Chainflip Development Update — January 15th 2024

Dear readers of the Chainflip Development Update,

Over the recent holidays, the team of Chainflippers has been following in the footsteps of Santa’s elves and was busy working to get a gift out to all of you. In the week leading up to Christmas we pulled it all together and released a first (albeit limited) version of our mainnet swapping app!

Just before the launch, Simon asked me to make sure that the first swap would be BTC to FLIP for historical reasons. However, one of our colleagues was so eager to get their hands dirty after the release that the first swap was actually ETH to DOT. Well, I guess there is a lesson about decentralisation somewhere in this story.

Progress

The first version of our mainnet swapping app was limited to around $1,000 in value per swap, so that Liquidity Providers had a chance to get up to speed. Since then, we have already raised these limits to around $10,000 per swap and are planning to raise them further going forward.

We also continued to tweak the system in order to lower the transaction fees per swap. Furthermore, we added some new LP features based on the feedback we got during the first days of activity.

Behind the scenes, our monitoring and testing infrastructure grew and our second audit was completed. The results will be published very soon.

Outlook

Because we have a much more frequent release schedule than Santa’s little helpers, we are not stopping development after the mainnet release.

One big new feature is going to come out soon: we will launch our LP dashboard, allowing anyone to provide liquidity and manage their positions comfortably using a great UI without the need to learn and use our API.

There are also two more chains in the pipeline that will be supported for native swapping. In addition to that, we are finalising our cross-chain-messaging feature, which will make the dropdown list of supported assets even more impressive!

Over the next weeks there will be many small tweaks and improvements. For example, we are planning to increase the epoch duration on mainnet to 3 days, now that the list of validators has stabilised. As always, check the announcement channels in Discord for detailed information.

Vibe Check

Everyone is happy that the soft launch went so well. And I am happy to be part of such a great company. It has now been exactly one year since I joined Chainflip and I can think of no other place I’d rather be and no other team I’d rather work with.

I wish all readers a happy new year 2024! Stay tuned for more great things to come from your favourite DEX.

Until next time,

Martin