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Telos Network May Recap: Integrations, Product Updates, Events and Community
As we close out the month, let’s review the key developments and progress made in May! This month has been notable for significant funding achievements, new integrations, partnerships, and technical advancements.
From securing a substantial $1 million investment from Presto Labs for our SNARKtor-powered Eth L2 zkEVM network to integrating with platforms like Steer Protocol and Alchemy Pay, May has been a month of strategic milestones. Additionally, we've strengthened our security measures through our partnership with Bail Security and enhanced our platform's functionality with updates to Teloscan and RPC 2.0. Let's delve into the highlights of May and outline what lies ahead.
Major Announcements:
Telos Secures $1M in Funding From Presto Labs to Develop SNARKtor-Powered L2 and SNARKtor Labs.
Telos has secured a $1 million USD investment from Presto Labs, an Asia-based venture capital firm and liquidity provider known for its success in algorithmic trading. The funds will be used to develop the new SNARKtor-powered Ethereum Layer 2 zkEVM network. Additionally, it will support the growth of SNARKtor Labs, Telos' Hong Kong-based business unit dedicated to advancing Telos' ZK-proving technology infrastructure.
New Integrations:
Steer Protocol
Telos is proud to announce its strategic integration with Steer Protocol, providing holistic infrastructure to facilitate robust on-chain automation development, distribution, and launch. Steer’s flagship product, Smart Pools built on top of Steer infrastructure, powers automated liquidity management for 1250+ concentrated liquidity pools across 26+ blockchains and 25+ AMMs.
Alchemy Pay
Alchemy Pay has integrated $TLOS into their On-Ramp solution, further simplifying the process of acquiring $TLOS for users. Alchemy Pay's acts as a payment gateway, connecting crypto with traditional fiat currencies. Their Ramp feature enables easy buying and selling of crypto, allowing you to make purchases with your credit card, local mobile wallet and even bank transfers.
Houdini Swap
The Telos x Houdini Swap integration allows you to swap, send, or bridge $TLOS privately. Their innovative privacy protocol breaks the link between sender and receiver in a safe, compliant, and cost-effective manner.
Partnerships
Bit Rivals
We’ve partnered with Bit Rivals, an innovative gaming platform that empowers players to earn rewards while playing their favorite Web2 + Web 3 titles. Having already launched integrations with Steam, Xbox, PlayStation, and Origins, Bit Rivals supports AAA titles such as Apex Legends, Valorant, Fortnite, Rocket League, and Dota 2, to name a few, along with fan favorites like Bioshock, Rust, Among Us and many more.
Portal Finance
We’ve teamed up with Portal Finance. Portal DeFi allows users to swap instantly across various blockchains without needing a middleman, thanks to its TLC-based atomic swaps. It also uses an innovative Automated Dynamic Market Maker (ADMM) to ensure seamless trading. This makes Portal DeFi more than just a DEX; it’s designed to provide smooth and secure cross-chain trading.
Bail Security
Ensuring the security of our ecosystem is paramount at Telos. That's why we've partnered with Bail Security, whose senior auditors specialize in thorough smart contract inspections. Together, we're enhancing security and enabling safer deployments. Bail Security recently completed a detailed audit of TelosOFTV1.2, and our new audit report is now available.
Well3
We’ve partnered with Well3, a company bringing essential wellness technology to the blockchain space. Well3 focuses on health data management using advanced wearables and digital identities to provide secure, real-time health updates.
Ormi
We've partnered with Ormi to bring high-performance data handling to the blockchain space. Ormi offers subgraph hosting with ultra-low latency, capable of processing over 1,000 queries per second.
- Real-Time Data: Provides real-time, re-org aware crypto data.
- Quick Indexing: New blocks are indexed within seconds.
- Seamless Integration: Allows for building apps without limits.
- Reliable Performance: No lag and no downtime.
Developer Updates:
Developer Updates:
Achievements:
- 1.5 audit fixes signed off by auditors: Finalized and received sign-off on all audit fixes for version 1.5.
- zkEVM POC progress
- Performed data migration for EU and US mainnet indexers.
- Recovered systems following overnight power outage.
- Setup S3 buckets for Tekika.
- Telos native OFT contracts & proxy implementation audited, with resolutions signed off.
- 2.0 progress – Applied native state diffs and applied gas price revision changes to the reth.
EVM 1.5 Updates
- OFT Contracts Deployment and Auditing:
- Completed deployment and auditing of OFT contracts, including proxy contracts. Audit fixes signed off by auditors.
zkEVM Proof of Concept Progress:
- Continued progress on zkEVM proof of concept ready for presentation at EthCC in July.
RPC 2.0 Progress:
- Advanced development on RPC 2.0, applying native state diffs and gas price revision changes to reth.
- Added support for multiple opcodes.
- Applied native state diffs and gas price revision changes to the revm.
- POC end to end testing complete (without verification).
Teloscan Updates
- API Integration and Refactoring: Integrated Indexer API in key components, enhancing performance and maintenance.
- Enhanced UI/UX: Upgraded design and usability of all pages for a more intuitive user experience.
- Improved Contract and Transaction Handling: Enhanced handling of NFT metadata and transaction page transfers, including features like partial loading and highlighting native withdrawals & deposits.
- Responsiveness and Accessibility: Optimized various pages for responsiveness across devices, ensuring better accessibility.
- Functionality Enhancements: Added new features such as token list sorting, ERC1155 transfer handling, and improved contract interaction.
NFT Image Scraper Improvements:
- Implemented improvements to the NFT image scraper.
Translator/RPC Updates
- Chainlink Node Deployment on Testnet: Established Chainlink node on testnet to expand integration capabilities with external data sources.
- RPC 2.0 Development: Made significant advancements in the development of RPC 2.0, aimed at enhancing system interaction and reliability.
Teloscan, Wallet and Bridge
- Further enhancements and feature delivery.
- Preparation for cross chain support
Current Priorities
- Service Migration: Continued migration of DNS, redirects, and load balancers from AWS to Cloudflare to enhance scalability and reliability.
- Chainlink Node Deployment: Deployment of all services and infrastructure for Telos Mainnet following the testnet deployment.
- Backend Performance Optimization: Ongoing efforts to optimize backend performance for Teloscan, ensuring efficient API and data handling processes.
Events
DAPPCON 2024
Our Head of Business Development, Nicky Chalabi, attended DappCon, a three-day developer-focused conference in Berlin. The event centered on exploring strategies to attract the next wave of users and brought together over 900 industry builders.
BlockSplit 2024
John Lilic took the main stage at BlockSplit in Croatia, sharing his insights on Telos and our work in zero-knowledge technology. BlockSplit is an international conference bringing together Web3 startups, developers, researchers, investors, designers, and more from around the world.
Community Updates
Telos Token Sustainability and Deflationary Plan
The Telos community has successfully passed the 'Telos Token Sustainability and Deflationary Plan!' This plan aims to reduce token outflows and immediately start to cut inflation significantly.
Learn more about the proposal below
Introducing Telos $USDM Incentives
The Telos Foundation is partnering with Meridian Finance to introduce stable liquidity incentives for Telos EVM by minting $USDM. This stablecoin will be used to reward participants on selected platforms and protocols, offering stable and predictable yields. By distributing $USDM, Telos aims to attract a broader DeFi audience and provide consistent returns for investors and liquidity providers. This initiative will also maintain system stability by allowing $USDM to be redeemed for TLOS.
Noteable Partner & Community Shout Outs :
- @criptolawyer speaks with our partners at Fitchen, one of the largest spanish-speaking guilds: X Space here.
- @DIACommunityHub does a deep dive on the Telos Ecosystem: Dia Ecosystem Deep Dive
- @Cryp2heat does an insightful breakdown on the Telos Token Sustainability and Deflationary plan: Breakdown. And once it was accepted, followed up with works of art.
- @AjinkyaWeb3 led the charge for our Telos community meet up in Pune India, celebrating BTC Pizza day.
- @MosaicBP releases their first video in their “Exploring Telos DeFi series” - Understanding Concentrated Liquidity & adding Liquidity to Swapsicle.
- @TelosKiwi releases a quick and easy tutorial on how to use HoudiniSwap. Tutorial.
- @DeFiBryan interviews our partners at Conkis: Full Interview.
Looking Forward
In the upcoming month of June, anticipate the following developments:
- Rollout of numerous exciting integrations
- Implementation of new product updates
- Our team’s attendance at ETH Belgrade
- Preparation by our team for ETH CC
- And a plethora of additional initiatives to come!
Conclusion
As we wrap up May, it's clear that this month has brought key developments and advancements for Telos. We've seen important funding, strategic integrations, and technical progress that have strengthened our ecosystem.
Looking forward to June, we anticipate the rollout of new integrations, the implementation of product updates, and active participation in major crypto events like ETH Belgrade. Stay tuned for more exciting developments and initiatives in the coming month.
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Disclaimer
The content provided in this article is for informational purposes only and should not be construed as financial or investment advice. Always conduct your own research and consult with a professional before making any financial decisions. Cryptocurrency investments along with other asset classes can be volatile and can result in potential losses. Always use caution, practice due diligence, and never invest capital you cannot afford to lose. Remember to always maintain the security of your accounts, use strong passwords, enable two-factor authentication, and be wary of phishing attempts. Stay safe and invest responsibly.
About The Telos Foundation
Telos is a growing network of networks (Layer 0) enabling Zero Knowledge technology for ultimate scalability and privacy to support all industries and applications. The expanding Telos ecosystem includes over 1.2 million accounts, hundreds of partners, and numerous dApps. Launched in 2018 Telos is known for its impeccable five-year record of zero downtime and is home to the worlds fastest Ethereum Virtual Machine, the Telos EVM. Telos is positioned to lead enterprise adoption into the world of borderless Web3 technology and decentralized solutions.
