✗fai: Tech update 👨🏻💻
Date: 05.07.2023
Greetings XForce, it has been quite a while since we wrote a tech update and provided some breadcrumbs for the next planned steps. Let’s first start with some important tech updates:
INFT Redeployment
Even though the official audit report did not discover any bugs or exploits within the Xfai contracts, the team at Xfai discovered one issue that is not code related: One of the parameters during the INFT contract deployment was not correctly calculated and initialized. The fault for that is my own. We can explain the technical nature of the issue in greater depth in the community channel, but the important takeaway for this blog post is that the INFT contract needed to be redeployed. We already airdropped the new INFTs to everyone’s address (the INFTs got airdropped to the addresses that owned the previous INFT). The new INFTs contract address is:
0xe5840e8a0Ff758D4F9a356F5A2F3914202A81e6f
We apologize for the inconvenience. The DEX fees will from today on be routed to the new INFTs. We are just happy that the issue was discovered now, rather than later.
Updates & Breadcrumbs
We will share a marketing / liquidity blog post another time, but in a nutshell: Talks are going good and most liquidity providers seem interested. Everyone however also wants to see APR results. There’s a chicken and egg problem. To help bootstrap continuous volume on the DEX, and through that show continuous fees on the analytics page, we decided to build an arbitrage bot. The bot should be ready in 1–2 weeks. We will provide a step by step tutorial on how you can build your own bot together with the documentation (which we will also publish soon). We believe that the amount of LP fees collected through bot trading will convince even the most skeptical liquidity provider about Xfai’s performance.
Even though there are already a lot of arbitrage opportunities on Xfai (because of market fluctuations), we have not seen much volume from 1inch enter Xfai. We found that strange, and after a bit of digging discovered that 1inch is experiencing a bug when trying to fetch Xfai pools. We reported the issue, and believe that 1inch will be able to fix the issue quickly.
After the arbitrage plan, we will spend a few weeks optimizing the gas efficiency of the periphery contract. Cheaper trades == more trades.
That wraps up the first tech phase of Xfai. After that, we will brainstorm and start designing V2 👀. We already have some exciting ideas, and thanks to Xfai’s Core contract design, upgrading to V2 will be super easy, once it’s ready.
As always, we’re incredibly excited to revolutionize DeFi with the Xfai DEX and to soon be sharing our innovations with the world. Thanks for your amazing support on this journey, XForce!
Reach XFai
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