Trade This for That — A New dApp Coming Soon from Totle
Totle Swap will provide a simple interface on top of a powerful DEX protocol
Today I’m going to be walking through a new product we’re building here at Totle. It’s built on the upcoming v2 of the Totle protocol - a liquidity layer built on top of 14 different decentralized exchanges including Uniswap, Kyber, and Radar Relay.
Where We’ve Been
In 2018 Totle released the Totle Portfolio Dapp to make it easy to manage a portfolio of ERC-20 tokens and make trades across multiple DEXs — all from one interface. It was a unique UI that asked a user to move sliders to adjust portfolio allocation percentages.
Potentially lost in this rebalance UX was this powerful system of DEX aggregation and routing.
Not only was there real-time price comparison across a dozen exchanges, but users could submit one transaction to the Totle smart contract and perform multiple buys and sells over multiple DEXs — all in the next Ethereum block.
After much interest from third-party developers, wallets, and funds, the focus shifted to a B2B platform model. Dozens of developers, funds, and other businesses are building on the Totle platform.
We’ve been working closely with a number of organizations building on the Totle API. However, we began to realize that the underlying API and a set of smart contracts, originally built for the Portfolio dApp, needed an overhaul.
Where We’re Going
As we announced earlier this month, Totle V2 is being built entirely from scratch and will lead to a more powerful, scalable, and flexible protocol.
It became clear we need a new product, a consumer interface, that would illustrate the platform’s potential. It needed to accomplish two things:
- Simple UX: quick swaps (a familiar experience), instead of the complicated sliders.
- Powerful Platform: we need to make sure we show off the underlying tech powering this single-source of decentralized liquidity.
The goal is to create a better experience than any other token swap product, but had to make sure it illustrated how Totle’s “engine” optimized prices across 14 DEXs (mixing and matching multiple orders), while maintaining the security of decentralized trading.
Walkthrough
Step 1: Engage the User
We start with a simple main screen to kick off the process. Bold letters, clean design.
Choose the tokens you want to give, and then choose the token you want to receive.
Step 2: Choose a Token
Next is a one-tap token selection, and where our “token first” approach really comes into play.
We’re focusing on token education and only listing a few dozen tokens with the most liquidity across our network of DEXs.
We want this to be a top-notch user experience.
Step 3: Price Optimization
After choosing your tokens, a loading screen will appear to show you how we source each exchange for the best price.
We want you to understand what’s going on behind the scenes.
In this token-to-token swap example, we are finding multiple trading pairs. One for OMG → ETH and another for ETH → CVC.
Step 4: Review and Submit
After confirming the trade, you have the option to “View Trade Details”. This provides detailed information on each transaction, showing were it found the best trade price.
In the interest of full transparency, we even show additional orders not selected by the suggester. Users are informed with facts every trade to be sure they are getting the best price.
Step 5: That’s it!
Once the trade is sent to the chain and the block is mined, you see a screen confirming the transaction.
Stay tuned for an upcoming launch of Totle Swap this Summer. Shoot me an email or tweet if you’re interested in beta testing.
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