Dear AshSwap community,
It’s been 6 months since the day we released our roadmap with the aim to launch AshSwap on the Elrond Mainnet within 2022. As the market has turned bearish and there are things we have to reconsider, we want to have an update so you guys can be up to date with the current status of the project. Rest assured that we are not going anywhere.
Development
We have fulfilled most of the development goals of 2022 except for the AOC stablecoin minting. AOC is a complex product, and we want to deliver a safe, useful and sustainable solution, so some more planning might be needed.
At the beginning of the year, we wanted to launch a simple version of AshSwap with limited features first, but the good news is we are way ahead in development. This means that once launched, AshSwap will have full features of a decentralized exchange including:
- Swap
- Liquidity Provision
- Liquidity Staking (Mining)
- Governance Staking
- Yield Boost
We are also working on our own version of AshSwap API. In the last Battle of Yields event, even though we can consider it successful, the experience users had with slow loading time and transaction processing was not so great. With an exchange that aims to provide the best user experience, we just can’t accept that.
It would be much easier to develop on more mature networks like Ethereum with existing infrastructure solutions, but we are here to make Elrond great. No excuse is acceptable. Thankfully, the Elrond team has a very useful template for this and it can help us facilitate the development process significantly. You can expect a fully and smoothly working version of AshSwap in the next 2–3 weeks.
And to battle-test everything, another round of the Battle of Yields will be held in the short future. Behold the announcements.
The Launch
Although we are able to launch soon, there are a few things on which we depend and need to address carefully.
First, we are working with auditors to make sure things are as safe as possible. And we are also looking for more auditors, so if you know anyone or any company who provides auditing service on the Elrond Network, please let us know on the Discord server.
Second, even though the Ethereum <> Elrond bridge has been launched successfully, right now USDC is the only stablecoin in the Elrond ecosystem, we need at least two to create a pool. We all know how important stablecoins are to DeFi, so we believe that the Elrond team is working hard to bring more of them through the bridge. When they come, we will be ready. Not just that, we are partnering up with several entities who want to provide the Liquid Staking service and synthetic asset trading. These are also great use cases for a stable-swap like AshSwap to level up as a protocol on which more products can be built. More info will later be released.
Third, a successful launch is also important as it marks an important milestone in project development. We are planning several options and will choose the best one for the project and the community that has supported us since the beginning. A tentative plan for the launch would be Q4 2022.
What’s Next
The bear market, though being a very hard time for everyone, is a great opportunity to put our heads down and work. A lot of research, development, and marketing to go, but builders always build.
We have also decided to dox our crew on our landing page at https://ashswap.io to be more increase the transparency of the project. We are from Vietnam, the very first Elrond project here, and if not mistaken, in Asia. We are telling the Elrond narrative as much as we can. If you are around, hit us up, we are more than willing to talk.
Best regards,
Neil, CEO at AshSwap and the AshSwap team.
