BEPSWAP Ragnarok — An Overview
A Decentralised automated market maker which was created as a proof-of-concept, was meant to shutdown at one point from the beginning.
Single-Chain Chaosnet (BEPSWAP) went live on September 2nd, 2020 as the first and only AMM on Binance Chain. BEPSWAP ran smoothly for 11 months straight, and came to an end on August 9th, 2021.
Over the period, the AMM saw participation from over 5000 Liquidity Providers and over 750,000 AMM swaps in the liquidity pools, crossing $5 billion in total volume.
BEPSWAP went live on September 2nd, with an upper cap on pooled funds in place. The upper limit was placed in order to have a guarded launch. The first upper cap was reached in 8 minutes.
The cap was increased on regular intervals, when the incentives balanced the Bonded:Pooled ratio to its optimal state.
Some other fascinating stats include earning over $100K per day as block rewards by being a liquidity provider (Feb 2020), or achieving over $100 million in daily volume (May 2020).
11 months of BEPSWAP was exciting and rewarding for the participants. Before shutting down the Single-Chain ChaosNet, another product was brought forward by the team : Multi-Chain ChaosNet.
As the name suggests, the new protocol is not limited to a single chain AMM, rather supports various chains for fast and decentralised cross-chain swaps between them (without wrapping or pegging those assets). Initial chains being BTC, ETH, BCH, LTC, BNB and THORChain.
There is no official front-end out from the core team side to say (Asgard Desktop App but community-managed), but there are various front-ends out from the community teams which has integrated THORChain in their back-end. Namely THORSwap, Asgardex, SKIPSwap, and more being worked on.
A big established name which integrated THORChain in their exchange from the beginning is Shapeshift, which gave their users an ability to exchange supported tokens with each other in a decentralised manner.
Trust Wallet is another one which will work on integrating THORChain in their backend. Obviously more and quicker adoption will be seen as the network matures.
The THORChain product is currently paused due to audits and improvements in security, but Binance chain is expected to resume with V.0.65.0 update, expected in early September (More on this soon). 🙏
$RUNE
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Twitter: Jatin Kalra (@Jatinkkalra) / Twitter
