FaithSwap — AMM
FaithSwap is a decentralized exchange built on Turtle.Network. It is the first AMM launched in its network. Built under A4ADAO software umbrella, it provides another utility to empower DAO members.
Traditional exchanges require buyers and sellers to create liquidity. An automatic marker maker (AMM) creates markets automatically by an algorithm. Many AMM exist in different chains and not all are the same or use the same strategies. FaithSwap is a spin on Uniswap, giving users great advantages over traditional DEXes.
FaithSwap base level economics are in pool listings and swap fees.
- Pool Listing
-2000 $CODE (goes towards distribution pool)
-$CODE locked as faith from users
- Swap Fees
AMM will charge a 0.3% fee on all swaps
-50% goes to LPs
-25% goes to sponsors for future development and/or promotional events for A4ADAO
-25% goes towards $CODE backing
The layered economics begin with CODE.
- Users need $CODE to access FaithSwap economy
- Users need $CODE to propose pairs
- Users lock $CODE to vote
As FaithSwap and $CODE grow, so does backup value in $xUSD. This way providing not just an speculative value but also a deterministic value.
Liquidity Provider Incentives
Thanks to a recently passed EIP (Economic Improvement Proposal on Github), minters of $CODE have generated over 66.000 $CODE in taxes from CODE masters. This will be used to incentivize pools as a compensation for impermanent loss. Sponsors are working to develop a calculation scheme and distribution schedule for users. Eventually, it will be a smart contract system entirely.
- The first pool to be incentivized will be CODE/USDT.
“With great power comes great responsibility.” — Uncle Ben
FaithSwap governance token is $CODE. Its design guarantees a fair, distributed supply. Holders will be able to participate in voting for listings, pool incentives and EIPs. This means requirements for listing proposals may rise or fall by community decisions. Also, future pool incentives will be decided by community. It is important for $CODE holders to understand the importance of these decision while voting. Money flow in ecosystem can be adjusted and whatever non mainstream assets can be added. Always do your research before voting.
Lets illustrate the effects of a swap with an example:
User has $100
User selects: swap(100)
- Users order is routed through the pool
-Amounts are swapped, fee is taken
—User receives $99,7 of token
- Of the earned $0.30
-half of this, or $0.15 is for Pool Providers
— $0.075 is to back CODE
— $0.075 is for A4ADAO/Development
Please read Liquidity Pool Fee Update for new updated fee distribution.
FaithSwap currently offers various features for users to interact with.
Swap to/and from USDT. Under each swap you’ll be able to find current price of asset, fee, price impact and estimated amount received. It is important for users to take precaution as amount and pool depth will determine the slippage.
When you add liquidity you’ll be issued LP tokens that represent the value of your position in the LP. When you exit the LP your LP tokens will be burned and your position will be withdrawn.
Anyone can propose an asset listing for voting. Cost is 2000 CODE.
Users can vote for asset by locking $CODE for the vote period. After vote period has ended, $CODE can be withdrawn.
You can wrap/unwrap fsTN for use in AMM.
Access CODE_Master.RiDE dApp to mint/burn $CODE
$xUSD is now under vote to be listed, please be sure to come and show your faith in the listing!