🌵 Roots
As most of the crypto users know, 🦄 Uniswap is the benchmark in the DeFi exchanges space. The protocol is designed to be an highly scalable pair creator and has created a standard amongst decentralized finance exchanges. It is not a surprise that most of the blockchain developers base their new projects on the Uniswap model. Decentralized finance is the most transparent and stable model of creating financial platforms that offer the users a safer and friendly environment to work in.
Being a platform that has new Liquidity Pools popping up every day, it was a matter of time until people found new protocol ideas to create.
This is how the iSwap.money idea came to life. We realized that there are many features to be created for the benefit of the community.
🔰Protocol description
Liquidity providers on platforms such as Uniswap receive the fees traded in the pool according to the liquidity they provide. This can become a quick issue if entities such as exchanges or venture capitalists invest a big amount of capital in the pool. Your returns become more diminished as long as larger funds are invested in the platform.
This is where iSwap becomes handy. We offer you the possibility to take your LP tokens from Uniswap and deposit them into the iSwap farm, where you are going to receive iSwap tokens for 1 month, as long as you have staked your LP Tokens.
You will earn from staking an amount of the reward, proportional to the LP tokens that you have staked in comparison with the total amount of LP tokens staked.
The iSwap Protocol is going to interact with different DeFi projects on the Ethereum mainnet but also will expand with a DEX Order Book and Lending platform on the Sidechain after the community decides in the first governance event.
The iSwap project’s medium to long-term vision is to create automated market makers, order books, and a lending platform, combined with Layer 2 — Sidechain solutions in order to lower the entry barrier and the advancement of the crypto community. This will be done in 4 separate stages, that will be announced during the implementation of iSwap.
🤝 Token distribution
Our main goal is to make the migration operation friendly and easy to accomplish to further incentivize the community to migrate to the iSwap protocol. In order to obtain iSwap tokens, holders of Uniswap LP tokens can stake their LP Tokens.
The list of eligible tokens added are subject to the on-chain governance. For every block, 30 iSwap tokens will be released in circulation and will be distributed in different percentages to the users which provide liquidity in the 27 pools.
The total emission time of the iSwap Token is ~1 month, with the first week having bonuses 3 times the usual reward between block 11.064.227 and ending at block 11.111.111. This means that 90 iSwap tokens will be minted every block in 27 Pools.
Therefore, iSwap offers a vast initial list of pools, in which the community takes the Uniswap LP tokens and can choose to stake them in the list of pools offered.
🔁 Reward Distribution
Given the Uniswap design, 0.3% of the trading fees in any pool are distributed accordingly to the liquidity providers.
In iSwap, 0.25% is routed to the liquidity providers, which are active. The 0.05% remaining will be converted iSwap and distributed to the iSwap token holders that stake their tokens.
🌏 Governance
iSwap holders have the power to shape the future of the protocol. A dedicated on-chain governance voting mechanism will be live a few days after the protocol launch to enable decentralized community and as a first order of business we will subject the community to a vote on which they will decide what layer 2 solution we will be using. The governance process works by having users vote with their iSwap Tokens. In the following days, we plan to introduce quadratic voting for a more democratic form of governance.
🏦 Developers Fund
iSwap is looking forward to assure a long and stable future for the platform. Taking this in consideration, 10% of the iSwap distribution will be awarded to the developers in order to ensure the projects sustainability.
📜 Smart Contracts
The contracts are available at
https://github.com/iswap/contracts with MIT license. Some codes are from other projects including Uniswap / Yam / Compound / OpenZeppelin and are subjected to their licenses. The followings are the list of the contracts with rough explanation:
🚀 iSwapToken: The token contract, with COMP/YAM voting functionality.
🤴 SwapMonarch: Deposit LPs tokens to farm ISWAP.
🏛 GovernorAlpha + Timelock: Governance contracts from Compound.
🦄 UniswapV2: UniswapV2 contracts with small modification for Migration.
🔐 Security Audit
All contracts written by us should have somewhat reasonable test coverage. We will continue to do more testing. If any of you think there’s any issue with it, please let us know (preferably privately if it’s a severe issue) via Discord.
🏁 Start Participating
You can start depositing LP tokens to the SwapMonarch contract using the interface at
https://iswap.money💡 Credit: We borrow most of the UI code from Yam and most of the Smart Contracts from SushiSwap and other projects.
🚨 Disclaimer
No audits. Contributors to iSwap have made reasonable efforts at ensuring the integrity of the protocol including tests. iSwap is completely valueless and has 0 financial value. Anyone who chooses to engage with these contracts, including the iSwap token contract and the staking contracts, are doing so at their own risk. You should perform your own due diligence.
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