Hello and welcome back to another update on the immense progress we’re making behind the scenes at deFIRE! It’s been quite a bit since we’ve had an update, the last article being back on the 25th of June, so let’s talk about everything that we’ve been doing as well as things to look forward to!
Smart Contract Progress
Smart Contract wise lots of progress has been made and it is nearly complete. What people who were given test access to over the weekend of August 1st and 2nd was the Minimum Viable Product (MVP) of the CEX version of the product. The full-fledged release of deFIRE will be decentralized focused and as such we have finished coding the handlers for Uniswap and Sushi Swap on the Ethereum network and are working on more Ethereum based DEXs and integrating them, think 0x and Bancor etc.
The next question to come to mind might be, “Why are you building all of this code for Ethereum when you’re going to aggregate all of the DEXs on Cardano?”. That is a great question and our answer to that is that we have always planned on aggregating Cardano DEXs but we are delayed by the current state of most DEX projects and the Alonzo HFC event. We have the developers and the code ready for when everything comes online but until then there isn’t much we can do, we have to wait and see what projects like Sundaeswap, Minswap, VyFi, and Occam.fi DEXs look like before we’re able to start connecting to all of them. So our decision to build on Ethereum and eventually more networks than just Ethereum and Cardano is a decision to open us up to multiple different markets and blockchains. With deFIRE, we’re building a DEX aggregator that is able to facilitate the movement of assets between multiple different chains such as Cardano, Ethereum, and Polygon this will provide convenience and massive utility to the crypto community.
Backend Progress
The backend modules are nearly complete as well, in the previous technical update article, here, we talked about some of the modules constituting the backend; the Router Module, which handles the optimization of various algorithms we’re utilizing to obtain the best prices among all the DEXs that we’re going to aggregate. The Order Database Module handles order setting and interacts with the main smart contracts, and the Executor Module performs the actual orders from the Router Module through the blockchain. Our partners at Changelly and Bitcoin.com Exchange have provided significant help on this aspect as their experience in developing their CEXs has parallels in the world of DeFi and what we’re building at deFIRE.
Frontend Teasers
The front-end development is probably the most dynamic piece of the project and is something we are constantly iterating on. For the other parts of the project, such as the backend, it is relatively straightforward to build but as we enter the realm of UI/UX we deal more with the subjectivity of looks rather than pure code and mathematics.
Our initial design with the MVP, pictured below, was to keep it rather simple with basic swap mechanics and no charts or anything else to clutter up the user experience.
But we are looking at this next figure as the design choice to go with, it features more details of the assets being traded, a chart of the asset pairs, and a more detailed breakdown of the swap prices. We’ll still have a conventional, simple swap page for streamlined use but we’re much more open to a swap page that features more comprehensive details of the assets being swapped.
Moving Forward
The next step we’re working towards is getting the DEX version of the MVP to market which should happen in September. The DEX version will be focused on Ethereum’s DEX’s and aggregating those as we mentioned previously. From there, as the many Cardano DEXs come online after September we will be developing handlers for those DEX to aggregate them. This will likely happen in the October to December time frame as projects like Sundaeswap have aimed at having a working product around the mid-October timeframe. We will be releasing the second iteration of our CEX version of the MVP in short order as well as opening up the beginning stages of the liquidity mining campaign. We have a busy second half of the year that we’re excited to share with all of you!
Written by Conor Devlin, Technical Writer
