Coinecta: Developer Update

Coinecta Finance
3 min readJan 27, 2024

Hello Coinecta family! What exactly has happened in the last couple weeks since the token launch, and how is development going? Since everyone seems to be curious to know this, let’s dive in and take a closer look at the work our team has been doing.

Sundae Swap Audit

We contracted Sundae Swap to audit the contracts and they have provided phenomenal feedback. It has been a collaborative process and we have already received the first pass of their audit and improved the staking contracts based on their feedback. Pi is now reviewing what we think is close to the final version, and in the mean-time the devs have been working hard on the off-chain code and front-end for our staking platform.

Frontend update

The frontend is ready to go, and there will be a user dashboard where you can manage your staked tokens, and vested tokens, as well as claim any tokens such as from the FISO. We will release previews soon. Here’s the update from the devs:

  • Added the ability to add hardware wallets
  • Users can now track any number of wallets within their account
  • Built a dashboard where users can see the staked, vested, and unclaimed tokens from all their added wallets
  • Staking, vesting, and claim page are complete

Offchain Code Update

  • Batcher complete, but waiting for code review
  • Adopted CIP68 in the off-chain code to provide extensive metadata
  • Adopt on-chain functions to verify token validity. (abbreviatedAmount, timeToDatestring) essentially porting Aiken functions to Typescript
  • Created all off-chain functions necessary to ensure off-chain code is perfectly synced with on-chain byte accuracy of datum / cbor
  • Implement new datum types; used on-chain MultisigScript, Rational, Destination and other Aiken types
  • porting more Aiken functions to typescript like the Rational type math functions, the add_reward function (calculate the reward on-chain)

Tested functionality:

  • Create a stake pool
  • Unlock a stake pool (stake pool owner)
  • Create a stake order
  • Unlock a stake order (staker owner)
  • Execute a stake order (lock rewards to timelock validator and return the remaining funds to the stake pool)

InProgress:

Now we’re working on finishing the (execute stake order / batching tx) and then moving on to the unlock reward tx and that would be the signal that we have the prototype batcher working again.

Once we the prototype batcher is working, we move using all the knowledge gathered and code above, to a production batcher which involves:

  • Mempool utilization
  • Transaction Chaining
  • Indexer and API service (whatever is needed by the batcher and frontend)

Smart contracts

The following feedback was received from Sundae Labs and implemented:

  • Opened up the potential composability with other protocols by allowing addresses other than simple user wallets to interact with the staking protocol (For example a multisig can be owner of a stake, or a stake nft can be deposited on jpg.store directly upon mint)
  • Simplified stake NFT unique naming scheme.
  • Allow for locking periods with millisecond precision
  • Use Rational data type for reward percentage to have arbitrary precision
  • Extended the time lock and minting policy to allow for multi-unlock, if you have multiple stake NFT’s that are all ready to unlock it can be done in one transaction

Final Remarks

We are hoping to have something to show very soon. A lot of the preliminary work done to make off-chain code work with the on-chain contracts will be reusable in all our future smart contract development. The team will be sharing this in our GitHub repos as Coinecta will always be open source.

One other discussion worth mentioning is that these contracts were designed to always be available to users. If our services went down, you will still be able to unlock/unstake your tokens at any time. We plan to build a simple GitHub repo that any user can clone, and if you know how to setup a .env file and run docker, you’ll be able to unstake or redeem vested tokens in your browser using your local machine.

We always intend to allow users to access their funds, regardless of the ability to access our servers, and that’s why everything is on-chain and open source.

Thanks for reading, and please stay tuned for more updates!

The Coinecta team

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Coinecta Finance

Coinecta is a next-generation Cardano-based token launch platform, striving to be the launchpad of choice for innovative blockchain projects.