DeFire: MVP Released!
The Arrival
After many long months building in silence the DeFire team is proud to announce that our MVP is finally here, ready to be used by users! After seeing the viability of Milkomeda and the way in which liquidity and users could flow from other networks onto Milkomeda and then inevitably onto Cardano, we made the strategic decision to release the MVP on Milkomeda first.
With a reworked router contract that allows for execution of complicated swap routes in one step, the router will split the order between several pools (or just one if the outcome is better) to reach the best price for your swap!
Following the release we’ll update the algorithm to perform swaps with highly complex routes with several parallel branches each containing several steps of swaps on DEXs to get the final asset with the best rate thereby improving the overall efficiency of the DeFire product. With this coming Router 2.0, so to say, DeFire will, the vast majority of the time, be able to give price quotes better than utilizing a single DEX (which in some edge cases beats the current route algorithm)
As we said previously, our goal is to make DeFire ubiquitous on Milkomeda and beyond, and with strong mechanics such as the above driving adoption; we believe this is a goal that we can achieve. There is far more to come, and many more features are on our ‘wish list’ including the ability to place limit orders, staking features for our native CWAP token, and a full DAO governance feature-set.
We believe that the version of DeFire we’re releasing to the public is going to be a significant value add for the Milkomeda and by extension the Cardano ecosystem and as such we’re proud of our developers’ hard work!
With all of this in mind we have several things we’re excited to focus on over the next while as we work to continue to ship for DeFire on its road from MVP to full product! First is the LVL2 routing engine, $CWAP token integration, increased wallet support diversity and potentially limit orders!
Finally, the $CWAP bridge, from Multichain, to Milkomeda is live and working. OccamX, one of our major DEX partners, has a pool for $CWAP/ADA and the pool will be added to OccamX’s liquidity mining program for the next epoch which starts on the 7th of December!
And as a quick reminder our MVP will initially support swaps using liquidity from several DEXs partners including:
These DEXs (and others to be added later) will not only participate in DeFire’s platform, but be able to participate in our ‘fee cashback’ program. A unique pool will be created for each DEX, and each may send CWAP tokens to their assigned pool in order to gain greater trading volume via the DeFire router. When DeFire routes a swap through a DEX with a positive CWAP balance in its pool, the tokens in the pool will fund a ‘fee cashback’ for the user making the swap. The pathfinder will take the fee cashback amount into account, so DEXes with tokens in cashback pools will have better prices and will be more likely to be used for routing.
