Revitalizing Relay – Exciting Updates and A Vision for the Future
We are delighted to bring you some key updates about the exciting new direction Relay is taking. As a dynamic decentralized finance (DeFi) platform, we are committed to growing and evolving alongside the constantly changing landscape of the industry, always prioritizing security and usability. In this post, we’re sharing several significant enhancements: the implementation of jurisdiction-based DNS Blocking, a revamp of our Distribution Model in accordance with legal guidelines, a plan for V2 Route Depreciation and Asset Management, and a forthcoming UI redesign based on your invaluable feedback.
DNS Blocking – Upholding Regulatory Compliance
Relay understands the importance of complying with regulations, and we’re ready to adapt our services to ensure we maintain compliance. We have introduced DNS (Domain Name System) blocking for US jurisdictions and other OFAC sanctioned countries. This proactive step guarantees our platform operates within the parameters set by regional regulatory bodies, thus creating a secure and compliant environment for our users. By doing so, we can continue to provide high-quality DeFi solutions within the legal frameworks of our operational jurisdictions.
Reinventing Distribution Model – Legal Compliance & Encouraging Community Engagement
In line with our commitment to regulatory compliance and community engagement, we’re excited to present a reinvented distribution model. This model, centered around our leaderboard system, has been crafted not only to boost community engagement but also to align with the prevailing legal guidelines governing DeFi operations.
From this point onward, the allocation of fees will be based solely on leaderboard rankings. This shift, guided by both legal and community considerations, aims to stimulate active participation from our community members in the continued growth and success of Relay.
Our new model aligns rewards with engagement, tying the success of the Relay ecosystem directly to the involvement of our community members. We believe that as members contribute their expertise and efforts, our ecosystem will flourish even more.
New Leaderboard Weightings:
Bridge & swap (45%), referring (20%), and accumulated veRELAY (35%)
V2 Route Depreciation and Digital Asset Management – Embracing Compliance
Relay is dedicated to optimizing efficiency, always aligned with prevailing laws and regulations. To this end, we’re instituting a strategy to manage the depreciation of certain v2 Relay bridge routes and address digital assets connected to these routes that have been dormant for 18 months.
The following digital assets have been identified:
35,801 AVAX
1,395 BNB
641,966 FTM
106 ETH
78,629 MATIC
Starting from the announcement date, we’re commencing a 30-day grace period for owners of the identified assets to reclaim their property. If you recognize your assets among this list, we encourage you to contact the Relay support team within this window. Our team is ready to assist you in verifying your ownership and facilitating the secure return of your digital assets.
Please note, Relay will not be acting as a custodian for these assets; they remain the property of the depositors. Relay’s role is merely to facilitate the withdrawal process, with no other interventions needed post the grace period. Owners can access and withdraw their assets at any time, subject to processing periods specific to each digital asset type. We assure everyone that Relay will support processing any withdrawal requests promptly, even beyond the grace period.
New User Interface – Constructed from Community Feedback
Building on the valuable feedback from our community, we’re thrilled to announce the development of a completely refreshed user interface (UI). We believe this comprehensive redesign will not only significantly enrich your Relay experience but also enhance overall usability.
The new UI aims to deliver a more enjoyable user experience by optimizing design elements for intuitive navigation and improved interactivity. Additionally, we’re working diligently to improve the speed and efficiency of our platform. With the upcoming enhancements, loading routes and trades will be significantly faster, reducing wait times and providing a seamless trading experience.
Our commitment is to evolve in line with user needs and expectations, ensuring that the Relay platform remains user-centric, responsive, and efficient.
We extend our heartfelt gratitude for your time and consideration. Thank you for being a part of our exciting journey! We eagerly anticipate serving you with a rejuvenated Relay experience, designed with you at the heart of every enhancement.