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AirSwap Improvement Proposals
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AIP 49: Create Exploratory Team to Recommend a Complete Multi-chain Strategy #49

Open Koploseus opened 3 years ago

Koploseus commented 3 years ago

Summary

Specification

A team of developers and ambassadors will be created to explore the technical feasibility and market suitability of different chains. Devs will help to assess the technical integrations of AirSwap contracts on these other chains, while ambassadors will help to assess market conditions.

  1. Developers to assess technical feasibility of each alternative
  2. Ambassadors to engage potential integrations to ensure source of Takers
  3. With potential integrations locked in, it would be easier to convince Makers to serve liquidity to these networks

BSC and MATIC networks are currently the only networks with all 3 parts in place and hence these could be used as pilot trials for AirSwap protocols. In parallel, we should also roll out our contracts on as many EVM compatible chains as possible, so that the Ambassadors can start to form horizontal networks in the DeFi space.

The technology of optimistic and zk roll ups are not quite ready for AirSwap contracts to be implemented yet. However, there is rapid development in space, and we will continue to monitor and be ready to roll out on these L2s once the technology is ready.

Rationale

AirSwap’s mission is to become the standard protocol for peer-to-peer trading. Many DeFi protocols have already started to build on L2 networks in order to take advantage of the cheaper fees and faster block times. We have already seen some demand from users who are looking to perform OTC trades on other networks but currently there is no protocol serving this demand.

AirSwap is well positioned to be the first mover to provide RFQ / OTC trades in these networks. In order to succeed at this mission, we need to understand the current landscape of L2 (or sidechain [understand the difference]) networks. This will help us to prioritize the implementation of AirSwap protocols on new networks.

Requirements

We require 3 things to generate volume on AirSwap :

  1. Protocols

    For AirSwap contracts to run smoothly, we need an EVM compatible chain with reliable short term timestamps. This will help makers to set a quote expiry (of approximately 3 minutes) with confidence. For example, block times on optimistic rollups like Arbitrum are not reliable in the short term (minutes) but are reliable in the long term (hours)

  2. Makers

    AirSwap has 4 or 5 professional market makers on mainnet serving liquidity behind the scenes. These Market Makers may not have the setup to serve liquidity on all chains

  3. Takers

Presently, the bulk of AirSwap Takers are routed from MetaMask Swaps. However, in the future, we aim to diversify our pool of takers with our web-app and integrations with other DEX aggregators.

Landscape

Chain Type Market Size /24 Takers Compatibility Makers Remarks
BSC Sidechain 600M MM Swaps OK Currently one maker already quoting RFQ implemented
MATIC Sidechain 60M MM Swaps OK Few makers have voiced interest
AVAX Sidechain 150M None yet C-CHAIN None Avax do promote DeFI integration + rewards on their chain
Fantom Sidechain 50M none yet OK None
Optimism Optimistic rollup 3M None Yet Unreliable block times in minutes None
Arbitrum Optimistic rollup 16M None Yet Unreliable block times in minutes None
zkSync Zk rollup None Yet Coming soon None
starkware Zk rollup None Yet Coming soon None
ICON Sidechain/Crosschain 15M Nonet Yet Coming end of october None
HECO Sidechain 1B None Yet OK None Elastos is interested
Solana Sidechain 154M None Yet OK None

Copyright

Copyright and related rights waived via CC0.

agriimony commented 2 years ago

Like what Don mentioned, we can shift requirements and table up to Rationale, and leave recommendations under Specification

Also, can rename EVM tooling -> compatibility.

Otherwise looks good to go!

Koploseus commented 2 years ago

Updated.

agriimony commented 2 years ago

small formatting issue where "Takers" is different format than "Makers"

Small typos in "Market size / 24h" and "Compatibility"

agriimony commented 2 years ago

Changing this up to focus on establishing a team to assess suitability at the moment, suggesting

Specification

A team comprising of devs and ambassadors will be created to explore the technical and market suitability of different chains. Devs will help to assess the technical integrations of AirSwap contracts on these other chains, while ambassadors will help to assess market conditions.

agriimony commented 2 years ago

Chains will be assessed in the following manner