Enhance Oxen's Interoperability and Connectivity via Centralized Swapping Services Integration in Oxen Wallet

[venezuela01]

Enhance Oxen's Interoperability and Connectivity via Centralized Swapping Services Integration in Oxen Wallet

This is a follow-up of Theoretical Analysis of Oxen Wallet Counts vs. Top Ethereum ERC20 Token Wallet Counts and an Alternative Approach to Increasing Oxen Holders.

ORC-8 highlights Oxen's limited interoperability with the broader cryptocurrency ecosystem. It suggests migrating from the Oxen chain to an EVM-compatible chain to leverage DeFi services like Uniswap for enhanced connectivity.

This document offers an alternative, potentially suboptimal solution to serve as a fallback to improve Oxen's interoperability and connectivity with the rest of cryptocurrency world, in case the migration plan is reevaluated and ultimately terminated.

As per Cake Wallet's supported exchanges, Cake Wallet enables asset swapping for Monero with over 60 other assets via ChangeNow and SimpleSwap. Since the existing Oxen wallet is derived from an older version of Cake Wallet, updating the codebase to align with the latest Cake Wallet, and collaborating with ChangeNow and SimpleSwap to include Oxen in their supported trading pairs, could markedly boost Oxen's interoperability.

Given that a select few top cryptocurrencies already account for more holders than the entire remainder of the cryptocurrency ecosystem, supporting every trading pair is unnecessary. The top 6 crypto assets constitute more than 80% of the market capitalization among the top 1,000 assets when ranked by market cap. Similarly, the top 25 assets make up over 80% of the 24-hour trading volume among the top 1,000 assets, sorted by volume. Focusing solely on the top assets featured by ChangeNow and SimpleSwap should suffice to make a significant impact.

As indicated in the Theoretical Analysis of Oxen Wallet Counts vs. Top Ethereum ERC20 Token Wallet Counts and an Alternative Approach to Increasing Oxen Holders, migrating to an ERC20 token is expected to have only a marginal impact. Comparable results could potentially be achieved by incorporating in-app swapping features similar to those in Cake Wallet.

From a user interface standpoint, Cake Wallet's swapping mechanism is already intuitive for users familiar with Uniswap or TrustWallet's in-app swap, thus minimizing the learning curve.

[venezuela01]

The raw data extracted from coincarp.com is attached for those interested in independently verifying the claims about the distribution of top market cap and trading volume assets.

top1000_crypto_data.csv

[venezuela01]

Upon examining SimpleSwap, it's observed that:

• SimpleSwap supports 11 out of the 15 privacy coins mentioned on comment 1.
• The privacy coins that are not supported include: Bytecoin, Particl, Oxen, and Zano.
• Note that SimpleSwap only supports the wrapped tokens of Dusk and NYM, not their original native coins.

Similarly, for ChangeNow:

• ChangeNow supports 8 out of the 15 privacy coins listed in the aforementioned comment 1.
• The unsupported privacy coins are: MobileCoin, Beldex, Pirate Chain, Dero, Bytecoin, Particl, Oxen, and Zano.
• Notably, ChangeNow supports only the wrapped tokens of Dusk, NYM, and Pirate Chain, not the native versions.

[venezuela01]

Beldex has implemented a non-KYC instant swap through https://exolix.com/ and https://changelly.com/, and has also integrated the swap service into their wallet.

These services are similar to ChangeNow, SimpleSwap, etc.

Unfortunately, the Oxen team didn't listen, and the competitor perceived as a copycat is proceeding on the right path.

There is little value in keeping this issue open. Closing.