Wed. Apr 14th, 2021
Free TON DeFi Weekly call 6

We are publishing a text version of the Free TON Weekly Meetup DeFi Governance #6 on November 04 2020, the most interesting moments of which can also be viewed in a blitz version:

Blitz version of FreeTON DeFi Weekly Call Vol 6

Bridge contest updates

Vladislav Ponomarev says that two bridge contests have finished accepting applications. Several applications have been submitted for each of the contests. Vladislav asks the team members to vote. Sergey Shashev says that he looked through all the applications and one of the participants created a document that is very similar to the Polkadot and Ethereum blockchains. Vladislav Ponomarev explains that formally the application complies with all the requirements of the contest so they cannot just reject it. However, since it is impossible to  disclose the content of this work, it should be rated low. 

There are two possible ways to solve this issue: either reduce the number of places for the winners or define the specification of the competition more carefully.

Jury contest winners

Vladislav Ponomarev congratulates two participants (Sergey Potekhin & Ignat Shapkin) on passing the jury contest and asks them to tell a few words about themselves. 

Sergey Potekhin greets everyone, says that he is glad to join the jury, looks forward to the first competition. He says that he has quite a lot of experience in blockchain development, especially smart contracts and DeFi projects.

Ignat Shapkin greets everyone and says he is pleased to be a member of the DeFi jury. He is ready to transfer his financial expertise to DeFi, evaluate the project and contribute to the entire Free TON ecosystem.

The question is whether there is a difference between a bridge and a wrapper

Sergey Potekhin explains that there is a set of smart contracts that mostly operate on the Free TON network (since the fee there is much less than on the Ethereum network). 

These contracts are the users who support the bridge and receive rewards for their work.

All decisions, such as adding new support or a new token, must be approved by something similar. This bridge supports not only token transfers or Ethereum transfers, but also arbitrary events. It is possible to support token transfers but it is also possible to easily transfer Uniswap trades from Ethereum to  the Free TON without any additional complex bridge logic.

Vladislav Ponomarev explains that wrapper is part of the bridge. The functionality of the bridge is much broader, it allows you to transfer events and information between two blockchains.

Sergey Potekhin explains that their main goal is to develop a bridge, a kind of software that serves as a link between Ethereum and Free TON. Anyone can develop the so-called wrapper and connect Ethereum and Free TON. You can develop a token wrapper and allow users to work with USDC in Free TON or you can develop a Uniswap wrapper and allow users to easily trade on Free TON. 

Vladislav Ponomarev explains that initially, when they created this proposal for the DeFi sub governance, they only had a general picture of what they would like to see on Free TON. 

After a while, there was a discussion with several teams and market leaders about the implementation of this structure, so the wrapper was modified into a fully functioning bridge.

That’s the reason bridge contests are being run instead of wrapper contests at the moment, as wrappers have little functionality compared to bridges. 

Uniswap architecture

Sergey Shashev clarifies that Uniswap is just one type of architecture. In case one of the teams is ready to create a complete analogue, the process should be divided into 2-3 steps 

starting with the architecture to understand the difference in approaches from different teams. The main issues such as budget and product launch should be solved at the last stage. At least one team must launch the product.

Vladislav Ponomarev says that the codes should be decentralized and interlinked at the same time. It means that, if an architecture and design contest is created, the best design that was proposed during the architecture and design phase will be implemented,not something new.

The question is whether teams that are focused on developing Uniswap (DEX architecture) should participate in the DEX contest or should they submit their own contest

DEX Uniswap originally had a separate budget. Now Uniswap appears only as an option in a common DEX contest. 

Vladimir Maslyakov reminds that at this stage they are still looking for the best design and architecture. Therefore he recommends Uniswap architecture to participate in the current DEX contest.

Sergey Shashev notes that some Uniswap functions will not work in Free TON due to certain technical issues. For this reason, not only Uniswap will be used in Free TON. 

Bonus payouts 

Vladislav Ponomarev reminds that the first DeFi sub governance contest is over. Now it is necessary to make payments, as they promised to provide jurors with a welcome bonus. There is a special payment group in the main governance that calculates all the payments, Vladislav hopes that they will be able to make an agreement with the analytics sub governance so that they take care of all the calculations. The DeFi sub governance will receive the results and they will only need to load those numbers into smart contracts. 

Not many contests are being run at the moment, Vladislav expresses hope that the number of contests will increase in the near future. 

Offers to allow some time for a payout issue to be solved, so that everyone knows in advance when the payment day is. 

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