Chainflip Development Update — January 26th 2024

Dear readers of the Chainflip Development Update,

The swapping activity on our mainnet app is picking up, and the volume chart is pointing straight into the sky. To keep this momentum going, we will be adding more and more features.

Progress

We launched our LP dashboard, and you can now provide liquidity to the network and manage your positions through our intuitive UI. You can find it here: https://liquidity-provision.chainflip.io. Of course, you are still able to use our swapping API if you prefer to automate your activities.

We further raised the swapping limits to around $25k per swap. Several users immediately made use of that and bought lots of FLIP tokens through swaps—a good sign!

Version 1.1.7 was released and includes a small fix that allows us to deal with some non-standard Bitcoin transactions that appeared on the Bitcoin testnet. This was a particularly weird change since our implementation followed the type specifications of bitcoin-core. As it turns out, the bitcoin-core RPC itself doesn’t satisfy this standard! I asked one of their core developers about this, and they agreed that it is a weird case that they might address in a future change.

Outlook

Right now, we are preparing the release of version 1.2.0, which includes lots of improvements under the hood. These changes are not immediately visible to the users but will make our upgrade process much easier in the future. This version also includes various helpful changes that make monitoring the system easier. For example, we will get alerts if there is any disagreement between validators, even if the disagreement was resolved via the consensus mechanism.

You might recall the “bouncer” end-to-end test tool I talked about in an earlier dev-update. It only tests the functionality of the chain itself and the associated APIs, though. We are now expanding our framework to include all of the web frontends in automated end-to-end tests.

Vibe Check

The office is relatively quiet right now, with some team members working remotely for a while to enjoy a milder climate. However, we are not leaning back, but are focusing on keeping the growth going and preparing everything for the official swapping launch.

Until next time,

Martin