FounderJabba Series — SpicySwap Beta
The much-anticipated release has arrived!
Hello friends, today at Genius Contracts we’re rolling out the full SpicySwap Beta. I thought a FounderJabba article would be a nice way to commemorate the release and wrap up our latest development cycle. In this article I’ll be giving the latest SpicySwap development update, announcing the next plans for SalsaDAO, and detailing our next DeFi product: Matter DeFi.
On behalf of Genius Contracts, I’d like to formally announce the release of the full SpicySwap Beta. This is a major milestone for us, and I’m very proud of the work that’s been done over the past two months. The SpicySwap Beta marks our pivot from aggressive development to stabilization. We see the Beta as our initial release candidate, as all major functionality has been implemented.
The full SpicySwap protocol now includes: advanced swaps, pools, protocol-level yield farming, user interface, user dashboard, metrics, custom indexer, GraphQL API, and highly-available cloud infrastructure. I see this as a standard and complete set of features for a healthy DEX. Going forward, the plan is to keep working in the background on cloud fortifications and UX improvements as the interface goes through a public testing period.
I’ve engaged with a Tezos-based development company regarding a potential audit, and contracts are being prepared for review. This means we are well on the way to the SpicySwap mainnet release. Timelines for the full SpicySwap release will come out as we work with our potential auditors.
The future of SpicySwap now depends on the Tezos ecosystem. Swapping, liquidity management, and Spice Farming are all fully functional on Granadanet so come help us test and give your feedback in the #dapps channel on the Genius Contracts Discord. User testing will help us reach our goal of creating the best DEX on Tezos for users and for builders.
Developing the SpicySwap Beta has been my number one priority for the past 6 weeks, which meant that new upgrades to the SalsaDAO ecosystem had been paused. As development of SpicySwap has reached a steady state, it’s a good time to release the plans for what’s coming next for SalsaDAO.
Regarding SpicySwap governance, the $sDAO token will be used to establish the official $sDAO-approved token list. This list will be combined with a GC-approved list of tokens to create the default list of tokens on SpicySwap. The $sDAO-approved token list will allow $sDAO holders to decide on which tokens benefit from being listed.
Going deeper, I’d like to explain a little bit on some changes to the overall voting architecture for SalsaDAO. We will be implementing a new time-based strategy for fairer voting. Rather than coming up with one-shot votes, the plan is to use more “live” voting schemes, where $sDAO must be committed over time to gain influence. The SpicySwap token list will be the first use of this new system. Our aim with these changes is to start giving $sDAO holders more control over SalsaDAO platforms.
Following the Beta release, I’m going to take a much-needed development break to refresh after this development cycle. After that, I’m back in the lab. Next up is a big update to SalsaDAO, with the new sDAO Gaming Hall replacing the sCasino. The SalsaDAO Gaming Hall will be a dynamic contract where we’ll be able to develop and add new games to the omni-bankroll over time. This means one can invest into the bankroll and benefit from many different games at the same time. Roulette will lose it’s $GSAL-exclusivity with this update, and going forward new games will be immediately included directly into the Gaming Hall.
The new Gaming Hall and SpicySwap will be the priorities coming up, but we have even more plans. We have a secret design for an innovative Blackjack game that will be a special standalone game next to the Gaming Hall. Blackjack will have a rotating game currency, also governed by $sDAO. Blackjack will ship combined with the long-delayed custom skins release.
Matter DeFi: Farming With Substance
The final announcement I’d like to bring to you is Genius Contract’s next DeFi product: Matter DeFi. This project will follow the mainnet release of SpicySwap. The short-term goal of Matter is to create a platform for GC to host a set of initial yield farms that support SpicySwap. Long-term, we’d like to provide a public yield farming solution where the experience is truly fair and sustainable.
Matter DeFi: Solid Tokenomics, Liquid Assets, Low Gas
The key feature of Matter DeFi is the algorithmic buyback-and-burn yield farming architecture. This functionality is enabled by contract-level integration with SpicySwap. To understand how Matter DeFi works, I’d like to break down a key part of yield farming platforms: the currencies. The classic farming platform usually consists of a set of farms that have one staking token (usually liquidity shares) and one emissions token. Simply put, the staking token is locked, and the emissions token is rewarded.
There are multiple ways to implement this, one popular design uses an inflationary token to centralize the yield, combined with promised buybacks of the token. Another example is DeFi-as-a-service, where anyone can create farms using their own tokens as emissions. Matter DeFi introduces a third token into this design, the funding token. The funding token is deposited into the yield farm by the farm creator, and is used to fund the buyback-and-burn functionality.
The ecosystem token for Matter DeFi will be the Matter ($MTTR) token, which will be the emissions token for each farm. As you can see, the idea is a a bit of a mix between the two examples I provided above. The yield is centralized to the $MTTR token, but the token itself is not centralized or inflationary. There is no pre-mine, pre-sale, or vesting of $MTTR, just simple emissions.
The basic idea is: all emissions of $MTTR are automatically paid for at reward time, keeping effects of inflation down. This means that any $MTTR that lands in your wallet was already paid for by the contract selling an amount of the funding token and buying back the correct amount of $MTTR. There is much more to come on this project, I’m very excited for the next steps.
That’s all I have for you all today. I hope you enjoy the SpicySwap Beta! Don’t forget to give us feedback. Thank you for all of the ongoing support. All roads lead to $sDAO.