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February 2024: Migration to New Economic Policy

February 2024 - Main

March 5, 2024



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The developments in February for the ICON ecosystem centered around the deployment and auditing of contracts needed for the recent changes to ICON's New Economic Policy. This includes versions 4.0 and 4.1, resulting in the successful Economic Enshrinement of Balanced. The resulting alignment of Balanced with ICON now guides our progress in the upcoming months with blockchain integrations for ICON GMP and Balanced being developed in parallel.

🌐Central Relay: Our team is finalizing the IBC module for the Central Relay. During testnet trials, we encountered several issues, necessitating additional work. We've leveraged this time to implement updates, notably the introduction of an auto-execution feature. We aim to prepare the IBC module, along with the new auto-executable function, for mainnet deployment following the upgrade of ICON's GMP contracts to version 2.1.

✉️ ICON GMP 2.1: The internal audits for the next version of ICON's General Message Passing (GMP) have been completed, with all identified issues addressed. We plan to upgrade all GMP contracts to version 2.1 in March.

🔍 Internal Audits in February: A significant focus of February was on internal audits, covering ICON GMP 2.1, emission bucket contracts, the Composable Finance relay and IBC contracts, the bnUSD savings rate smart contracts, and Balanced solidity contracts. Fixes based on these audits have been implemented.

⏸️ Composable Finance Update: A slight delay has pushed the testnet deployment to the first week of March. We'll dedicate the month to ensuring smooth operation on the testnet before proceeding with the mainnet launch. Additionally, the ICS 20 application requires rework, which is slated for completion in March.

💧 Sui Discovery Completed: Discovery work for Sui has concluded, involving extensive scoping and planning beyond mere language translation. Adjustments to ICON's GMP for compatibility with Sui have been mapped out. Development on the GMP contract for Sui is scheduled to begin in March, followed by work on the relay and Balanced contracts.

🛠️ Balanced Smart Contract Development: In our forthcoming updates, you'll observe an emphasis on Balanced, specifically focusing on smart contract development. This initiative aligns with our strategy to enshrine Balanced within our ecosystem. Our approach involves leveraging our delivery teams to facilitate specific segments of Balanced's development.

We remain committed to transparency and diligence as we move forward with these integrations and enhancements to the ICON ecosystem.

Now that progress can be made simultaneously across various integrations, we have updated the integrations milestone board to make it easier for the community to follow along. For more detailed information on the monthly progress of our IBC integrations, we invite you to explore our latest report here.

📅 February’s Accomplishments:

  • Finished development and testing for core contracts needed for 4.1 ICON Economic policy.

  • Completed internal audits of all core contracts for 4.1 changes - network owned liquidity, insurance fund and bnUSD saving rate contracts.

  • Completed internal audits for ICON GMP 2.1 updates for rust, java and solidity contracts.

  • Completed internal audits for Balanced Solidity contracts.

  • Deployed new emission bucket contracts: Network owned liquidity and bnUSD savings rate to mainnet

  • ICON’s economic policy 4.1 executed on mainnet.

  • Completed discovery work for ICON’s GMP for Sui.

  • Completed discovery work for Central Relay module for Sui.

  • Completed discovery work for Balanced contracts on Sui.

🎯 March’s Goals:

  • Deploy our updated IBC implementation to ICON and composable finance testnet.

  • Additional development and Testing of the ICS token transfer service on ICON and composable finance testnet.

  • Start development of the GMP contract for Sui.

  • Review Balanced asset manager, GMP and bnUSD minter contract in Java.

  • Internal audit for Balanced asset manager GMP and bnUSD minter contract in Java.

  • Commence Discovery for GMP, Relay and Balanced for Stacks (Bitcoin L2).

  • Finish testing IBC module for central relay on testnet.

A Milestone board for ongoing integration efforts can be found here.

January 2024 - Network

ICON Blockchain

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Documentation updates

Find the latest update from the Dev relations team here.