Nervos welcomes DEX demo project Gliaswap with live demonstration on Dec. 16th
After two months of behind-the-scenes development, we’re proud to announce Gliaswap, a new, cross-chain DEX demo project is coming to the Nervos ecosystem.
An example project built on Layer 2 of the Nervos blockchain, Gliaswap showcases the vast potential of the Nervos ecosystem and our approach to interoperability. This is a huge step forward for Nervos’ DeFi infrastructure and decentralized exchanges, as it enables users to trade and earn cryptocurrencies more easily and efficiently.
Gliaswap is an open-source project released under the MIT License, so anyone is welcome to fork, modify and deploy their own version. The demo is currently deployed on our testnet Aggron.
What makes Gliaswap different?
The current blockchain and cryptocurrency industry is extremely fragmented. Those who want to trade in a decentralized way may find themselves in a situation where they have to install multiple wallets and create multiple accounts on various chains to participate in DeFi. But on Gliaswap — powered by pw-sdk — you don’t have to install a CKB-exclusive wallet or create a CKB-exclusive account; you can simply connect with your existing Ethereum wallet on Gliaswap instead of installing a CKB-exclusive wallet.
Gliaswap is able to support most mainstream wallets, including several Ethereum Wallets, Tron Wallets and more. Gliaswap operates in a non-custodial manner which means you don’t need to deposit assets to a third party. Just connect your Ethereum Wallet, then you can start to place orders or add liquidity on Gliaswap.
Currently, Gliaswap already supports Metamask and WalletConnect in the alpha version and the Nervos team is actively working on supporting more wallets and chains.
Use your ETH assets to buy CKB in ONE trade
Gliaswap supports one-step cross-chain swaps between Ethereum and CKB which means you only need to sign in once when trading your ETH with CKB. This works in a decentralized way with the help of Force Bridge cross-chain protocol.
There are some DEXs with integrated cross-chain functionality already available. However, users are required to make two to three trades instead of just one and an existing knowledge of cross-chain is needed to make those trades, making it difficult for new users to be onboarded. In Gliaswap, the user experience is our number one priority. Using Force Bridge, we bring our users a totally new cross-chain experience. Simply connect your Metamask on Gliaswap, and you can use your ETH to buy CKB in one trade! It is a similar experience to trading on a centralized exchange and even better because users don’t need to create an account and deposit their assets to a third party.
Trade and earn on Gliaswap in a user-friendly environment
1. Limit orders are now supported
On Gliaswap, you can schedule your Buys & Sells orders. In most AMM (Automated Market Maker) DEXs, users can only swap their token instantly at market price, which is not enough for professional traders. With the Gliaswap platform, you can seamlessly schedule recurring buy orders or sell orders with specific parameters, such as the price range of a token. Your orders will be matched with other orders or pools automatically. In the alpha version, you already can place limit orders on-chain. Moreover, we’ve provided the live order book which will help you to better understand the current market.
2. Schedule a price to add or remove your liquidity
If you’re an automated liquidity provider, you can also earn trade fees on Gliaswap. Different from other AMM pools, Gliaswap provides a novel way for liquidity providers to minimize impermanent losses.
Impermanent loss occurs when the price of your tokens changes from the time you deposited them in the pool. The larger the change is, the bigger the loss. While you still could face impermanent losses on Gliaswap, you are able to set a price range, which means your liquidity will be added or removed from pools automatically if the price falls or increases past the range you set. In the next version of Gliaswap, we’ll release this functionality.
3. Earn risk-free profit as a deal-miner
One of the best parts of Gliaswap is that we don’t have a centralized matching contract or parties, so anyone can be a deal-miner and match orders.
Working as the “system executors,” deal-miners retrieve the order cells and the pool cells on chain and then compete to match them by submitting matching transactions. The winner in the race will get the trading commissions claimed in the order. However, the other deal-miners don’t suffer any losses, since CKB won’t charge any fees for failed transactions.
We open sourced a simple deal-miner software for basic use. Information on how to deploy it can be found on GitHub. This software is a starting point for you to develop your own solution. You can maximize earnings by identifying and implementing your optimization strategies.
Benefits of the Networked Liquidity
Gliaswap adopted Glia Protocol, an open protocol for decentralized exchanges on the Nervos CKB blockchain, with the goal of building a layer of networked liquidity that will allow businesses to tap into a shared liquidity network of CKB assets.
In Glia Protocol, orders and pools all represent liquidity. An order is one user’s promise to swap a certain token for another token at a specified rate, while a pool is a group of many users’ promises. The Glia Protocol specifies the standard order format and pool format that formalizes this promise. Any dApps — not only DEXs but also other dApps that need to integrate exchange functionality — can share the liquidity by following the format specified in Glia Protocol. This results in a massive pool of “networked liquidity.”
Gliaswap will be the first DEX demo project to adopt Glia Protocol. We believe that when many dApps build on Glia Protocol, Gliaswap will leverage the networked liquidity to give our users the best price and the fastest trading experience.
RoadMap for Gliaswap
Below is our projected roadmap for Gliaswap. As you can see, development is expected to continue into Q2 of 2021.
- Dec.2020
Support sUDT/CKB Limit Order and cross-chain on Testnet
2. Q1.2021
Support sUDT/CKB AMM liquidity pool on Testnet
3. Q2.2021
Support sUDT/sUDT Limit Order and Pool
Watch the Gliaswap demo live
The Gliaswap demo was made and has been open-sourced by the MAKE Team, one of the teams building developer tools for the Nervos ecosystem.
During our end-of-year event hosted by Cointelegraph on Wednesday, December 16th, a Nervos Dev team member will offer a live demonstration of Gliaswap. Tune in at 12 PM ET for the demo and to get the latest updates on the Nervos ecosystem.
Start exploring Gliaswap and join the conversation: https://gliaswap.ckbapp.dev/
