$IOV on DEX: Osmosis and Gravity to replace Uniswap
Since last December we have been on Uniswap, our first decentralized exchange ever.
Being on Uniswap was a great accomplishment for the Starname project. Getting into another exchange was a big deal for us on its own, but since it was on Ethereum it demanded quite some tech efforts: a bridge mechanism had to be developed to send out and back $IOV tokens between Cosmos and Ethereum. Moreover, bridging tokens meant also to wrap our native token $IOV into $WIOV, an ERC20 token. Briefly, the dynamics of Uniswap had a few steps that traders had to go through.
New horizons on Cosmos
Big changes are coming up for Starname and one of them is that we will be soon on two decentralized Cosmos based exchanges, Osmosis and Gravity. Using a Cosmos’ DEX makes the swap procedure simpler (regarding user experience and tech required ) and with lower fees when compared to Ethereum. Considering swaps on Cosmos DEXes over Uniswap will be the choice of the great majority of traders for the reasons explained above, Starname won’t be part of Uniswap any longer.
We are leaving Uniswap 👋🦄 — what does that mean and how will that be?
- Leaving Uniswap means the 🌉 bridge $IOV ➡️ $WIOV (Cosmos to Ethereum) is now closed. ❌
- The 🌉 bridge $WIOV ➡️ $IOV (Ethereum to Cosmos) will remain open until July 7th (the day Gravity DEX will be launched). (edit on July 1st, 2021: we have announced previously that the deadline to cross back to Cosmos was July 7th, 2021. This date has been extended and a new deadline is to be announced).
- The WIOV tokens that remain in the safe of Starname will be added to the burns we are doing already to enhance our tokenomics. In other words, some extra tokens will be burned. 🔥
In a few words, leaving Uniswap means that $IOV will be on two new decentralized exchanges on Cosmos, $WIOV holders have until July 7th to cross the bridge back and some extra tokens will be added to our burn schedule. ✅
Uniswap being replaced by Osmosis and Gravity DEX happens during IBC development and tokenomics enhancement. Things are aligned and we are thrilled to be in Cosmos! 🌌
Stay tuned for more updates!
