One Year Journey — Time for A Throwback
It’s been a year since we first started working on Jelly. Let’s have a throwback to our journey.
The goal
Almost a year later we take a brief moment to analyze the current state of the application, the progress and all the challenges we faced.
We started with the ultimate goal to solve the interoperability issue between the different blockchains by building a decentralized and trustless peer-to-peer infrastructure for value transfer between as many networks as possible.
This is what we have eleven months later:
Background story
Behind Jelly stands a small but solid team of enthusiasts based in Bulgaria that never stops exploring and building… but literally NEVER.
The past experience of the team includes building different dApps and a whole complex DEX application based on Ethereum. We consider all that as a part of the preparations for JellySwap protocol and this multichain, multi smart contract cutting edge challenge that we’ve accepted. After asking ourselves many times “Why is everything built on Ethereum, why someone is not building an interoperable DEX that connects all networks”, we saw the niche and jump for it. We wanted a real value transfer; real BTC on the BTC network rather than tokenized BTC on Ethereum or tokenized BTC on some sidechain.
One year later it seems that we are getting closer to our initial idea. As our CTO tweeted recently:
Jelly infrastructure
We stepped on the solid basis of the HTLC contracts and upgraded them in a way that today anyone can participate as a taker, a liquidity provider, or as a part of the dev-community behind the protocol. As a result, you can add liquidity to the protocol, earn profit from the trades, and exchange your assets for one another.
Networks:
So far we’ve integrated three blockchains — Bitcoin, Ethereum and Aeternity. Research for integrations of other networks is currently on the go.
Jelly Watchtower:
This is a service that keeps track of all swaps in all supported networks. It handles the specifics of each network (e.g. chain reorganizations). Thus all our products use directly the tower, instead of calling each of the networks. As a result, it saves a lot of network bandwidth and improves the overall user experience. This service is deployable and everyone can deploy their own version of the tower.
Butler:
This is our automated market making application. Every user who is interested in providing liquidity to our protocol is able to run their own version of Butler and become part of the liquidity provider network. Our providers earn not only form spreads but also from our Incentive program that pays them 12.6% annual interest. Check it out here.
Aggregator:
All the available Butler nodes (which are run by the liquidity providers) report to the Aggregator. Then he sends the aggregated data to the UI that chooses the best swap rates for our takers.
UI — https://app.jelly.market/
We’ve made a lot of efforts to build the UI as simple as possible. Our main goal was to achieve Uniswap-like design that is self-explanatory and easy-to-use. The specific thing here is that every user can run his/her own instance and connect to all other services of the Jelly infrastructure.
Stats — https://stats.jelly.market/
Guided by the intention to stay transparent and honest about every aspect of our project, we’ve built this website to show you real-time data about the volume, history of swaps, available liquidity, liquidity providers and rewards.
Integrations:
Here we are integrating key features of the current DeFi space in order to expand the use cases of our platform. The idea is to give more opportunities to our users to earn profit and use efficiently their assets.
- earning interest — here you will find the Aave lending protocol, MakerDAO DSR and MakerDAO Vaults. All of them can be used on Jelly directly after swapping. The idea: swap and deposit — start earning interest on your assets immediately. One common use case for our users became the opportunity to swap BTC-> WBTC and open a vault directly from our platform.
- crypto/fiat off- & on-ramps — RampNetwork, Mooni and PayTrie gives you the opportunity to enter or exit the crypto market by buying or selling crypto against fiat. Actually the easiest and truly decentralized way to buy Bitcoin which excludes all kinds of KYC and verifications is by using the following combination — buying ETH/DAI via the integrated ramp-ups and swapping them for BTC on Jelly. Done — you are a proud owner of BTC.
- wallets — we’ve diversified the connect options by integrating the most popular wallets in the crypto space — MetaMask and Ledger which are the most preferred options when searching for security. We’ve also integrated other wallets that provide a simple interface and guarantee connecting in a few clicks — Fortmatic, Torus and Brainwallet. Which one you’d prefer to use depends on your personal choice.
Conclusion
After analyzing the past, we would prefer to finish with a thought about the future. So far, so good. What’s next?
Lately, we spent a lot of time on exploring suitable DeFi integration and partnerships with the coolest DeFi projects. And we will continue doing that. But we won’t lose our main focus — connecting the different networks. So, what you can expect in the near future are integrations of other blockchains such as AVA, EOS, Tron, etc. That’s our main field of research at the moment.
But maybe the most awaited upgrade of our product is the mobile version. And it is coming at the beginning of August to offer a super easy to use cross-chain mobile wallet.
If you have any idea on how to improve our product or you want to suggest the next integration, drop a line in of our groups: https://t.me/jelly_swap; https://discord.gg/3fCbp9U.
For more information about Jelly:
Landing page: https://jelly.market/
App: https://app.jelly.market/swap
Whitepaper: https://jelly.market/documents/Jelly-Swap-Ecosystem.pdf
Github: https://github.com/jelly-swap
Twitter: https://twitter.com/jelly_swap
Telegram: https://t.me/jelly_swap
