SwapHub.
Uniswap, a decentralized exchange (DEX), has been around for two years. Its protocol design is known to be excellent enough to be referenced in many DeFi projects. SwapHub has evolved Uniswap’s protocol design to build on its robust design and add features that benefit the community.
SwapHub plans to move on to the next milestone in the next six months.
- Stage 1: Build SwapHub’s own staking ecosystem based on Uniswap’s protocol.
- Stage 2: Deploy protocols other than Uniswap.
- Stage 3: Form SwapHub’s funding pool and exchange LP such as Uniswap LP.
- Stage 4: Realize next-generation DEX ecosystem.
- Stage 5: Provide DeFi ecosystem, digital asset lending, etc.
Protocol design
Uniswap allows liquidity providers to receive trading fees from the liquidity pool only when they are actively providing liquidity. If you remove asset from the pool, you will not be able to receive passive income. Moreover, even if you provide liquidity in the early days, as Uniswap becomes more popular, and others become providing liquidity, then your income will diminish.
At SwapHub, you can get rewards of the form of HUB tokens by providing liquidity to the pool. Even if you no longer participate in the liquidity providing, you will still be entitled to a portion of SwapHub’s protocol fees by holding an HUB token. As an early participant in supporting liquidity, you become a key stakeholder in the protocol.
The income you get from staking is proportional to the number of LP tokens you are staking out of the total number of LP tokens staked. If you do not continue to provide liquidity, your holdings and the corresponding reward income will gradually decrease.
- Liquidity provider incentives
Uniswap allows liquidity providers to receive trading fees from the liquidity pool only when they are actively providing liquidity. If you remove asset from the pool, you will not be able to receive passive income. Moreover, even if you provide liquidity in the early days, as Uniswap becomes more popular, and others become providing liquidity, then your income will diminish.
At SwapHub, you can get rewards of the form of HUB tokens by providing liquidity to the pool. Even if you no longer participate in the liquidity providing, you will still be entitled to a portion of SwapHub’s protocol fees by holding an HUB token. As an early participant in supporting liquidity, you become a key stakeholder in the protocol.
The income you get from staking is proportional to the number of LP tokens you are staking out of the total number of LP tokens staked. If you do not continue to provide liquidity, your holdings and the corresponding reward income will gradually decrease.
Token distribution
We recognize that many users are liquidity provider of the Uniswap pool. Therefore, we have designed a token distribution mechanism that allows existing liquidity providers to easily initiate the migration to SwapHub.
Anyone with Uniswap LP tokens can stake them into SwapHub’s initial pool to provide liquidity and earn HUB tokens. When you stake, the block <10825888>. You can check the block number here: https://etherscan.io/ (Rewarding will start around 12:00 on September 9, 2020 time in Tokyo) and you will be able to earn HUB tokens. After staking begin, On-chain governance determines which LP tokens can be listed on SwapHub. It is up to you.
Every time a block is created, 100 new HUB tokens will be issued. These tokens will be distributed evenly over those who are staking in the SwapHub pool.
However, in the first 200,000 blocks (~ 5 weeks), 200 HUB tokens will be allocated per block to facilitate the liquidity migration and favor early supporters. In other words, the first 200,000 blocks will be allocated 200 HUB per block and thereafter 100 HUB will be allocated per block.
The number of HUB tokens issued is limited. The token issue will continue from 10,825,888 blocks of 12,825,888 blocks and will stop after approximately 365 days. Including the bonus period, the total issue volume will be 220,000,000 HUB. Whether or not to issue additional tokens thereafter is determined by the governance of the community. See Etherscan for block number confirmation.
The first available pools are as follows:
● CeFi Stable Coins: USDT-ETH, USDC-ETH● DeFi Stable Coin: DAI-ETH, SUSHI-ETH, sUSD-ETH● Delicacy (2× reward): HUB-ETH
Once SwapHub is up and running, the community can vote to add pools and change HUB weight of any pool. These will be decided by you.
Rewards Distribution
At Uniswap today, 0.3% of all trading fees in the pool are prorated to the liquidity provider in the pool. On SwapHub, 0.25% goes directly send to liquidity providers, while the remaining 0.05% is converted to HUB through SwapHub and distributed to HUB token holders.
Ensuring project sustainability
Ensuring long-term viability and sustainability of projects is important. So following the previous project, 5% of all HUB tokens supply is reserved for developers at SwapHub
The Liquidity Migration
In the first 200,000 blocks (~ 5 weeks) since the protocol started, we will be migrating all liquidity tokens registered on the SwapHub contract. In this migration, you will get all Uniswap LP tokens staked on SwapHub and exchange each token pair at Uniswap. Then use those tokens to build the initial liquidity pool. These new pools will be similar to the standard Uniswap pools and the fees incurred will be distributed over the HUB token holders via the above mechanism.
Once the migration is complete, based on the newly constructed initial set of SwapHub pools, the protocol will be up and running immediately, Stakers do not have to do anything and will continue to receive liquidity to receive HUB token rewards.
Protocol Usage
At the protocol and smart contract level, SwapHub uses the same interface as Uniswap. So, if your current protocol is compatible with Uniswap, it’s relatively easy to integrate with SwapHub. Work with various DeFi and other ecosystem tools to begin SwapHub integration.
What Makes SwapHub Different to Sushiswap？
1. The SwapHub team is rewarded 5% instead of 10%.
2. The initial mining rewards period is not 2 weeks, but the first 200000 blocks(~5 weeks).During this time, 2x rewards will be distributed to per block.
3. The HUB Token is not an unlimited issue, and the first issue will stop at 12,825,888 blocks. Including the bonus period, the total amount of HUB tokens issued by staking will be 220,000,000 HUB in about 365 days. Whether or not to issue additional tokens thereafter is determined by the governance of the community.
The reason for setting the team reward to 5% is to reduce the price impact of developing team on the market as much as possible. Because of all the SUSHI tokens owned by the SushiSwap’s developers were sold on September 5, 2020, the token price plunged and causing an upset market. The formation of a healthy token price will be directly linked to the persistence of the ecosystem thereafter. For this reason, developing team of SwapHub receives reward less than SushiSwap.
All of these differences can be confirmed on the construct. If you would like to see the differences in contracts, please follow the link as follows.
https://github.com/swaphub-finace/swaphub/pull/1/commits/521ecd3bd07d0b508c472ee06c576653a68d604c
Security Audit
Security is important to us. We have made a small modification based on the Sushi Swap contract. Anyone can check with the contract comparison link above.
Shushi Swap, the basis of SwapHub, and have received a Quantstamp security review. As of September 6, 2020, SwapHub has submitted the audit request to Trail of Bits, PeckShield, OpenZeppelin, Consensys, Certik, Quantstampand Defisafty. Even during the application period, the differences between SwapHub contracts and Sushi Swap are open, so anyone can freely review the contents.
The contracts to be audited are all contracts in SwapHub’s smart contract repository (https://github.com/swaphub-finace/swaphub).
All of these contracts are in beta, so please use at your own risk.
Smart contract
The contract is available at https://github.com/swaphub-finace/swaphubwith a WTFPL license. Some code is from other projects including SushiSwap/Uniswap/Yam/Compound/OpenZeppelin and their licenses apply.
The list of contracts with a brief description is as follows.
HubToken: Uses token function and COMP/YAM voting function.
HubToken: Uses token function and COMP/YAM voting function.
- MasterChef: Deposit LP to the pool.
- SushiMaker: Collect income, convert to HUB, send to <SushiBar>.
- SushiBar: HUB stake to get more HUB.
- Migrator: Transfer from Uniswap to SwapHub using LP tokens.
- GovernorAlpha + Timelock: Governance element from Compound.
- UniswapV2: UniswapV2 contract with minor modifications for migration.
Every contract we create includes some reasonable test coverage. We will continue to do more tests. If you find any problem, please let us know via Discord (individually if it is a serious problem).
How to participate
You can use the https://swaphub.finance/ interface to stake LP tokens into the MasterChef contract to join.
Credit: Lots of UI code borrowed from Yam.
Distribution of HUB will start from block 10,825,888. If you want to get as many HUBs as possible be sure to stake LP tokens.
How to participate
You can use the https://swaphub.finance/ interface to stake LP tokens into the MasterChef contract to join.
Credit: Lots of UI code borrowed from Yam.
Distribution of HUB will start from block 10,825,888. If you want to get as many HUBs as possible be sure to stake LP tokens.
Community
●Discord: https://discord.gg/XdFGYr3
● Twitter: https://twitter.com/swaphubfinance
● Telegram: https://t.me/swaphub
AUTHOR
Bitcointalk Username: jamaah45
Telegram Username: @jamaah
Bitcointalk url: https://bitcointalk.org/index.php?action=profile;u=2502762
Wallet address (eth): 0x7A5df2D8D32b8f8e4FC6BF71D2BDfe69992D1C1B
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