Flipper0x

[shyblugs]

Flipper0x

A Decentralized shapeshift for small-cap tokens with continuous liquidity.

Problem

Decentralised exchange is mission critical infrastructure for tokenized projects. 0x Protocol is a giant leap forward enabling the long tail of tokens. However for the time being liquidity remains thin, there is no simple mechanism for incentivizing market makers, and the radarrelay UX is too complex for the average user.

Solution

Flipper0x is a fully decentralized shapeshift alternative for small-cap tokens. There is no counterparty risk and Tokens listed on Flipper0x have continuous liquidity using the Bancor Protocol as an automated market maker.

All the tokens listed will have ETH and DAI pairs

Any longterm holder of ETH FL0X or any token listed on Flipper0x can use their holdings to earn fees for providing this continuous liquidity by holding the intermittent token of a relayer.

Token Relayer

Each pair is a token relayer built on bancor. A token relayer is an automated market maker giving the tokens continuous liquidity.

How it works

• Alice, a BitPoint Network teller wants to buy some BPT tokens
• She sends ETH to the Token Relay, which would buy an intermediate token called BPN-ETH. This BPT-ETH token would then be exchanged again for BPT.
• this intermediate step will be abstracted away in the exchange interface to improve user experience, there will be a separate interface similar to memefactory for investing liquidity in a relayer
• The conversion fee for each of these conversions would be 0.1%, and since two transactions took place the total fee would be 0.2%.
• The Token Relay has a stock of each of the tokens (BPT & ETH), and they are priced based on the quantity of each token in the contract. If BitPoint Network users see BPT priced slightly cheaper than market value (radarrelay), they'll have an incentive to purchase it, shifting the pricing back up to normal. If ETH is cheaper in comparison, then users may sell their BPT at a premium.

This explanation of how bancor relayers work was adapted from this article great article on the Enjin token relayer

Who provides liquidity?

In the example of a BPT-ETH relayer, people that own BPT or ETH tokens can transfer them into the Token Relay, and receive an 'IOU' token called BPT-ETH. Anyone can place some of their long-term holdings of BPT or ETH into the Token Relay and provide liquidity while watching their holdings grow.

In the medium to long-term, we expect 0x Protocol to have massive amounts of volume. Flipper0x relayers will be connected 0x through bots arbitraging the price and connecting the liquidity pools.

This will be of great benefit to small-cap tokens by providing a market maker service as well as giving HODLers the opportunity to grow their stake in the projects they believe in.

D0xINFRA framework

Relayers are analogous to curation markets in that they mint and burn tokens at a price dependant on a bonding curve.

Using the d0xINFRA framework, relayers will be the equivalent of memes in memefactory. By depositing their token they will receive the relayers intermediate token in exchange. This can be displayed as an upvote for curation of the relayer in the interface.

User experience

Bancor relayers do not require an order book and thus lends itself to a very simple intuitive UX, the interface has three views

1. design is based on shapeshift. Users select the token they want (DNT-DAI), the amount of tokens they want to buy or sell, and the price is displayed.

2. A list of (ETH, DAI) pairs curated by the most capitalized

3. Memefactory style interface for users providing liquidity

Flipper0x builds on the simplicity of the shapeshift model as well as totally eliminating counterparty risk by being fully decentralized.

Flipper0x has a mobile-first interface built for, status, cipher, and toshi.

In addition to being fully decentralized, users do not need to add a send or receive addresses. Flipper0x uses the sends and receives from the wallet used for web3 injection (metamask, or mobile browser interface)

Token Curated trading pairs

The list of trading pairs Flipper0x supports will be curated by DNT token holders. Flipper0x will implement a carbon voting system similar to the District0x proposal system. DNT token holders will make a proposal by opening an issue on the Flipper0x trading pairs repository.

These pairs can then be voted on in using the carbon voting app, the top pairs will be added to the Flipper0x exchange.

Total deposited funds in the relay are used to curate a list view of relayers with the highest capitalized at the top.

FL0X Token

• Total supply: 1,000,000 FL0X
• Community incentives: 400,000 FL0X
• Token sale: 400,000 FL0X
• Retained: 200,000 FL0X
• Founders and Advisors: 0 FL0X ☺

Contract: 0xa13F7D0f7e67B1d62bAa72a8CB9C32774f19c444 Decimals: 18 Ticker: FL0X Token Tracker: Click here

FL0X is a asset backed governance token. All decisions from development bounties to funding relayers will be decided by token holders.

Fees collected from relayers and any advertising revenue will be distributed to token holders.

1,000,000 FL0X is currently backed by ~$10,000 In tokens and Ethereum.

• 40% of the tokens will be distributed to the community for code contributions and community participation.
• after the completion of stage 1 40% of the tokens will we sold to fund stage 2.

Governance

Flipper0x will be governed by token weighted direct democracy. All the DAOs parameters are subject to change by token holders including the governance system its self.

Direct democracy is a simple and agile system. However, as the organization grows, a more scalable governance system will be needed.

All the organization's assets will be transferred to a AragonOS with the launch of the mainnet release.

Conclusion

Achieving liquidity will be a major concern for small-scale DAOs. Flipper0x will provide a mechanism for these types of projects.

If your a graphics designer, front/back-end dev, or just interested in the idea join the conversation and earn some tokens!

T.me/Flipper0x

Milestones

Flipper0x is an open source project. Development will be incentivized for by placing bounties in ETH, DNT, SNT, ANT and Flipper0x native token FL0X for all milestone tasks on Status Open Bounty and Ethlance

A list of bounties can be found here in the bounties repo (issues) https://github.com/Flipper0x/bounties

Ethlance job post can be found here https://ethlance.com/#/job/286

Stage 1 bounties:

• 100,000 FL0X
• 20,000 DNT
• 700 SNT
• 400 ANT
• 1 ETH

Stage 1:

• [x] Conceptual outline
• [x] initial funding
• [x] Mint token
• [x] Setup Bounties
• [x] Wireframes
• [ ] Artwork and branding
• [ ] Clickable demo with initial pair
• [ ] write frontend contracts
• [ ] Deploy relayers to kovan testnet
• [ ] connect Flipper0x interface and frontend contracts to relayer
• [ ] Integrate into status
• [ ] Carbon voting

Telegram: T.me/Flipper0x

Address: 0x4875d7B642E68F216B36737e90733eB9951D9E67

[Bradymck]

Nice initiative here. Love the bounty pool right out of the gate. You sir are raising the bar for proposals.

[shyblugs]

Thanks Brady. As soon as aragon 0.5 is out I'll make a organisation on the test net for the project.

If anyone in the community is interested in shaping the idea message me on Telegram @shyBlugs

[lkngtn]

@shyblugs Nice! Would love to see this happen. I think automated market makers are critical for liquidity in markets with low trade volume.

[shyblugs]

Thanks, me too. Something like this will be essential for small districts and DAOs generally imo

[Bradymck]

A thought here, you could do like Aragon is and use Status bounties.

• https://github.com/aragon/aragon-monthly

• https://openbounty.status.im/app

[Bradymck]

Telegram link is broken FYI

[Bradymck]

I gave you a shoutout on stream. Would like to dive into this one on an upcoming show. Let me know if you would be interested in getting on cam.

[shyblugs]

I tried to add the bounties to SOB last week but it was down. Should he fixed by now I'll get on that today. Also broken link fixed