JellySwap on Harmony: Peer to Peer Trades Across Multiple Blockchains
Grantee Spotlight #1
About Harmony $7M Grant
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What is JellySwap
Back in 2017, our team asked, “why is everything built on Ethereum, why is someone not building an interoperable DEX that connects all networks”. We wanted to do that — to solve the interoperability problem, to remove the centralized bridges. So, we came up with a few ideas — to use mintable/burnable tokens on the different blockchains, to tokenize assets on the Ethereum blockchain, to use layer 2 solutions and side chains. But those ideas had one big problem: in essence, they were so complicated and full of points of failure that it was almost impossible to build an efficient system. We wanted a real value transfer that was simple and easy. So, we created JellySwap.
Tell us about the JellySwap Team
JellySwap is a decentralized application for cross-chain swaps allowing value transfer between different networks, e.g. BTC<>ETH, ETH<>ONE, etc.
We’ve been building the dApp for almost a year with a small team of 5 people. Despite the small number, we like to call them our superheroes — an ambitious CEO Tito Titov, our sagacious CTO Krasimir Raykov, a gifted blockchain dev Andon Mitev, a diligent frontend dev Yordan Titov and our one but special lady — the marketing lead Polina Keremidchieva.
It’s a small and energetic team that builds and have fun at the same time.
What is something about JellySwap that nobody knows
Here are a few things that almost nobody knows about the JellySwap Team: We have a professional capoeira dancer, an amateur pastry chef, a pianist, an ex-wrestler and a 120 level human warrior. But you guess who’s who.
Is DeFi a fad or here to stay
We will be pretty honest here. DeFi is the first truly working use case of crypto. Giving financial freedom to the average user is an important milestone in the way to decentralization. Being your own bank without any frustration and tech difficulties is also a great benefit that generations ahead will take for granted.
So we believe that DeFi is the future and will bring a lot of innovations in the financial world. However, we also believe that yield farming will have short term success accompanied by long term failure.
Manufacturing a token that has no real value behind (and yes, we all know about the governance but please, let’s be real) is just another way of making a bubble and earning a decent profit while small players just entering DeFi are going to lose…a lot. Again.
There are a lot of Layer 1 projects, many of them are good, and then there’s Ethereum. Will there be a winner-take-all or is there room for many chains and ecosystems to thrive?
We are a cross-chain exchange, therefore we are blockchain agnostic. It is rooted deeply in the concept of our project that we do believe there will be more than one functioning blockchain. And we are trying to build the bridge between them. Ethereum is absolutely amazing, it’s the first of its kind and it has the network effects, but many other projects are also planning to step in and improve the blockchain infrastructure. Maybe they don’t need to look at each other as direct competitors. They may find their own niche and specific solutions. And that’s all good — that’s how we will thrive and develop the industry. There are some great projects now still in early stages such as Harmony, Avalanche, Algorand, etc. Let’s give them time and space to work, build and prove their concepts.
Of all the other chains with whom you could partner, why Harmony? What is it about us that you find compelling and different?
Harmony offers fast transaction finality, low transaction fees and has a great community and leaders. This fits exactly in our long-term goals to integrate new, innovative and fast networks.
If you weren’t in blockchain, what would you be doing instead?
Our professional capoeira dancer would have a successful chain of capoeira studios. Our amateur pastry chef would become a real one and would strive for Michelin stars. Our pianist would do a world-wide tour with sold-out concerts. Our ex-wrestler would continue beating people and our 120 level human warrior would join the professional European World of Warcraft guild “Method”. Or probably not. There is now no life without blockchain.
Where can others learn more about JellySwap?
Feel free to go to our social channels, join, and be part of our community!
Become ONE with Harmony
Developers can build on Harmony today, a fast and open blockchain for decentralized applications, suited to handle DeFi and cross-border finance. Harmony Mainnet supports state sharding with instant finality. Our staking mechanism reduces centralization while supporting delegation and slashing.
We ❤️ Developers.
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