Launch ParaSwap on Fantom Opera Mainnet

Research and Discussion Archive
1

1. Proposal Number & Name
PSP-IPΔXX: Launch ParaSwap on Fantom Opera Mainnet

2. Keywords
Smart contract development, Sidechain, New Launch

3. Simple Summary
There is actually a lack of efficient DEXs Aggregator on Fantom Network. This proposal seeks to extend the ParaSwap DEX Aggregator activity on this sidechain, and discusses if this match with :
a) The wills of the Teams (Paraswap Devs) and the DAO
b) The ability to do it (Time of work, duration of dev, technical barriers to overcome, etc…) .

4. Context
Fantom is an EVM-compatible Sidechain which is described by the Creators Team, the Fantom Foundation, to be an “Ethereum Helper”. As a sidechain, the fees are pretty cheaps and payed in Fantom Native Token ($FTM), with use Proof Of Stake as a validation Model with a aBFT consensus algorithm named Lachesis. Chainlink Price Feeds (Chainlink Price feeds - Fantom) , DIA & Band Oralce are Live on Fantom . There is actualy 6.61 B$ TVL on Fantom (Fantom TVL - DefiLlama)

There is actualy not a lot of DEXs Agregator on Fantom Network (At my knowledge their are only 3 : Open Ocean, ZooTrade, TimechainSwap). They didn’t provide a good efficiency and a good User Experience (some of them are slow in the Front-end, slow to find the best path for a swap and actualize it). ITthe most glaring example is that none of them aggregate Curve Liquidity.

It will be a godd idea to develop a Paraswap Version on Fantom to reach this community and TVL, and give to the users the best experience in DEX aggreagation for their trades. Also, there is not really a big concurence on this market actualy. It can bring news user to discover Paraswap and be intersested by the $PSP Token.

5. Goals
To release the Paraswap DEX aggregator activity on Fantom Opera Mainnet, and to discuss how to do it.

6. Means
→ Helping Paraswap become the 1st DEX Aggregator on all the DeFi.

  • Convert new user to Paraswap,
  • Bring news volumes for Paraswap,

→ Provide to the Fantom Users an efficient DEX Aggregator Service.

7. Metrics
?

8. Forward-thinking considerations
a) Time to develop,
b) work to do,
c) ratio work/benefice for the Paraswap project,
d) etc…

9. Implementation overview
?

10. Voting options

  • Yes, I want a Paraswap DEX Agreggator on Fantom
  • Nope, Let’s work the dev on other projects.
10 Likes
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I sincerely think that Paraswap should be deployed on all chains containing different dex (and especially be the first aggregator on all chains) so I already agree on the idea :slight_smile:

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I am Fantom ntw user and I was sad because there is no agregator on it.
it’s a good idea because Paraswap can be first agregator on it. More over when you go on defilama you can see ftm tvl is higher than Polygon/matic

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Hello Again,

I don’t know if it was only communication, but this Tweet seems show thatthe Team studied the idea to a release on Fantom Network ? https://twitter.com/paraswap/status/1394760353054068739?s=20

Or it was just an idea and nothing has been developed in practice and it was just theory ?

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i think code need just copy and past to Fantom and configure it with dex contracts
i saw on fantom dev doc
" Fantom is fully compatible with Ethereum. Developers can create and deploy smart contracts as they would on Ethereum."

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I don’t know I haven’t any competences in development… Maybe some expert will light our lantern

7

I am pretty sure there is already something about that if I remember well last cc recap. Of course we re only talking about paraswap on fantom, not psp.

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Yes, $PSP is not involved, only the DEX Aggregator activity. The Core of Paraswap.

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Hi everyone,
Thanks to @Non0 for bringing that.
As @starny already said it earlier, deploying Paraswap on other chain could only be profitable, if doing so is faisable then we should think about which chain could benefit us first. I’m not saying that Fantom isn’t a good one, but we should consider that there may be some other that could be better at first.
With that being said, I wish everyone a wonderful year. :wave:

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Hi @AkeGPrince,

There is actualy no “Famous” Blockchain (related to the “Fame” of Fantom) with a such lack of DEX Aggregator.
I guess the best for Paraswap is to get in touch with the most of users, and drivethe more liquidity as possible trough its platform. In terms of TVL, the ranking is the next :

  • 1 - Ethereum
  • 2 - Terra
  • 3 - BSC
  • 4 - Avalanche
  • 5 - Solana
  • 6 - Fantom
  • 7 - MATIC

There is actualy 2 more competitors : Terra & Solana. I want to leave out StarkNet, Zk Sync, Optimistic & Arbitrum, because theses Chain/rollup/L2 didn’t track a lot of capital for now. But I guess this will change in the future for some of them.

Solana :

  • It is actualy not EVM compatible (Neon is a project wo will work on it). So it must be more complicated to do it.
  • It’s the “FTX Blockchain”, so if you want to swap at a good price, you can use this CEX.
  • This Blockchain was “in pause” during multiple hours/days.
  • I guess it doesn’t really fit with de Decentralized Idea defended by Paraswap (Validating Machines cost a huge amount of money, SBF & Alameda are bihind this, etc…).
  • There is some efficient DEX aggregator on Solana (1Sol, Atlas DEX, Atani, etc…).

Terra : I dont know don’t find a clean Answer but I think it’s not EVM (not sure) . I don’t know more this blockchain so I can’t really talk more about it.

Fantom :

  • The validations actually pretty centralized, but some governance vote (governance on chain) can change it in the future.
  • This is an argument but also a problem : This blockchain was shilled and in a part build with the help of Andre Cronje (Yearn, Keep3r, Bribes, multichain.xyz, etc…). He is a divisive person, but he had, have and I suppose will continue to have good idea and develop them on Fantom.
  • A big part of the Tokens have been released and been diluted (contrary to AVAX or Luna for example). - A lot of protocol which help capital efficiency and liquidity circulation.
    • Some are multichain like Yearn, Abracadabra, Curve, Beefy, Mai.Finance, 88mph.
    • Some are only on Fantom right now like SCREAM (Lending, fork of Compound), SpiritSwap, Spookyswap.

AAVE V3 will be on Fantom, Harmony and Solana. it’s Already on Polygon and Avalanche.
As a active user of Fantom I really need an want from all my heart (and I am not the only one) to have a efficient DEX aggregator. And as a more pragmatic people I think it’s a good idea to “follow the other Blue chips” .

Or one day somebody will take this place, actualy left empty. And it will be a mess to miss it.

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I somewhat agree with what you have here as far as TVL, but we also have to keep in mind lauching on Terra and Solana has some major hoops to jump through since they are not EVM chains (solana is built using rust). This makes them not only not as easy to launch on but also harder to update, every time we have an update that same update has to be spread around every chain. On the other hand FTM would be easy to launch and update as the process is basically the same for ETH and other evm chains. As far as TVL being a marker I think it’s a good gauge but we should also consider DEX trading volume as paraswap doesnt really stand to gain anything from TVL derrived from things like lending.

For example, Terra might seem great when we look at TVL but if we look at where that TVL comes from we see a great majority is in non-DEX protocols (useless to us):

Screen Shot 2022-01-04 at 9.31.54 AM
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There is also the matter that Terra does not really have a wide variety of DEXs so an aggregator isn’t as necessary as it is somewhere like Fantom.

Speaking on Solana however it does not suffer as much from the issues mentioned above with terra, but the problem is that it’s a much harder process since everything is built on rust.

I think absolutely yes let’s launch on solana later on but right now fantom is the best option

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@Tenzent & @Non0
Thanks you for the explanation guys, as I said in my last post I did not say that Fantom was not a good idea. To be honest it is my first DAO so I’m a beginner in this kind of governance. To be able to understand and participate I’ll ask question as much as possible to learn from knowledgeable people.
Thanks again :wink:

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Hello,
I agree with the opinion (apparently widely shared) that the future of ParaSwap lies (among other possibilities) in its integration on new networks.

And even if Solana is my favorite, the arguments of @Non0 and @Tenzent convinced me that Fantom would be the perfect candidate for the next implementation on a new network.

It only remains to know what are the technical constraints and the cost of such an addition.
As well as the possible revenues generated (I tried to find the volumes of the DEX mentioned (Open Ocean, ZooTrade, TimechainSwap) without any luck. Because I assume that the volume of ParaSwap is directly related to the volume of DEX it integrates.

Thanks for your work and research.

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@Tenzent Thank you for your explanation an complete my little analysis :slight_smile:

@AkeGPrince No worry, you made me put thing into perspective and make a comparaison with other chains. We are here to discuss and all point of view are good to listen (and it’s - more or less - my first DAO too :wink: )

@Albist Really happy to read that.
About the Technical constraints and the cost, I have any idea how to have info about it Maybe some Dev/Technical Advisors/People-who-know can tell us more about this but I don’t know who turn to…
Open Ocean, ZooTrade, TimechainSwap are DEX Agreggator (but not really efficient…), not DEX.
The main DEXs on Fantom are :

  1. Spookyswap : Spookyswap Protocol: TVL and stats - DefiLlama - 1,37 B$
  2. Curve : Curve Protocol: TVL and stats - DefiLlama - 592,03m$
  3. SpiritSwap : Spiritswap Protocol: TVL and stats - DefiLlama - 275,48m$
  4. Beethoven-x : Beethoven-x Protocol: TVL and stats - DefiLlama - 118,32m$

There is also some other small DEX, or Platform which host the main part of their Native Liquidity Lique PaintSwap (NFT Platform like OpenSea or Rarible). Most of them can be found on Fantom TVL - DefiLlama.
Stats comes from DefiLlama the 04/01/2021 at 11.00 PM. Due to a recent POMP of the $FTM token, the value have risen, so you can take a look at the numbers on the past few weeks/months to have a more relative overvue of the volume and the fees.

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I totally agree with Fantom but for Terra and Solana as explained above it’s complicated (in addition you add the fact that you do not know how to configure metamask for these 2 chains)

What would also be good in the future is clearly Arbitrum !

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Uptade for the proposal

6. Means
→ Helping Paraswap become the 1st DEX Aggregator on all the DeFi.

  • Convert new user to Paraswap,
  • Bring news volumes for Paraswap,

→ Provide to the Fantom Users an efficient DEX Aggregator Service.

1 Like
17

Hey Non0!

I have edited your initial post with your last update! When the research will be well advanced, we will be able to make a global rereading of the proposal with the team of scribes :blush:

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Hello @disiaque.eth

Thank you very much for the update !

Do you know how it work for the research ? I mean, I have no idea how to estimate theses part :
7. Metrics
8. Foward-Thinking considerations
9. implementation overview

  1. Some gently and competent peoples are helping in the shadows to bring answers and fill the blank of the Proposal ? :slight_smile:
  2. if not, how can I help to finalize these proposal ? 3) Trying to be in touch with the Development Team ?

Thank you again for your help :heart:

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Yes and yes! The contributors and the team will help you fill in the blanks. For the moment, I invite you to be patient, there are many proposals in progress : yours will not be voted on immediately… But it will be!

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Thank you very much for all your answer and for your help !
And thank you for all the people helping Paraswap :slight_smile:

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