Chainflip Development Update — August 28th 2023
Dear readers of the Dev Update,
What an exciting week this was! On Monday we launched our swapping demo to the public and held our breath as the swaps started to stream in. Of course, we were a bit nervous, but everything worked just fine and by Tuesday we had processed around 2,000 Swaps. The number of interested users kept growing and on Thursday alone we saw over 19000 swaps.
It was interesting to see that most swaps were from gETH to dFLIP. That makes sense because this is the required swap for the Galxe campaign. On the other hand, building a cross chain swapping system and then seeing mostly EVM swaps felt weird. Anyway, there was a decent amount of tBTC and pDOT swaps, too.
Feedback has been overwhelmingly positive, but we still have some improvements coming up. The most common suggestion was to make swaps even faster, which is in fact something we have on our agenda. The second most common criticism was that after having requested a swap, some people waited for hours, but the swapping app kept asking users to “send funds to the deposit address”. Turns out that the solution to that problem was to send funds to the deposit address… But seriously, maybe we need to make the UI a bit easier to understand for users who are not familiar with how swapping works.
Progress
We have launched Sisyphos 0.9 and are testing it right now. That means there will be a Perseverance 0.9 release soon. The idea of the different networks was that we can test the complexity and stability of running multiple validators on Perseverance, while we test the swapping and liquidity features in a simple environment on Partnernet. With Perseverance 0.9, we will combine these two for a more realistic scenario.
The improvements to the LP API are almost complete. They incorporate feedback we collected from multiple liquidity providers and are also based on our own experience from using the API in local testing.
Outlook
There were a lot of compliments for the design of our swapping app. The same team responsible for this success is now building our LP app, so that users who are not into using APIs can still provide liquidity to the system.
We will continue to test the system in various ways and make some small improvements here and there. Overall, we are close to where we want to be for the main-net launch and are eagerly awaiting the outcome of our Token Sale.
Vibe check
The tension is rising. There are large screens installed in the office, showing the status of our test networks, the number of swaps, website stats and more. Devs are eagerly discussing the different types of swaps we see on our demo network. We are excited to see years of work coming together to finally provide such a smooth experience to users!
Until next time,
Martin