Getting ready for v3

The Futureswap protocol has had an exciting 6 months, with the exchange processing over $3 billions in volume. One of the most common questions within our community recently has been “wen v3?”. You all know it’s been in development and we’re excited to finally share our roadmap with you.

Roadmap

Milestone 1: Submit v3 contract code into audit ✅

Date: May 20th

Trail of Bits is currently performing a detailed security audit. Our auditors are meticulously scrutinizing our contracts to ensure that the protocol can securely handle billions of dollars. While writing secure and stable code is embedded in our engineering culture, we want to be able to back our confidence up with the integrity and credit of the work that they’re doing.

Milestone 2: Sunset the current exchange

Date: May 29th to June 2nd

Futureswap has been running smoothly in production for 6 months now, processing billions in trade volume. Though we’d love to keep v2 going, the rising gas fees on Layer 1 have limited usage of the exchange to a small group of traders that are earning a large share of the 15,000 FST daily rewards. Instead, we decided it’s best to sunset this current version so that the team can focus on shipping v3 as soon as possible with the highest bar of quality. v3 will enable traders of all sizes to participate in the exchange and earn rewards.

Sunsetting v2 will happen in the following steps:

• Step 1 (May 29th): Open fees will be increased to disincentivize new trades.
• Step 2 (May 30th): Disable opening new trades completely.
• Step 3 (May 31st): Turn on the time fee to encourage the remaining trades to close.
• Step 4 (June 2nd): Sunset trading and end exchange rewards distribution.

Liquidity providers don’t need to take action and can withdraw their liquidity at any time.

Milestone 3: v3 Testnet

Date: Week of June 21st

Following up with our previous post, we are excited to announce that v3 will be available in Testnet the week of June 21st, ahead of plans. It will enable users to start trading on the new version in a production-like environment so that we can gather feedback, onboard arbitrageurs, and have integrations ready for our production release.

Milestone 4: v3 production release

Date: Early Q3

v3 will be a complete upgrade to the protocol that will launch on a Layer 2 to enable even more efficient trades that aren’t burdened by high gas fees. This version adds new features along with a whole host of upgrades to the protocol that users have been requesting, which we’re excited to share more about next week.

So, wen v3 sunrise? Now you know 🌞