Last week Loi Luu, the CEO of Kyber Network, released a letter to the community as a whole, outlining our plans for an Initial Exchange Offering (IEO) and a branding process. Much of the progress made in the last two weeks began laying the groundwork for these two big developments. Our technical developers are occupied with preparation for the IEO, and adding features that will accompany the rebranding. In terms of community, we conducted a token utility thought experiment, and listed five new tokens on the exchange.

Technical Development

Exchange

Our developers have had a busy few weeks working on the exchange. Our primary focus has been preparations for the new user interface integration. Expecting an increase in trading traffic, we raised the daily cap to US$200,000. Beyond this, we have begun exporting components that will be used in the Kyber Network IEO; we have added our five newest tokens; and as always, we fixed a few minor bugs, such as issues with centralized exchange history fetching and log syncing.

What was done in the last two weeks:

Finalized new user interface design

Raised daily cap to US$200,000 for users who have undergone KYC

Designed new component structures to prepare for UI integration

Exported components to be used in IEO

Added DGX, STORM, IOST, MOT, and ABT tokens

Developed support for multiple deposit transactions to multiple centralized exchanges

Fixed minor bugs

Fixed centralized exchange history fetching

Fixed log syncing to ensure that no log is lost

Reserve

With regards to the reserve, we have been focussing on optimizing the effectiveness of our rebalance systems, added Huobi as one of the rebalancing options now. This addition enables us to list tokens available on only Huobi. Beyond this, we completed the first stage of our project to improve the rebalance algorithm, and we continued the investigation on rebalancing via bitcoin conversions on centralized exchanges.

What was done in the last two weeks:

Started using Huobi as exchange for rebalancing

Worked on improving rebalance algorithm

Investigated rebalancing via bitcoin conversions on centralized exchanges

Implemented Digix Gold market making

Reserve Dashboard

In the last two weeks we fixed multiple reserve dashboard bugs, focussing specifically on heatmap data issues and bugs relating to balance calculation. Additionally, we added multiple new features including: stable token pricing parameters, a function that allows team members to export data in csv format for analytics purposes, and a new notification feature.

What was done in the last two weeks:

Fixed heatmap bugs where data is not loaded automatically and numbers accumulate incorrectly

Fixed dashboard section bugs where balance is calculated incorrectly

Added stable token pricing parameters

Enable data export data to csv format

Added notification feature

Identified failed operations activities

User Dashboard

We made a few exciting developments with regards to our user dashboard. First of all, we finished the user authentication component of the dashboard. We also finished the logic for our consistency trading and competition campaigns, using a plain user interface for testing. We are still in the process of testing our IEO backend logic support.

What was done in the last two weeks:

Completed user authentication dashboard component

Finished logic for consistency trading and competition campaigns

Continued testing IEO backend logic support

Smart contracts

We have been particularly focused on the smart contracts for our upcoming IEO. We have completed the implementation and testing of the IEO contracts, and are now waiting for the contracts to be externally audited. We initiated discussions with potential new third party reserves and started developing technical support their involvement.

What was done in the last two weeks:

Implemented and tested IEO smart contracts

Started discussions with new third party reserves

Developed technical support for new third party reserves

Debugged trade failures for not fully ERC20 compliant tokens

Tracker

We added multiple new features to our tracker. To enable us to better segment traffic from different wallet providers, we added a page where they can easily view transaction initiated from their wallets applications. We also implemented a “timed listing” feature that automatically lists tokens at a given time. Lastly, we started providing data to Coin Market Cap so they can list the Kyber Network Exchange.

What was done in the last two weeks:

Added page for wallet providers to view transaction initiated from their wallet apps

Added “timed listing” feature that automatically lists tokens at a given time

Provided data for Coin Market Cap to list Kyber Network Exchange

Made charts automatically update with real-time data

Added new bot commands

Statistic server

With regards to our statistics server, we are in the process of adding a set rate gas cost monitor to provide more valuable information on transaction costs.