Mon. Jul 26th, 2021
    DeFi #27, Free TON, Meetup

    The participants of the meeting recalled that for the first stage of the DEX competition, the winners will receive a record in the history of sub-management, and discussed the second stage. Explained why the stablecoin competition was delayed. We touched WTON from Broxus and announced the creation of the Formal Methods subdivision.

    Weekly DeFi Governance Call #27

    DEX Contest: results, payouts, next steps

    The first stage of the DEX implementation contest is over. The jury determined five winners. This will be the largest payout in DeFi sub-management history, with over 775k tokens distributed.

    As discussed earlier, the second stage of the DEX implementation contest is on its way. Since the solutions are very diverse, it is necessary to decide what the second stage of the DEX implementation contest will be.

    Vladislav encourages everyone to join the discussion, since the solutions and approaches are completely different, not everyone uses automated market makers (AMM), for this reason, there should be a universal metric that will help determine success at the second stage of the contest. Vladislav asks Mitya to prepare a list of criteria, which will later be submitted for discussion with all the first stage contest winners.

    Stablecoin competition (oracles)

    Vladislav recalls that it was decided to postpone the stablecoin contest due to the fact that most of the architectures depend on the implementation of oracles. This means that oracles must first be built on Free TON. The contest has already been drafted.

    • What is the logic of deciding whether the price is correct or not?

    The logic is described. There are formulas. How to complete them depends on the contest participants.

    • Will we run an oracle design contest first?

    The design is already there. There is no need to run a design contest. You just need to hold a contest for implementation.

    • Is it possible to implement different types of oracles?

    Of course, there may be differences in the consensus design. Eventually, you will need to agree on the right data feed and you will need to encourage people to provide you with it. The question is whether you want to spend time discussing the design or the main goal is implementation.

    • If we run the contest as it is published, will it depend on the Rust node implementation?

    No. This is a smart contract in the system that transmits data over the TON sdk GraphQL protocol, no node is needed.

    Ethereum bridge security audit. Bug Bounty Program

    We have previously held discussions with several security audit teams. We are nearing the launch of the Ethereum bridge security audit implementation with two of them. This means that we expect to receive a formal security audit of the bridge within a month. The Bug Bounty program with Immunefi is also completed. It will be launched this (early next) week. All the details will be published on the website. Everyone is welcome to participate.

    Implementation of Wrapped TON (WTON) by Broxus Team

    The Broxus team has released wrapped TON (WTON), which is similar to wrapped Ethereum or wrapped Bitcoin. It is a tradable TIP-3 token that can be transferred to the Ethereum network and is listed on Uniswap. The Uniswap listing will be officially announced this week. The pool itself is operational, there is already some liquidity in it. There will be two articles published on this topic on several well-known resources, including Cointelegraph. Getting wrapped TONs is easy. At the moment they are only supported in the TON Crystal wallet, but it is planned to expand support for DeBots as well to support it in the Surf browser. Vladislav congratulates everyone on this big step and thanks the team for their work.

    Mitja raises a security issue and announces the approval of a new sub-governance. The goal is to create a process where the first two stages of any formal verification can be a kind of audit. If you have chosen to be formally verified by the sub-governance, the first thing we will do is run the contests that will become an audit for you. Mitya wants to apply for the contest of the two DEXs, which occupy the first two places, to the new Sub-Governance of Formal Methods. We will have DEXs that can be quickly verified as part of the formal verification process.

    • By the end of the first stage of the contest, we have three DEXs, which are very close in points. How can they get formal verification? 

    We can include all three. Everything depends on you.

    • What can be tested with WTON on Uniswap?

    We’ve already tested this with various teams including the TON Alliance. It’s more about spreading the information so that everyone can contribute something useful, and invite traders to join Uniswap. The more liquidity the better. Staking rewards are also provided.

    Once this phase is complete, the team plans to implement a fully functional DAO on the TONbridge io. There will also be a procedure for adding new relay validators, everyone from the community can apply.

    Sergei Shashev says that at the moment they are starting to work without any programs for liquidity providers. Later, a program for liquidity providers will be launched on Uniswap. He expresses hope that this will help attract more liquidity from the Free TON community and from other external communities.

    NFT Sub-Governance updates

    The first contest in the NFT sub-governance is planned for the TIP-3 NFT token. One of the questions they are interested in: will there be any TIP-3 token from the DeFi sub-governance? Vladislav explains that NFT itself is simple, but depending on the applications, it can vary significantly in implementation. In fact, Mitya has already provided the NFT specification in TIP-3. Vladislav suggests clarifying what type of NFT they want to start with, as this will affect the standard.

    The transfer of the current Ethereum NFTs through the Free TON bridge is possible, however, at the moment our team is focused on completing the second stage of the bridge and approaching the DAO, there are currently no resources to support this kind of transfer.

    Standardization of TIP-3 changes for DEX

    We have been contacted by several teams to discuss the standardization of the TIP-3 changes. The DEX contest showed that several teams have invented their own vision of the TIP-3 token. We need to somehow synchronize and improve the standards for DEX and other implementations.

    • How can new TIP-3 implementations be included in the standard?

    You need to create and publish a repo on freeton.org. It must be approved, then it becomes part of the standard. Anyone who wants to interact with your token, with your TIP-3 implementation, can just go there, view your interfaces, and implement.

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