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Minswap English

Minswap Test Flight Mission Announcement

Today, Minswap is excited to announce that the official date for the launch of our upcoming testnet will be the 25th of January! The Laminar Flight Test mission is of key importance towards our next step, landing safely on the mainnet! We look forward to receiving feedback from the community members that explore the testnet and will need their help to identify issues and bugs. In addition, we would like to announce that our audit with Tweag is already under progress.

In the following days, we will reveal our new incentive mechanism for the launch of this second iteration of our testnet. But before that, we want to shed some light on the rewards for the previous testnet as well as to update our community on the technical progress we have made since the first iteration.

Previous Testnet Participation Rewards

We owe our community an update regarding the testnet participation rewards for the first testnet. We promised 5 million MINt would be rewarded to users based on participation and we want to keep that promise. As we established in the first article regarding testnet rewards, you must have stored the 24-word seed phrase in order to claim the incentivized testnet rewards. Later, these will be airdropped to that wallet used in the testnet, as it can be restored in a Yoroi or Daedalus mainnet wallet. Rewards will be calculated according to the metrics set in the aforementioned article. First and second testnet rewards will be claimable from the same date, throughout a period of 10 days (2 epochs). The date to claim them will be announced later on.

Technical Features

We have made strong technical progress since our last testnet deployment. We geared most of our efforts towards optimizing the transaction size of our smart contracts and are glad to have achieved significant throughput thanks to that. A recent load test we conducted on the public testnet resulted in 12 swaps per batch transaction and 4 batches (48 swaps) per block. This would equate to 144 swaps (or transactions) per minute meaning 2.4 swaps per second.

While we believe these are very promising numbers, we would like our community to bear in mind parameters in testnet are up 11.11% in comparison to mainnet, and that this load test was conducted only for one block. In our next update, we will publish our numbers for a prolonged load test conducted on mainnet, which will be a more representative benchmark regarding the throughput once we deploy. If you are curious, you can find our load test results here: https://testnet.cardanoscan.io/transactions?blockHeight=3230825

Furthermore, we designed our batching solution to address concurrency named Laminar, which allows multiple operations in one block while being DoS-resistant. In the first release of Laminar on our upcoming testnet and mainnet, only a handful of trusted batchers will batch transactions. In Laminar’s first phase, the Minswap team will be batching all transactions while polishing the batching software and algorithm. In the second phase, we will expand the batcher selection to an elected number of reputable and technically capable SPOs. We expect to start implementing the permissionless and decentralized phase two of our Laminar solution after CIPs 31–33 have been implemented.

Moreover, we are very excited to have integrated with Nami’s dApp connector! Integration with further wallets is dependent on them rolling out their dApp connectors. Nonetheless, we are working to integrate in our testnet the following 6 wallets: Typhon, GeroWallet, CardWallet, CCWallet, Flint, Yoroi.

In addition, we have added a novel feature since our last testnet, namely Zap-In. This is a feature that simplifies the process of providing liquidity for users who might only have one asset of the pair they want to provide. The user would only need to provide one asset of the pair they have selected to provide and half of the amount of this asset would be automatically swapped for the remaining asset of the pair, so the user can receive their LP tokens in a single transaction.

Closing Remarks

As we reflected in a previous article, our first testnet iteration was not optimal. We acknowledged and learned from it, and it has only spurred us to work harder to build a DEX that is up to the demands of the community. That being said, as other DeFi protocols have been stressing, we believe it is highly important to set realistic expectations when utilizing any of the early versions of Cardano based DeFi dApps.

Cardano is still in its early stages as far as dApp development is concerned. Thus, joint efforts such as the CDA (Cardano DeFi Alliance) are of the utmost importance, to set up a framework for Plutus protocol development that leverages the Cardano blockchain’s strengths to create a robust and dynamic DeFi ecosystem. Naturally, the road towards that objective will be progressive and challenging, so we count on the support of the Minswap and the greater Cardano community on every step of the way.

Follow Minswap on Medium and other channels below to keep up to date with the latest news!

Medium: https://medium.com/minswap

Discord: https://discord.gg/ZhUV6wjx

Twitter: https://twitter.com/MinswapDEX

Telegram channel: https://t.me/MinswapMafia

Reddit: https://www.reddit.com/r/MinSwap/

Merch: https://minswap.creator-spring.com/

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Minswap Labs

Minswap Labs

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Minswap is the multi-pool decentralized exchange on the Cardano blockchain: https://minswap.org