow a user to schedule purchases of a token within a specific price limit. Our first successful end-to-end purchase was between two BUSD stables on BNB chain. You can see the transaction here: https://bscscan.com/tx/0x5fa9f107f5d8da3114247e34d72db379804047c446c38df028a0c0be0682d930. These tests were conducted on Paloma’s upgraded private-testnet running Paloma v1.0.0-beta2 and Pigeon v1.0.0-beta1. We expect that at the upgrade, the DCA bot will be available for production testing on Paloma’s mainnet.
3. GRAINs for Stable Swaps
Last week, Paloma saw over $105,000 in swaps on PalomaSwap. $100,000 of those swaps were Curve stable swaps for GRAIN on the Curve DEX hosted on https://www.palomaswap.com/curveswap/. That means that community members collected over 10,000 GRAINs from swapping stables last week. Community members are encouraged to acquire GRAINs from Paloma with stable swaps. Collected GRAINS may be staked on Paloma to collect more GRAINs from Paloma’s inflation rewards for securing the network. Congratulations to the Pigeons that continue to successfully collect GRAINs with stable swaps.
Pigeon of the Week: The Jacobin Pigeon
The Jacobin is a breed of fancy pigeon developed over many years of selective breeding that originated in Asia. Jacobins, along with other varieties of domesticated pigeons, are all descendants of the rock pigeon (Columba livia). It is in the Asian feather and voice pigeon show group. The breed is known for its feathered hood over its head.
The breed name comes from the feather arrangements on their heads (known as a muff or cowl) that look similar to the hoods that Jacobin monks wore.
A new Paloma Nest will launch with a freshly equipped flock. The Paloma Community has launched the new Paloma Nest on public-testnet-15 with an upgrade to Paloma v1.0.0-beta2 and to Pigeon v1.0.0-beta1 this week. The chain halt will allow the community to test new bot features on Paloma, including the coming starter bot: Dollar Cost Averaging (DCA) Bot. Anyone will be able to test the DCA bot using https://github.com/VolumeFi/dca-bot-pancakeswap-cosmwasm with the Vyper contract https://github.com/VolumeFi/limit-order-bot-vyper-uniswap-v2 deployed on BNB chain.
There are still over 700,000 GRAINs to collect from https://www.palomaswap.com/ and most GRAINs are being collected on stable swaps. Make sure to swap, collect, and stake your GRAINs as much as you can as the bots come online from Paloma.
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