Polkaswap Ecosystem Updates #79, July 10, 2024
Exciting updates in the Polkaswap ecosystem: new Telegram Mini App, tokenomics upgrades, fiat currency support, HASHI Bridge integrations, and enhanced analytics.
Welcome to the latest Polkaswap Ecosystem Updates!
In this issue, we will cover the exciting developments underway for Polkaswap. Key features include the integration of Polkaswap as a Telegram Mini App, significant tokenomics upgrades, Kensetsu improvements, support for nearly 50 fiat currencies, and the HASHI Bridge integration with the Astar Network.
Additionally, a new statistics service, Subsquid, enhances analytics capabilities. These upgrades promise to bolster user experience, liquidity, and interoperability across the SORA network.
Polkaswap as Telegram Mini App
🥁 Drum roll… Polkaswap is becoming a…. telegram mini app!
Polkaswap is now accessible directly within the Telegram messaging platform. This integration allows users to trade cryptocurrencies seamlessly without leaving the Telegram app. Check it out.
We are also excited to announce that Polkaswap is now listed on ton.app 💱
Please take a moment to leave your reviews about Polkaswap on the ton.app website!
Why does this matter?
Unmatched Accessibility: Trade directly within one of the world’s most popular messaging apps.
Increased Engagement: Tap into Telegram’s vast user base for a more active trading community.
Ultimate Convenience: Simplified trading process for both new and experienced users.
Tokenomics Upgrade Support & Kensetsu Improvements
Polkaswap supports the significant enhancements recently made to the SORA network tokenomics and has made meaningful steps to improve the Kensetsu borrowing platform based on your comments and feedback.
Why this matters?
SORA Builders support: Exploring new ways about the ecosystem growth and development activities.
Expanded Kensetsu Platform Utilization: The Kensetsu platform now supports a variety of debt tokens, enabling users to borrow a wider range of assets and explore entirely new use cases.
Support for Multiple Fiat Currencies
Users can now view their trades and holdings in various fiat currencies, including about 50 currencies. This feature ensures that users can easily understand the value of their assets in their preferred currency.
Why does this matter?
User-Friendly Experience: Familiar currency references make trading more intuitive.
Global Appeal: Catering to different currency preferences attracts a broader, international user base.
HASHI Bridge to the Astar Network
The successful integration of the HASHI Bridge with the Astar network after opening an HRMP channel between both blockchains enables cross-chain transfers, bringing seamless interoperability between SORA and Astar.
Why does this matter?
Seamless Interoperability: Effortlessly move assets between SORA and Astar.
Expanded Ecosystem: Greater connectivity with other blockchain networks boosts user engagement and liquidity.
New statistics service support — Subsquid
Polkaswap has integrated a new statistics service, Subsquid, to enhance the platform’s analytics and data-exploring capabilities.
Ongoing Developments
As we continue to push the boundaries of DeFi, several notable items are currently in progress:
- Asset Owner page — 90% complete.
We’re proud to present a groundbreaking innovation to the asset creation process on Polkaswap, designed with a focus on user-friendliness and intuitive functionality. This feature empowers asset creators to issue new tokens effortlessly with just a few clicks. This streamlined token launch process not only simplifies the creation of new assets, but also fosters innovation and enhances liquidity on the Polkaswap platform.
By making token issuance more accessible, we’re opening the doors for diverse projects to join our ecosystem. Whether you’re a seasoned developer or a newcomer, Polkaswap’s enhanced asset creation tools ensure a seamless experience from start to finish.
The first phase has been successfully implemented. Now, development is focusing on the simplification of asset creation, different asset natures, and something new and exciting called SBT tokens. Soulbound Tokens (SBTs) are digital identity tokens that represent the traits, features, and achievements that make up a person or entity.
- Governance page — 15% complete.
We’re delighted to share exciting progress on the development of a Governance page directly on Polkaswap! This feature represents a pivotal advancement in our mission to foster decentralized decision-making and community engagement within the SORA ecosystem.
The Governance page will be the central hub for all community-driven proposals and voting activities. Users will have the ability to:
Propose New Ideas: Submit proposals for new features, improvements, or changes within the SORA ecosystem.
Participate in Voting: Engage in the decision-making process by casting votes on active proposals, ensuring that every voice in the community is heard and valued.
Track Proposal Progress: Stay informed about the status of proposals, view detailed information, and monitor voting outcomes in real-time.
Our development team works diligently to ensure the Governance page is functional, user-friendly, and secure. We are incorporating feedback from our community to refine the interface and enhance the overall user experience.
- HASHI Bridge to the Moonbeam Network — 10% complete.
Development is underway to integrate the HASHI Bridge with the Moonbeam network. This bridge will further expand Polkaswap’s interoperability once completed.
Why does this matter?
Future-Proofing: Prepares Polkaswap for broader blockchain integration.
New Opportunities: Attracts more users and liquidity from the Moonbeam ecosystem, enhancing platform growth.
Help us Get Better
The Polkaswap Bug Bounty is ongoing! Submit your findings to the Immunefi platform!
Read this article on the SORA / Polkaswap Bug Bounty Programme for more information and participation rules.
Bottom Line
As Polkaswap continues to evolve, we’re committed to pushing the boundaries of decentralized finance (DeFi) with innovations like the HASHI Substrate Bridge expansions and upcoming features such as the Governance page. Stay tuned for more updates, and join us in shaping the future of digital asset exchange within the SORA ecosystem. Don’t forget to participate in our ongoing Bug Bounty program to help us maintain the highest security standards. Together, we’re building a more accessible and vibrant DeFi landscape.
If you missed the previous ones: June 5 / April 23 / March 15 / February 29 / January 29 / 2023 Year in Review / December 15 / November 19 / October 26 / October 4 / September 18 / August 31 / August 18 / July 28 / July 4 / June 16.
About Polkaswap
Polkaswap is a next-generation, cross-chain liquidity aggregator and hybrid AMM and order book DEX on the Polkadot (and Kusama) network(s), parachains, and blockchains connected via bridges. Through the development of bridge technologies, Polkaswap enables Ethereum-based tokens to be traded. This is done seamlessly, at high speed and low fees, while exchanging assets in a non-custodial manner on the SORA network.
Polkaswap utilises liquidity aggregation technology to trade against multiple sources, promising to solve critical problems AMM DEXs face, such as impermanent loss and pair fragmentation. As an open-source project, it allows the community to add more liquidity sources, enhancing its potential. Polkaswap is the first cross-chain, fully decentralised exchange interoperable via bridges with Polkadot, Kusama, and Ethereum, with Bitcoin and various EVM-based ecosystems coming soon.
