Hello, YOLO

Apr 17, 2019 · 5 min read

Token swaps on EOS powered by the Kyber Protocol

We are proud to introduce YOLO to the world; a simple, instant, and decentralized way of exchanging digital assets on the EOS network.

What is YOLO?

YOLO is a decentralized exchange aiming to provide a frictionless token swap experience on the EOS network. It is meant to be used by everyone — from newbies to trading ninjas.

Swapping tokens on YOLO is Simple (No order books, No intermediate tokens), Instant (running on EOS & available liquidity reserves), and Secure (no deposits required; trade from your own wallet).

YOLO brings Kyber’s battle-tested liquidity protocol onto EOS, with a clear goal of increasing liquidity and usability for EOS-based projects, and eventually also ETH-based projects.

YOLO will support the Waterloo Bridge, and was designed with the aim of eventually enabling cross-chain token swaps between Ethereum and EOS and bringing popular Ethereum tokens to EOS, and vice versa.

Challenges for exchanges

Most centralized exchanges rely on market makers and arbitrage bots to close the price-gap in the order book, so buyers and sellers can actually execute orders. In DEXes, users can retain control of their funds, but most of them lack of market makers and thus the majority of order books are either almost empty or the spread between the buy and sell price is significant.

YOLO intends to solve these challenges by leveraging Kyber’s on chain liquidity protocol. Users execute the trade from their wallet in single transaction (no need to transfer funds), YOLO uses an on-chain price discovery model to find the best rate offered by a range of reserves (no order books, optimized spread), and the trade is executed instantly.

Got it; YOLO is a DEX. So, what’s new?

There are multiple new features on top of what a DEX offers. Let’s start listing a few:

  • Speed — YOLO is fast. The sub-second transaction time on the EOS blockchain allows us to make buying a token faster than approving the Terms of Agreement (the ones you always read, right?).
  • Simplicity — Remember we said “It is meant to be used by everyone — from newbies to trading ninjas ?” Here is how it’s done:
2 clicks process to swap tokens on YOLO
  • Say goodbye to deposit & wrapping — Remember having to deposit tokens into your trading account before being able to actually trade them? Or wrapping / unwrapping your ETH like it was some kind of Christmas present? What a hassle! But not in YOLO! Trade directly from your wallet, or even directly from your DApp in a secure manner.

OK Fine, but what makes YOLO unique?

Optimized Price Discovery

When you are buying a phone case at Amazon and multiple merchants are selling the same case, you buy from the one who is offering the best price. Imagine the same when you want to buy a token on an exchange. Actually, a much better scenario would be if someone is doing this for you — executing your trade against a reserve (merchant) which is offering the best rate. Well, that someone is YOLO.

YOLO’s flexible system architecture allows for multiple liquidity sources (reserves) to offer competitive rates. Our Intelligent market-making algorithm guarantees very attractive market prices for your desired token.

Seamless Integration

YOLO’s liquidity protocol allows for decentralized token swaps to be integrated into any application, website, or platform. This means all developers can use YOLO within their DApps.

By integrating the protocol, developers can build their own swap services, payment flows and financial DApps. This will enable token exchange to be performed seamlessly without the need for the user to leave the integrated application.

Cross-Chain Functionality

YOLO will be the first project to integrate a bi-directional EOS to Ethereum bridge based on the fully decentralized Waterloo protocol, based on research that was published recently. By bringing EOS assets to Ethereum, YOLO will help make EOS assets more liquid. In addition, YOLO will also be bringing popular ETH tokens to the EOS network.

Powered by Kyber Protocol

Kyber’s long term goal has always been to allow easy and secure access to any token, anywhere. EOS is the first Blockchain other than Ethereum where Kyber’s protocol is implemented and ERC-20 tokens will eventually be used on EOS and vice versa. We are also seeing promising growth in developer and DApp activity on EOS based on data from analytics sites such as dapp.com and dappradar.com and we are keen to see how Kyber can add value to this burgeoning ecosystem. Moreover EOS features allow us to offer an improved implementation of the protocol. Indeed, the fast block time allows us to introduce better pricing algorithms, and gives us a chance to investigate new quantitative approaches which could later be utilized on the Kyber protocol instance on Ethereum, once scaling solutions are implemented there.

How can I help?

  • YOLO testnet is available at https://jungle.yoloswap.com. Please give us feedback! You need to have Scatter Desktop installed in order to connect to and swap tokens on YOLO, which is on the EOS Network.
  • YOLO is in the process of gathering tokens and supplying liquidity, so we are calling out to all EOS projects to reach out to us and apply for a listing in YOLO (contact us in Telegram). Consider that providing liquidity reserves for YOLO may be very profitable for highly traded tokens.
  • YOLO Invites all EOS Wallets to contact us and explore potential partnerships and integrations,especially if you have an active EOS User base.
  • YOLO contracts code is being audited, and is also available for anyone to explore: https://github.com/KyberNetwork/eos_smart_contracts. We believe in giving back to the community, especially to our early adopters, so stay tuned for bug bounties, profit sharing programs, share & earn promotions, and more.

BIG Thanks to

EOS Community members — We had a lot of questions while bringing YOLO to a ready-to-launch product. And the people we turned to within the EOS community with questions and requests were extremely helpful. Special thanks to Bohdan & Roman @ CryptoLions, Kevin @ EOS New York, David @ EOS42, Syed @ EOS Cafe Block, Neb @ Infiniverse, and to TG User cc32d9.

Our Early Integrated Projects — Special thanks go to the teams in Everipedia, Emanate, Carbon, Aeron, and Lumeos. Thank you for believing in us even before the TestNet was Live. You will always be YOLO’s first integrated projects.

EOS Developers — The EOS developer community has been very friendly and welcoming to YOLO and the EOS projects we’ve onboarded are always keen to hear about our new developments and willing to help.

Give me more YOLO!

Join our Telegram: https://t.me/yoloswaps

Follow us on Twitter: https://twitter.com/YoloSwap

Check out our Reddit: https://www.reddit.com/user/YOLOSwaps


Token swaps on EOS powered by Kyber Protocol

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