DeFire: Slow burn, to inferno!
Stoking the flames
DeFire is building something truly special — a DEX aggregator that will simplify the way we swap tokens on Milkomeda, and revolutionize the way our DEX partners interact with our technology. We released a tech update in June regarding our incredible ‘order flow farming’, and ‘rebate pool’ features which you can read here: DeFire to deploy ADA-powered Router for Milkomeda with cross-chain settlement options.
The very first question a new user to Milkomeda will have is, “Which of these DEXs do I use?”. DeFire is the answer to this question, and provides a single, familiar user interface for swaps on Cardano’s primary rollup.
DeFire aims to provide our users with the best deal possible through the DEXs integrated with our platform; as such, the execution price of your swap through DeFire, will be the lowest available across all available liquidity for the token pair being traded. This is the best possible situation for Milkomeda users, with DeFire providing users with a one-stop-shop for token swaps across the entire network.
Path of fire
The DeFire team is thrilled to be able to give you all an idea of the amazing progress we’ve made, what we will be working on for the next few months, and more on the functionality of DeFire. When released, our MVP will initially support swaps using liquidity from several DEXs including:
- OccamX
- MilkySwap
- MuesliSwap
- MilkyDEX
These DEXs 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.
In order to propagate DeFire throughout the entire Milkomeda ecosystem, we have also developed a partner program in which 3rd parties, exchanging tokens on behalf of someone else using DeFire Smart Contracts, will be able to take a fee (0–3%) from the swap amount in the swap transaction. This will obviously not affect swaps initiated through DeFire dApp, but will incentivize 3rd party sites to integrate DeFire’s secure smart contracts.
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.
Beyond the inferno
This is just a small taste of what the DeFire team has planned for our users, and there will be far more regular updates moving forward. We would like to recognise at this point that our communication has been sub-par for the last few months, and that it is one of our primary goals to improve this failing moving forward.
With some of the most advanced technology for routing swaps ever devised under our belts, and a clear, achievable path before us — DeFire is about to become the phoenix that rises from the ashes of this difficult phase in the market, and we want our community ready to blaze the trail with us on Milkomeda and beyond.
