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SaucerSwap: The Pioneering DEX on Hedera
You know I m always looking for potential gems, projects with fundaments and utilities regardless the chain because the market is full of good projects ready to spead the wings and fly. People are usually focused on the main chains such as ETH, BSC and ARB lately. But there are least popular blockchains which are pretty fast, cheaper and friendly with many projects with huge potential. This is the case of SACUERSWAP and its HEDERA chain which I want to talk today!
Without any firther ado, let's dive into this very interesting project and let's try to brak it down.
What is SaucerSwap and how does it work?
SaucerSwap is a fork of the most popular Uniswap V2 (on an on-chain system of smart contracts on the Ethereum blockchain) that leverages the Hedera Smart Contract Service (HSCS) to include Solidity smart contract integration with the Hedera Token Service (HTS). These smart contracts implement an automated market maker (AMM) protocol based on the constant product formula xy=k.
Here, liquidity is derived from pooled reserves, x and y of any two HTS tokens, such that the product of the reserves, k, remains constant while traders swap in the pool. Compared to other DEXes, swapping tokens on SaucerSwap is safer and affords an overall better user experience.
This is in part due to the fast finality, low fees, and unprecedented speed of the Hedera network. Furthermore, given that Hedera has no mempool, there is no risk of being frontrun. Quite intersting right?
SaucerSwap differs from Uniswap v2 in many fundamental ways, for example the Ethereum network uses the ERC20 and ERC721 standards for token operations (meaning tokens are themselves contracts) insted on Hedera, token operations are performed on HTS.
This is made possible by recent HSCS upgrades allowing smart contracts to use HTS through EVM precompiles. While it was always possible to create a DEX on Hedera using the ERC20 standard, the network can now fully support tokens created by and controlled through HTS, representing the novelty of SaucerSwap.
This is a significant differentiating factor, as SaucerSwap is positioned to take advantage of the network’s consistent and predictable fee structures for token operations.
Like any other DEX, users are the ones providing liquidity. You can do so by providing equal value parts of two HTS tokens to a pool in exchange for LP tokens, representing their share of the pool.
Furthermore, with the advent of HIP-329 anyone can create a liquidity pool. The incentive for liquidity provision arises in part from the 0.30% swap fee. 5/6 of these fees are aggregated and redistributed back to all liquidity providers on a pro-rata basis based on the amount of LP tokens they hold.
A further incentive to provide liquidity lies in a staple of most DEXs, which is yield farming. SaucerSwap is no exception and gives users the ability to stake their LP tokens in crop circles.
Each crop circle on the protocol corresponds to a liquidity pool (e.g., HBARX/DOV) and receives a weight of SAUCE emissions from the farm smart contract.
Users are still collecting fees whenever someone swaps between the pair they have provided, in addition to receiving farming rewards. Both crop circle and single-stake pools will have an additional feature, that being game-theory incentivized staking.
The rate of emissions is constant and 800M SAUCE will be released over a 3-year period. This release schedule is different from many protocols, who instead opt for a linear decay model where the rate of emissions decreases over time.
SaucerSwap will offer a full-suite of DeFi services and aims to be a one-stop-shop on Hedera. You can find everything you need on SaucerSwap: a bridge integration, single-sided staking, community pools, and a DAO-based governance model.
SaucerSwap is proudly partnered and supported by HBAR Foundation, which strenghten the fundamentals of this project imho.
If you don't know Hedera chain because you never traded there, don't worry...it is very easy and the best wallet to buy, hold and trade those projects through SaucerSwap is HashPack Wallet.
The price of Saucer right now is around 0.0188 USD and it is pretty good imho, considering the numbers I m gonna post here below and the potential of this project. So this is one of those I m gonna accumulate for the bullrun for sure!
Well, I hope you enjoyed my analysis on SaucerSwap the DEX on Hedera blockchain and don't forget to comment, like, share and follow me on my social (my twitter and my TG channel!). Let me know your thought about this project and as I always say, DYOR!
#Binance #DEX #DeFi #Hedera #Bullish #trading
Without any firther ado, let's dive into this very interesting project and let's try to brak it down.
What is SaucerSwap and how does it work?
SaucerSwap is a fork of the most popular Uniswap V2 (on an on-chain system of smart contracts on the Ethereum blockchain) that leverages the Hedera Smart Contract Service (HSCS) to include Solidity smart contract integration with the Hedera Token Service (HTS). These smart contracts implement an automated market maker (AMM) protocol based on the constant product formula xy=k.
Here, liquidity is derived from pooled reserves, x and y of any two HTS tokens, such that the product of the reserves, k, remains constant while traders swap in the pool. Compared to other DEXes, swapping tokens on SaucerSwap is safer and affords an overall better user experience.
This is in part due to the fast finality, low fees, and unprecedented speed of the Hedera network. Furthermore, given that Hedera has no mempool, there is no risk of being frontrun. Quite intersting right?
SaucerSwap differs from Uniswap v2 in many fundamental ways, for example the Ethereum network uses the ERC20 and ERC721 standards for token operations (meaning tokens are themselves contracts) insted on Hedera, token operations are performed on HTS.
This is made possible by recent HSCS upgrades allowing smart contracts to use HTS through EVM precompiles. While it was always possible to create a DEX on Hedera using the ERC20 standard, the network can now fully support tokens created by and controlled through HTS, representing the novelty of SaucerSwap.
This is a significant differentiating factor, as SaucerSwap is positioned to take advantage of the network’s consistent and predictable fee structures for token operations.
Like any other DEX, users are the ones providing liquidity. You can do so by providing equal value parts of two HTS tokens to a pool in exchange for LP tokens, representing their share of the pool.
Furthermore, with the advent of HIP-329 anyone can create a liquidity pool. The incentive for liquidity provision arises in part from the 0.30% swap fee. 5/6 of these fees are aggregated and redistributed back to all liquidity providers on a pro-rata basis based on the amount of LP tokens they hold.
A further incentive to provide liquidity lies in a staple of most DEXs, which is yield farming. SaucerSwap is no exception and gives users the ability to stake their LP tokens in crop circles.
Each crop circle on the protocol corresponds to a liquidity pool (e.g., HBARX/DOV) and receives a weight of SAUCE emissions from the farm smart contract.
Users are still collecting fees whenever someone swaps between the pair they have provided, in addition to receiving farming rewards. Both crop circle and single-stake pools will have an additional feature, that being game-theory incentivized staking.
The rate of emissions is constant and 800M SAUCE will be released over a 3-year period. This release schedule is different from many protocols, who instead opt for a linear decay model where the rate of emissions decreases over time.
SaucerSwap will offer a full-suite of DeFi services and aims to be a one-stop-shop on Hedera. You can find everything you need on SaucerSwap: a bridge integration, single-sided staking, community pools, and a DAO-based governance model.
SaucerSwap is proudly partnered and supported by HBAR Foundation, which strenghten the fundamentals of this project imho.
If you don't know Hedera chain because you never traded there, don't worry...it is very easy and the best wallet to buy, hold and trade those projects through SaucerSwap is HashPack Wallet.
The price of Saucer right now is around 0.0188 USD and it is pretty good imho, considering the numbers I m gonna post here below and the potential of this project. So this is one of those I m gonna accumulate for the bullrun for sure!
Well, I hope you enjoyed my analysis on SaucerSwap the DEX on Hedera blockchain and don't forget to comment, like, share and follow me on my social (my twitter and my TG channel!). Let me know your thought about this project and as I always say, DYOR!
#Binance #DEX #DeFi #Hedera #Bullish #trading
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