SORA 2023 Summary
SORA has made significant progress this year by leveraging the interoperability provided by Substrate (Polkadot)-based networks
The SORA Integrated Plan was set into action towards the end of 2022; the milestones were determined together with the community to optimize the potential for SORA to fulfill its vision of being a new economic system that helps push humanity forward, addressing the issues that the legacy economy has brought upon mankind and our planet. As 2023 ends, we are happy to share the progress this year towards achieving the milestones together and set the stage for the new goals we expect to accomplish in 2024 without further ado…
You are Here, 2023 Summary Edition
The SORA Kusama Parachain
SORA has made significant progress this year by leveraging the interoperability provided by Substrate (Polkadot)-based networks, which has been a key focus for the network. Efforts have been made to prepare the network for the implementation of Substrate 4, enabling functionalities such as the Substrate bridge and parachain compatibility. The SORA Kusama parachain required some adjustments to ensure compatibility with the SORA network. This included preparing it for a bridge that seamlessly connects both networks. In the end, we were able to bring KSM token trading to Polkaswap.io, the flagship DEX of the SORA network and best DEX in the Polkadot ecosystem, and DOT tokens can be on Polkaswap as soon as the SORA Polkadot Parachain is won in the parachain auction.
Drowning in Gold — SORA Synthetics
The SORA synthetics platform (XST) was built and released this year in collaboration with the Band protocol oracle, and close to 30 synthetic assets were added to Polkaswap for trading. Over the course of 2023, the XST token powering the platform ceased to become the asset minted to fund productive purposes and in its place, the TBCD (Token Bonding Curve Dollar) was added to accomplish this task while supporting the SORA Token Bonding Curve’s reserve building. Another exciting change linked to XST was the update of XSTUSD’s tokenomics, which ceased to be backed by XOR and instead became backed by XST.
We Keep on Buidl-ing — Down the Pipeline
The community can look forward to the implementation of order books on SORA very soon, which will support the development of asset and NFT marketplaces and become valuable assets for traders on the network, as well as an over-collateralised stable asset known as Kensetsu, which will have different variations according to the asset pegged, such as Kensetsu gold, backed by the price of the Troy ounce of gold, which will be used to reward the community for their contributions to the SORA Polkadot parachain auction crowdloan.
DeFi in the Palm of Your Hand — SORA Wallet
Moving on to the SORA wallet app, great strides were made this year, integrating mobile liquidity pools, swaps, and referrals — features best known from Polkaswap, now making their way to the palm of your hands. This has been an excellent year for the SORA mobile wallet and Fearless Wallet concerning supporting Polkaswap features. Typically, users would have to access the stylish DEX from their desktops. However, 2023 was the year that Polkaswap.io became multi-platform. The SORA wallet added terrific features to manage your portfolio wherever you are, such as being able to view your liquidity pools, exploring all the assets, pools, and liquidity farming positions on SORA, and last but certainly not least, managing your SORA card.
Users can also generate, share and input SORA network referral codes, the little-known function that packs quite a punch, allowing you to take 10% of the transaction fees from the accounts you have referred to the SORA network. With Polkaswap integration featuring swaps, liquidity pools, and referrals, you can look forward to more amazing developments for both Android and iOS operating systems that will allow you to manage and actively participate in DeFi wherever you are. As if that weren’t enough, you can also have multiple accounts in one device, so all your holdings are in one place.
2024 will bring more great developments to the SORA mobile wallet, making it easier than ever to manage your funds, swap and pool, as well as bridge funds from Ethereum and other Substrate networks and manage your Demeter farming pools on the go, without the constraints of a PC!
Value Freedom — SORA Card
Finally, the business track had significant progress; despite the challenges we faced with our SORA Card partners, we are thrilled about the product being created and the opportunities it brings. SORA Card has taken off with signups and registration activated this year. Additionally, users who have passed KYC can view their IBAN and balance within their account through Polkaswap and SORA wallet. Work is ongoing to bring physical and virtual SORA Card features in early 2024 and crypto to fiat exchange. More currencies will be supported to make the SORA Card a bridge between TradFi and DeFi!
Supporting Central Bank Currencies on the SORA Network
Earlier in the year, it was hinted that SORA would participate in a CBDC proof of concept; toward the end of the year, it was revealed that the Central Bank of Solomon Islands, together with Soramitsu, harnessed the power, speed, and efficiency of SORA to simulate cross border remittances for users in the Bokolo Cash PoC.
Participating users were able to transfer their Bokolo Cash tokens using Fearless Wallet from the Bokolo Cash permissioned blockchain to the SORA network, transfer tokens to other users and back into the Bokolo Cash network, almost instantly. This was to test the capabilities of a public blockchain network to simulate cross-border remittances with the benefits of low transaction costs and high speed.
This sets an excellent precedent for SORA, a Substrate (Polkadot)-based network to support CBDCs, as opposed to the cumbersome, expensive, and poorly designed Ethereum. In this case, SORA contributors developed XORless transfers, a technology that allowed Bokolo cash holders to make transfers on the public SORA network by paying in the CBDC token and not having to worry about holding XOR — instead, the amount needed for the transfer was deducted and swapped in the back-end to provide a seamless experience that allows transactions to happen without requiring additional tokens. Perhaps shortly, SORA network users will also enjoy this feature for any transfer on SORA and swap within Polkaswap…
SORA Community Builders and Retailers:
The Ceres team building on SORA has witnessed notable growth and community expansion in 2023, reflecting the acknowledgement of their work and efforts. Hermes DAO, a decentralized investment fund, launched its governance platform and distributed an airdrop. DEO Arena featured five seasons, including two free-to-play and three play-to-earn seasons. Demeter Farming platform made new records, and Apollo is getting ready for a release, set to be arguably the first lending-borrowing protocol coded in pallets on Substrate.
You can find the Ceres 2023 Recap here.
ADAR (Advanced Digital Asset Routing)’s Journey in 2023: From Concept to Live Product.
In an impressive leap throughout 2023, ADAR evolved from a mere concept into a fully operational platform, processing 95 transactions and distributing over $1.33 million to 126 unique recipients.
The year began with a promising beta launch of the early-stage MVP, which garnered positive feedback from the SORA community and crucial insights for further development.
Enhancements were rapidly integrated, including automatic fee addition, user interface upgrades, multi-language support, comprehensive reporting, Google account connectivity, Fearless Wallet integration, and cross-network bridging capabilities.
Identifying the need for multi-network payment options as a key growth driver, our next stride is to introduce an automatic bridging feature. This innovation aims to significantly lower bridging costs and enhance the user experience for recipients across various networks.
As we enter 2024, the ADAR team is buoyed by the community’s unwavering support and looks forward to a transformative year ahead. We’re committed to continuous improvement and excited about the potential that lies ahead for ADAR. Thank you for being part of our journey.
ADAR v1.0.10 features support for non-SORA-native tokens like ETH and USDC for payments, expanding options to pay employees and service providers, as well as Polkaswap integration, allowing bridging funds between SORA and Ethereum or Kusama, and much more. Learn more on Telegram.
NOIR, a premium sparkling wine brand, has elevated the wine-drinking experience through award-winning taste, sustainable packaging, and Web3 integration by launching the first phygital (physical + digital) wine token ever created, setting new standards for dynamically priced collectables and luxury goods of the future. By the end of 2023, all but ten bottles/tokens from the 777 bottle/token collection have been sold, while 27 have been physically redeemed. This is a perfect example of how new exciting products can be launched and sold, helping to create a new world economy using SORA.
See you in 2024 — To Conclude.
Doctor Makoto Takemiya likes to end his communications with the famous phrase, “Let’s get back to work”, and it is only fitting that we complete a summary of the achievements in 2023 similarly. Work brings value to SORA, and as you read these lines, all the contributors are diligently toiling to provide you with the extension of the SORA Integrated Plan that you can expect to read in early 2024. Thank you for supporting the vision of SORA and being a part of the movement that seeks to improve humanity by highlighting the value of the effort and dedication that people put into improving themselves and the place they live, which, of late, has been grossly undervalued. With these updates, let’s get back to work.
*Not financial advice, always do your own research.
About SORA
SORA is an innovative, adaptive, non-debt-based monetary framework that facilitates economic stability, particularly for financially vulnerable countries. As a groundbreaking platform, SORA exemplifies the potential of blockchain technology in fostering a more inclusive and stable global financial system. Its integration in projects like the Bokolo Cash CBDC signifies a new era in digital currency, aligning technological advancements to achieve broader economic stability and resilience. Through its unique approach and capabilities, SORA plays a pivotal role in the evolution of global finance, particularly by supporting economies that need innovative and sustainable financial solutions the most.
