Hello Composers and welcome to Composable’s second dev log. As some of you may have seen on Discord, the Picasso mainnet launch has been delayed from the previously communicated Q1 deadline. We have continued to make strong progress with both Picasso and Mosaic, and whilst we are in a position where we could proceed with TGE and the initial launch phases, our focus remains on ensuring a high quality product rather than rushing out tokens. Mosaic phase 2 is one of the main factors for the current timeline of Picasso, as the Mosaic pallet will play a significant role in bringing initial liquidity to our parachain.
Mosaic Phase 2 currently requires further work after recent audit fixes and QA testing, with the team currently finalizing relayer details on the substrate side. We appreciate the communities support and patience as we continue to prioritize launching a parachain with real functionality from day one: showing the value of building on Substrate and on Dotsama — for that, the focus has been the Mosaic pallet for the first EVM<>Substrate bridge and also Pablo — one of the first substrate native DeFi protocols that will support multiple assets with high quality UX, innovative features, and strong ecosystem incentives.
This initial phase for Picasso entails launching a Substrate chain with multiple innovative pallets and custom code that has not been seen before, and therefore it’s inevitable that new items come up along the way that require additional resources. Additionally, with Mosaic we are introducing innovative new concepts to deliver a genuine solution to scalable EVM cross-layer liquidity, which will also play a significant role in our broader architecture as we continue to build trust-less bridges between other ecosystems such as Cosmos.
We give more context and details below, and as always feel free to reach out to us on Discord if you have any questions.
Taking a step back, our goal is to become the cross-chain hub on DotSama, which is composed of several infrastructure pieces and DeFi applications:
- Mosaic opens one of the first Substrate<>EVM bridges, allowing Picasso to onboard a significant amount of TVL and users
- Pablo DEX and Angular — a borrowing/lending protocol, provide Substrate-native yield opportunities, with several innovations such as AMM owned liquidity to ensure sustainable yields
- A suite of infrastructure products to allow other teams to build never-seen-before applications on Substrate. These infrastructure products include the Apollo oracle, the Cubic vault, and Centauri, a trustless bridge between Cosmos and DotSama
- Composable is also incubating several advanced DeFi applications that make use of its infrastructures, such as Instrumental, which allows for cross-layer LP pair transfers and liquidity provisioning.
Our focus has been on post-audit fixes for Mosaic. Among the other pallets planned for initial launch on Picasso, Cubic and Apollo are under review while Pablo and CHAOS Treasury are under development.
Mosaic
Unsurprisingly Mosaic, the cross-chain transfer availability layer, underpins this cross-chain hub. Therefore, we treat the security on Mosaic as our top priority — as we’ve seen in Wormhole and Poly Network, bridging infrastructure is one of the most prominent targets for hacks. Mosaic went through two rounds of audits, one with Stela Labs in Q4’21 and one recently completed with Trail of Bits.
Our recent focus has been enhancing the security of Mosaic’s back end as the Trail of Bits audit highlighted various concerns. We are strengthening the security of Mosaic Phase 2 using a range of industry best practices, including hardware support for key management and backporting using multi-party computation after the first release. These proposed updates have been reviewed and are now being implemented. Mosaic Phase 2 has several new pieces of tech, such as off-chain liquidity forecasting and routing, integrations with external bridges, that need to integrate seamlessly with the new updates; moreover, launching it as a pallet requires native compatibility with Substrate. We will provide the community with an outline of the adjustments made to Mosaic in light of the Trail of Bits findings.
Picasso
Among the core pallets planned for the initial launch on Picasso (Mosaic, Cubic, Apollo, Pablo, Treasury), Mosaic is in post-audit fixes and it has been the main dependency on our timeline, as discussed above. The others are under review/development:
- Cubic and Apollo are under review/ audit. We have engaged Halborn and Codean to audit the pallets and runtime on Picasso. Halborn completed the audit of several pallets, including vesting and Mosaic, it will continue with further reviews and fuzzing (using randomly generated inputs to test corner cases). The audit is scheduled to be completed by the end of April
- CHAOS is under development as we are finalizing the new financial NFT (fNFT) design and building the necessary pallet. The new pallet will allow us to implement the fNFT tokenomics across all of our ecosystem protocols. We will release detailed content on this shortly, as we finalize improved and updated tokenomics across PICA, LAYR, PBLO, and introduce new mechanics for CHAOS. The updates to CHAOS allow us to more effectively capture and compound value through our core tokens, moving away from the initial rebasing concept.
- Pablo is also under development and QA, as we’re adding a new functionality for tracking pool prices, this is scheduled to be completed by mid-April
We will launch the Picasso site in a two-step process; we will first ‘set the stage’, where users can see their crowdloan rewards but won’t be able to claim or transfer them, we will only activate the full functionalities until Mosaic can channel liquidity from EVM chains to Picasso and Pablo is ready to conduct an LBP for $PICA. This is to ensure fair price discovery, with transfers enabled for PICA holders once full trading is launched on Pablo.
As we continue with the review process and waiting for Mosaic Phase 2, we invite the community to give feedback on our Devnet and also follow our Github. The Devnet is redeployed whenever we push some code in the public Composable repository. It includes all the core pallets we have planned for Picasso, including: crowdloan rewards, oracle, vault, mosaic, lending, bonding, vesting, treasury, etc. Since the developer accounts have Sudo rights, community members can test a variety of features, such as building a dashboard, running an auction, running a crowdloan, etc. Just note that the Devnet is a transient environment and reset everyday.
Links for parachain (composable, dali runtime) nodes
- Several nodes are accessible, you can replace ‘/alice’ with ‘/bob’, ‘/charlie’, ‘/dave’
- You can use the usual developer accounts `Alice`, `Bob` etc…
Links for relay chain (polkadot) nodes
https://polkadot.js.org/apps/?rpc=wss://dali.devnets.composablefinance.ninja/relaychain/alice
- Similarly to the parachain, several nodes are available for the relaychain, you can replace ‘/alice’ with ‘/bob’, ‘/charlie’
Summary
The launch timeline for Picasso site has been pushed back due to delays in post-audit fixes on Mosaic, which is a key component of the cross-chain hub we are building. We will make these improvements and revert to the community with a launch schedule when we are ready. The other pallets on Picasso are under review or optimization, and as we test Pablo pallets for auctions, trading, and LPing, we will continue to share updates and visuals as we progress. As always, we want to be as transparent as possible and are preparing a progress update/ AMA on Twitter. In the meantime, we continue to share deep dive articles and technical content to break down the large tech stack we are building. Please let us know on Discord any questions you have and our community managers will compile them for the AMA.
Short form:
Release progress
Mosaic
[50% Complete] Post audit fixes
[60% Complete] Active liquidity SDK development
[100% Complete] Mosaic front end development
[100% Complete] Mosaic pallet development
[100% Complete] Mosaic SDK development
Pablo
[60% Complete] New functionality development (pool price tracking)
[80% Complete] New Financial NFT pallet design
[90% Complete] Blockchain integration and testing
[90% Complete] Pablo front end development
[100% Complete] Pablo refactoring
[100% Complete] Tokenomics update
CHAOS Treasury
[80% Complete] New Financial NFT pallet design
[90% Complete] Tokenomics update
[100% Complete] Treasury dashboard design
Audits
[60% Complete] Halborn audit
[100% Complete] Trail of Bits audit
[100% Complete] Stela Labs audit
Mosaic
Updating Mosaic in light of Trail of Bits’ audit report has been our priority. We are implementing best-in-class security practices to Mosaic back end and will be carrying out further testing after the implementation. Meanwhile, we have completed the development of Mosaic pallet and the SDKs.
Pablo
We have completed the development of individual applications for Pablo, including the AMM, stableswap, and LBP and the refactoring to combine all applications into one pallet. We are developing and testing pool pricing tracking, a new functionality.
CHAOS Treasury
We have taken onboard community feedback and are updating the tokenomics for CHAOS Treasury to allow token holders to capture the value of both Kusama and Polkadot parachains in an easier way.
Picasso audit
We are in the middle of our third round of audit; the Halborn audit follows an audit by Stela Labs and another by Trail of Bits. It will act as a ‘final check’ before mainnet launch. It is scheduled to be completed by the end of April.
For more information about Composable and how it is architecting the unified DeFi landscape of the future, check out our socials:
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