The Future of Decentralized Exchanges
Over here at WhaleSwap we’ve been working hard to get everything in order for our recently released DEX. We have been testing, optimizing, fixing and planning the future.
We want to bring the best of everything to our users and we have proven we can with our BSC launch. To date, we are cheaper for stable swaps than our biggest competitors, as shown in a recent tweet.
In the near future we plan to be listed on some DEX aggregators, by being the cheapest choice we will pick up all the trades, increasing volume (and fees!) exponentially. We are very excited by this but it’s only one part of our grand plan, each part is designed to increase token scarcity and rewards for our yield farmers.
We have recently released a new roadmap in our docs with a high level overview but I will go over it in detail here.
Cross-Chain Yield Farming
Although our exchange technically has contracts on 6 different chains right now, they don’t have liquidity. Without liquidity, there’s no trades.
Of course nobody provides liquidity for free, that’s why we have our POD token but the rewards are currently only on BNB Chain. The solution to this is obvious, although other projects don’t seem to have caught on all we need to do is split the token over all the chains we support.
In the long term, we want to support every chain with good TVL but by the end of this quarter, we’re going to be supporting the first 7.
The chains we will support first are:
- BNB Chain
Now, having POD emissions on all these chains is great for everyone as long as we’re careful with emissions. The value of the token on one chain will affect it on another, so to ensure the value is not diminished we are splitting the emissions between each chain based on that chains block time and estimated share of TVL.
This means we will have the same total emissions with significantly more exposure and access to much more of the total DeFi TVL and ecosystems!
To bring this a step further, we are going to be merging these into something which will be the future of DeFi.
By having liquidity on multiple chains, we can do swaps from any token on one chain to any token on another with a little DeFi magic.
Our solution isn’t public yet, but by routing through the right places we can offer almost instant transactions cross-chain with much lower complexity and fees than typical bridges.
This will be a world first with liquid, cheap, immediate, cross-chain swaps from any token to another chain with any other token.
We have said it before and we will continue to say it. We are committed to simplifying DeFi on all chains for everyone. By the end of the year we will have yield farming and cross-chain swaps rolled out on 10 chains and we will continue adding more and more chains with all the features.
We also plan to ship our lending platform along with leveraged yield farms on all these chains before the end of the year, safe to say we will be busy!
A dedicated post will be released for these later in the year.
Next Year and Beyond
In our roadmap you can see we have products shown through to mid next year.
DeFi moves fast so it is hard to estimate what will be happening by then, but we have big plans as the minimum we want to do anyway.
In the first quarter we plan to redesign the exchange UI/UX, add support for traditional trading primitives such as limit orders and stop losses, add a fiat on/off-ramp, add more chains and maybe most importantly, add cross-chain atomic swaps. Each of these could warrant a post of its own but for now I will just quickly explain the atomic swaps.
Our cross-chain swaps will be great but it will still be bridging through a third party. Early next year we will replace this with a WhaleSwap equivalent that will enable users to get faster swaps cross-chain with absolutely 0 fees.
With this we will realize our goal of truly combined liquidity, you could for example swap ETH->USDC on BNB Chain and have that transactions split over several chains and back to BNB Chain without ANY additional cost. It will truly realize the dream of breaking down the barrier between blockchains.
From here we plan to further launch on more chains very quickly, at this point you will be able to swap on a very small chain using the deep liquidity of a chain like Ethereum.
On top of this we will develop extra features such a concentrated liquidity pools to further improve the trading experience but by this time I bet we will be doing even more!
We are looking forward to this so much and plan to significantly scale our operations before then, thanks everyone for the support so far and in the future!💖