Season 6 of the Canto Online Hackathon
Website : (only on testnet (chainId: 7701) https://waveswap.pages.dev/
Twitter : @WaveSwapFi
Telegram (personnal) : @arthursdev
Canto currently lacks from users and volume. WaveSwap will attract new users by permitting high volume transactions. With concentrated liquidity, WaveSwap will allow the canto ecosystem to have deep liquidity pools.
WaveSwap is a decentralized exchange based on Uniswap V3. It will bring concentrated liquidity to the canto blockchain. I came on canto few months ago and saw that the major DEXes were uniswap v2 based. I saw there an opportunity to build something useful and efficient for CANTO users. WaveSwap will be the first V3 DEX on CANTO, maximising returns for traders and liquidity provider but also minimising price slippage. However the main innovation that WaveSwap is bringing to CANTO is the concentrated liquidity.
On a V2 DEX when LP provide liquidity, it is distributed evenly along the price curve. From 0 to infinity. But this makes capital quite inefficient, why provide liquidity for CANTO at 2 cents when it’s currently trading at 25 cents. For pools like NOTE/USDC, only 0.5% of the capital is used between 0.99$ and 1.01$, a price range where the majority of trading volume goes through. For a NOTE/USDC pool, this mean that currently on CANTO DEXes, 99.5% of the capital is never used.
WaveSwap brings concentrated liquidity which offers better capital efficiency for lp. As an LP you can chose a range to which you’ll provide liquidity for instance between 0.99$ and 1.01$ for a NOTE/USDC pool. This range can be modified at anytime. By providing only 25 000$ within a 0.99$ - 1.01$ range for a NOTE/USDC, this will be the same as 5M$ on any other V2 DEX. The pool factory contract will be able to support ranges as small as 0.02%, which translates to a maximum of 20.000x capital efficiency compared to V2.
This liquidity is active, you can modify the range whenever you want.
- Opportunities for swappers and liquidity providers
- Deep and liquid pools
- An efficient AMM with low slippage, allowing larger swaps for low price impact.
- Will use Contract Secured Revenue (CSR)
- Launch on mainnet
- Creation, presale and airdrop of a $WAVE token - Documentation for the project (gitbook)
- Farms between $WAVE and other CANTO tokens