DolphinSwap — A better version of Swap on EOS

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EFi is committed to bring a complete DeFi infrastructure to EOS public chain. It has already launched Diamond and eHUB, and now we are proud to announce the next upcoming project — DolphinSwap.

DolphinSwap is an AMM similar to Uniswap, but with many differences.

A Uniswap-like DEX

Uniswap provides instant swapping services in a decentralized way, allowing users to swap among various tokens. The trade can be complete without a counterparty. It has seen a number if Uniswap-like DEXes on EOS, including Defibox and Defis, which all adopt an AMM mechanism with a fixed product algorithm. Uniswap-like DEXes are easy to use, but have some shortcomings. One of the shortcomings is that liquidity of both tokens require a fixed ratio of 1:1, which means that every time 100 EOS is provided, a certain amount of USDT or other assets of the same value needs to be provided to make the market established. The mechanism is always criticized as having limited asset allocation flexibility and high unexpected asset loss.

DolphinSwap — A Generalized Swap

A more flexible market making protocol is required if market makers want a more flexible market making solution. And we are proud to present you DolphinSwap, which is able to support more than 2 tokens and customize the liquidity ratio. In other words, in the EOS-USDT pool, the same value of EOS and USDT is no longer required, and users are allowed to customize the ratio. Of course, if the liquidity provider sets a ratio of 1:1, it won’t be different from Uniswap.

Rewards for Liquidity Providers

DolphinSwap will distribute the transaction fees of a liquidity pool to the liquidity providers as a long-term market making reward.

DolphinSwap’s transaction trading fee will be paid 80% to the liquidity provider, 15% will automatically repurchase DOP and burn it, and 5% will be used to repurchase DMD and hand it over to DMD-DAO for processing.

Liquidity Mining in DolphinSwap

Genesis Mining will start two weeks in advance of the launch of DolphinSwap and distribute DOP rewards to liquidity providers of certain trading pairs, which include the following in the first round:

DMD/EOS

HUB/EOS

DOP/EOS

To ensure a long-term development of EFi ecosystem, 85% of the tokens generated by mining are awarded to participants and liquidity providers, 10% of DOP will be allocated to the developer fund for the long-term development of DolphinSwap, and 5% will be allocated to Diamond Vault to reward the funding provider of Diamond machine gun pool.

* More details will be released before the launch of DolphinSwap.

Development Plan of DolphinSwap

The development plan of DolphinSwap is divided into three stages.

1st stage: Release DOP liquidity mining and distributing rewards to market makers.

2nd stage: Launch of the Uniswap-like exchange.

3rd stage: Release a generalized Swap, with customized market making ratio and transaction fees.

DolphinSwap

EFi致力于为EOS公链带来完整的DeFi基础设施,目前已发布Diamond和eHUB,现在我们宣布即将带来DolphinSwap。

DolphinSwap是一个类似Uniswap的自动做市协议,但是和Uniswap又有很多不同。

类Uniswap DEX

Uniswap以去中心化的方式提供了即时兑换的方式,让用户可以在不同的代币之间进行交易,无需对手方,交易可以立即成交。EOS已存在一些类Uniswap的DEX,例如Defibox,Defis,均采用固定乘积算法的AMM。类Uniswap DEX使用简单,但是一定短板,其每个交易对必须按照固定1:1的比例提供流动性,也就是说,比如每次提供100 个EOS,就需要提供对等的USDT或其他资产才能进行做市,资金分配不灵活,无常损失较高。

DolphinSwap-通用化Swap

做市商希望获得更灵活的做市方案,就需要更灵活的做市交易协议,这就是DolphinSwap。DolphinSwap可将做市池中的代币从2个增加为多个,也可将各50%的比重改为完全自定义的比例,也就是说,在EOS-USDT的池中,不再限定为必须各注入50%价值比例的相应代币,而是注入用户自定义比例价值的代币,例如75%的EOS和25%的USDT。当然,如果用户将代币设定为2个,一个是EOS,一个是USDT,比例为1:1,那么这跟Uniswap上的相应代币池没有区别。

流动性提供者奖励

在DolphinSwap中提供流动性将获得做市资金池交易手续费,作为长期做市的奖励。

DolphinSwap的交易手续费80%将发放给流动性提供者,15%将自动回购DOP并销毁,5%用于回购DMD,并交给DMD-DAO进行处理。

DolphinSwap流动性挖矿

在DolphinSwap上线前两周,将开启创世挖矿,对指定交易对的流动性提供者进行DOP代币奖励,首批支持的交易对LP如下:

DMD/EOS

HUB/EOS

DOP/EOS

为了EFi生态可以更长期的发展,挖矿产生的代币中10% DOP将分配给开发者基金用于DolphinSwap的长期开发工作,5%将分配进入Diamond Vault,用于奖励Diamond机枪池资金提供者

*更多细节将于DolphinSwap上线前公布

DolphinSwap开发路径

DolphinSwap将分三个阶段上线

第一阶段:上线DOP流动性挖矿,为提供做市凭证的用户提供代币奖励

第二阶段:类Uniswap交易功能上线

第三阶段:通用化SWAP上线,包括自定义做市资产比例,自定义流动池手续费等。

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To build an all-inclusive DeFi DAO & ecosystem on EOS.

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