After months of non stop work we have multiple good news to share with the community! First, our Uniswap based decentralized exchange is now ready at http://www.koingfu.com , while for our testnet we deployed the Sushiswap contracts and frontend, for our mainnet we decided it was extremely important to deploy Uniswap instead. Let me share some details of why we did this.
First, let me just say what an amazing job the other teams working on decentralized exchanges are doing. Ben, Mist, Tango, upcoming Verse and others, are working on secure platforms and we are very happy to see them grow with users and volume. We needed to wait a bit before launching our swap, as launching before farm incentivized swaps created a risk of them inadvertently doing a vampire attack on us. You can read more about vampire attacks here: https://finematics.com/vampire-attack-sushiswap-explained/. Now that the farms are in place, and users had time to farm multiple tokens to a certain level of inflation the risk is low. We are trying to position our swap so that it does not compete with farms, but instead complements them. Is also important to notice in order for farms to work, farm swaps need flexibility on their token issuance, while in our case the issuance is fixed, so an incentive for users to move part of the liquidity to us. While we where very quick to deploy the Swap on testnet, doing so for our mainnet took a lot more care. We put in place security infrastructure and practices to deploy the contracts securely, and creating a path to move from V2 version of the contracts, to V3 version as soon as the Uniswap license allows us. The technical and legal roads selected by Uniswap and Sushiswap/Pancakeswap are very different, and we believe future development of these projects will deviate them further apart.
There were technical and legal reasons for us to avoid a farm based swap like Sushiswap or Pancake swap. As part of our plan, we have deployed our contracts not only on SmartBCH but on multiple networks, so that we can then bridge all the networks together and incentivize value to flow into SmartBCH. The extra complexity of farms contracts did not fit well with this idea. As for the legal reasons, we are following the same path that Uniswap took, farms increase legal responsibilities and stop us from being covered by prior Uniswap legal framework. Sadly a certain level of compliance means that for now we are unable to provide service to the USA and other restricted countries, just as the upcoming Verse platform is also limited to. Thankfully there are multiple other swaps on the ecosystem that do not have this restrictions and can serve all countries.
We would like to thank all the community that supported us, if you contributed to our Flipstarter we will be gifting you our new token "$Ki" to show our appreciation for your support. We will be doing an additional post with details of our token Ki and how we are distributing it. Trading of our token "Ki" will start when this post is 24 hours, so that everyone can get a fair start. Ki is central to our community, contracts and DAO plans.
We have done a lot of work on our bridge, after testing several bridge implementations including RSKBridge and Wormhole bridge we decided the right thing to do was to build our own. We will follow up this post with full details on our new bridge design. We are also preparing a white paper with a more technical explanation of everything we are building, and will share it as we move forward
The extra time allowed us to work on a few new things, our contract verifier is turning into a multi network block explorer. As we made progress with our multi-network bridge it became clear that we needed several tools that are not part of our ecosystem so we build them. The multi-network explorer is extremely important as it allow to access the information needed for users to validate bridge transactions. Following the same ideal of the SmartBCH EVM design, we have also done a lot of optimization work, you will notice that our contracts burn a lot less gas than the other swaps, not only on SmartBCH but on the other EVMs we have deployed to.
Again a BIG thank you to everyone on the community for your support! We are only getting started, have a lot to share and cant wait to show you all the cools things we have been working on!
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source https://www.reddit.com/r/btc/comments/tw8yh8/good_news_everyone_the_koingfucom_decentralized/
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