GC Update — SpicySwap Alpha

We’re demolishing milestones here at Genius Contracts!

If you missed the last update on SpicySwap, you can find it here.

We’re excited to release the official SpicySwap Alpha to the world! Come check out the completely rewritten UI, and help give feedback so we can keep improving. Check out the SpicySwap Alpha at spicyswap.xyz.

Our goal is to be the best DEX on Tezos for users and for builders, and we’ve made a couple changes to meet this goal. Read on for a summary of the SpicySwap Alpha and recent changes to SpicySwap.

SpicySwap Alpha

We’ve successfully pushed the SpicySwap Alpha to Granadanet. Current supported features include: swap, liquidity, and $SPI farming. Luckily, ecosystem tooling and support for the Granada testnet has been implemented, so user testing can begin. We recommend using the latest version of Temple Wallet to test.

In the coming days, we will be releasing a package of tutorials and documentation on our Wiki for the SpicySwap Alpha. This documentation will help users test the SpicySwap front-end interface and also help builders interact programmatically with SpicySwap contracts.

There is a 7 day grace period for the arbitrage game. Starting one week from now, the real-time price differences affect the $sDAO bonus farm. More details on the arbitrage game will be included in documentation.

We hope you enjoy the release!

FA1.2

There has been a change to the SpicySwap core architecture, with major implications. During a routine review of the core pool contracts, it was apparent that our base design could potentially allow for friction-less trading between FA1.2and FA2 standard tokens. Since development is ahead of schedule, we found time to fit it in.

We are proud to announce that FA1.2 (and FA1) functionality has been successfully implemented on SpicySwap. Our architecture allows for both FA1.2 and FA2 to exist in the same liquidity pool with our full set of features. This means that at full release you’ll be able to provide liquidity, trade, or flash swap any of your favorite FA1.2 tokens for FA2 tokens and vice versa.

This will be fully tested during the SpicySwap Beta.

Airdrops

Recently, we’ve changed the airdrop architecture to be more fair to pre-sale investors. As the pre-sale only hit 25% of it’s target, the airdrops have been reduced to 25% of their original value: from 20m total to 5m total. This helps us balance the inflation of the initial $SPI supply. The excess 15m from the airdrops will be split evenly between GC, SalsaDAO Treasury, and pre-sale investors.

Pre-sale investors: you’ll be receiving a proportional airdrop as soon as we analyze the pre-sale data and crunch the numbers.

Unfortunately, there is some collateral damage with this change; if you were banking on airdrops to secure your $SPI, you may not like this decision. There is a silver lining as long as you participated in the pre-sale: this change effectively increases the value of your pre-sale $SPI by 4x.

Note: The 10k and 15k $SPI airdrops have been released.

That’s it for this short development update! We hope you’ll check out the SpicySwap Alpha at spicyswap.xyz. Look forward to documentation, more UI development, the arbitrage game, and our plans for a simplified Wrapped Tez.

Thank you for the support. GC