The Future and Thoughts on Soteria Roadmap
DeFi TVL continues to grow quickly. In the last 30 days, Ethereum TVL grew from $23 billion to $40 billion. During the same period BSC TVL increased by 10 times. The need to protect the safety of funds has never been as important as today. Because of this Soteria Mutual has attracted huge attention. The IFO on PancakeSwap reached an amazing 2272% of its target and since then the Price of $wSOTE has risen from $0.35 to a high of $2.43.
Before we move to the roadmap discussion, I’d like to share some fundamentals & key stats:
- Cover amount: Sold over $8 million. This represents real usage of Soteria Mutual and the data continues to reach all-time highs. The cover price is quite low at the moment, with the yearly cost at 2.5%.
- Capital pool: Reached $9 million. The funds in the capital pool belong to all members. Soteria Mutual not only needs to secure the safety of its capital but also to continue to increase the size of the capital pool to accept more covers.
- Staking: Over 6 million SOTE tokens which are around 50% of total supply are currently staking on various projects. While there is leverage involved, this reflects how members leverage their deposits to gain a higher return.
- Members: At 8000 members this is already beyond our initial expectations so soon after launch. The mutual concept is not easy to understand. All our members are pioneers who’ve been spreading the word and analyzing the risks to make Soteria more widely adopted.
Although these are certainly great accomplishments, there’s still so much more to be done. We know we have improvements to make to achieve our ambitious goals and the team is pushing itself to make the most of the opportunities that present themselves.
I believe it is time to let members take more governance roles and decide the roadmap of Soteria Mutual together. The goal is to create a truly decentralized, transparent, long-term self-evolving organization. This is my first priority right now.
The governance model includes:
- Changes on smart-contracts will need to be approved by an on-chain vote.
- A forum to better discuss the roadmap and other mid-term & long-term goals.
Besides the governance model, below is an overview of our roadmap, this is not a finished document but more of a work in progress, to-do list. We strongly believe as a decentralized platform that our future plans should be determined by all current and future members.
1. Continuously expand the current cover range
Stage 1: cover 60% of active DeFi projects on BSC
Stage 2: cover DeFi projects on other major public blockchains
Stage 3: cover centralized exchange custodians
Stage 4: cover anchored assets used in the real world and extend this to real world insurance.
2. Support multiple wallet interfaces and mobile compatibility
Trust Wallet and Math Wallet connected with us weeks ago, but Soteria needs to restructure the whole UI/UX to make the functions mobile compatible. Once this is complete we will be able to reach a broader range of users.
3. Lower the barriers to understanding Soteria
Unfortunately, lots of people still have trouble understanding Soteria Mutual and don’t know how to use the app. Some ideas that could be implemented.
- Rich documentation and better navigation to the answers.
- Multiple languages for both the app and documents.
- Faster loading speed and easy to understand help for each function.
- Community fund to reward those who help to spread the word.
4. Better analysis to become a more transparent organization
Although all transactions are provable on-chain, not all members understand how to track these activities on BSCscan. Either Soteria or a third party could build a tool to make all on-chain activities human-readable and easy to understand.
5. Improve the insurance model to better reflect the demand of cover.
The cover price is entirely driven by the amount of SOTE staked by Risk Assessors against the specific contract. The staking amount represents the risk cost, but does not reflect the demand of cover. The mechanism has its benefits because it fits the protection needs more than Cover’s mechanism does. However, Soteria Mutual could make changes to this based on your ideas. The model needs a balance between flexibility for a higher staking return and stability for a lower cover price.
6. Different projects have different demands for covers.
Since PancakeSwap was listed on Soteria Mutual, it took just a few days before covers were sold out. As even more members staked more SOTE on PancakeSwap, the capacity could not rise due to the limits of capital. At the same time some other projects still have a large amount of cover to be sold. Soteria should establish a rule to set different capacity for different projects so the utilization of capital can be improved.
7. Make cover NFT tokens.
Right now, when cover is sold, it can not be transferred or cancelled. While the member does not always keep the same requirement, as the period or amount may change from when cover was purchased. One possible solution is to modify the contract and change cover to become NFT tokens. This way cover can be traded as needed.
8. Cover for a set of protocols.
When DeFi projects work as “money legos”, they combine to become something larger. Despite this it’s often hard for members to understand the relationship of DeFi. Currently Soteria can only cover a single DeFi project. It would be much more useful and comprehensible if Soteria were able to support cover for a set of related protocols.
9. Enable investment earnings.
The efficiency of funds is quite low since the probability of a hack event is low. At the moment the funds remain safely in the capital pool. To improve its efficiency, Soteria should consider using a portion of funds in the capital pool to invest in low-risk projects. While safety is always the first priority, members should decide which project Soteria could invest in and how much.
10. Make staking decision-making easier and faster.
Since staking returns are relatively low, it is reasonable to stake multiple projects at the same time. However, choosing multiple protocols is not an easy task. By following the experts’ analysis and choices, members could simplify the task. Soteria could display their stakes and the reputation of each expert’s list to help members make quick and informed decisions.
