DEX Conversation

I just realized I think we can make our own listing on a DEX. There is permissionless listing. Since we all have ETN then we would only need to buy the other EVM based coin and then create the pool, set the prices and provide equal values of both coins.
So if we got together and created a pool we would each get the LP rewards from the transactions.
I’m driving around right now but I’m going to look at this when I get home. Anybody interested?
What EVM coin should we pick? I’m thinking one of the WEB3 ones.

Edit: Wait I got that slightly wrong. ETN has to be wrapped and the other crypto I think has to be an ERC20 like GALA or else there needs to be a bridge. I’m talking to the Electroswap dev on discord about it.

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Talking to the electroswap dev he says if the other coin is an ERC20 coin it does not have to be wrapped but the difficulty is that there needs to be a bridge to retain its value.
I don’t understand that.

USDC is an ERC20 token when I searched it and it is a stable coin.

Maybe it means we would have to have a very large pool of both WETN (wrapped ETN) and USDC in order for there not to be large price swings when someone does larger trades or else a “bridge” that auto trades it in a larger exchange is needed?

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It’s a little too complex for me Aironeous, as I haven’t delved into smart chains enough so don’t have a great understanding.

But the concept sounds awesome, bring it on!!

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Interesting breakdown of Swaps & Dexs vs traditional exchanges:

https://www.leewayhertz.com/exchange-vs-dex-vs-swap/

& wrapped crypto:

https://pixelplex.io/blog/what-is-wrapped-crypto/

Quite the rabbit hole…

Looks like Bitcoin and ether are the top wrapped assets, due to network fees & speed, apparently it’s a great way to take the benefits of one chain (like speed and transaction costs) and mix it with another.

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I don’t understand it all either but I understand the concept of liquidity pools but not all the mechanics of it.

It’s a way for the community to create a decentralized exchange but someone has to write the code for it and thats where the DEX comes in.

Using 2 ERC20 tokens for example if we wanted to create a liquidity pool for wrapped Electroneum (WETN) and DOGE.

If I wanted to participate I would wrap $500 of Electroneum and provide that (WETN) plus provide $500 of DOGE.

If the liquidity pool has $5000 of both DOGE and WETN then every time someone trades these tokens back and forth I will get 10% of the transaction fees.

I think the concept called wrapping, it just means you are temporarily making it an ERC20 token so it can be traded with other ERC20 tokens using smart contracts.

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That’s a great breakdown, cheers. I’ll definitely be up for joining that pool :+1::+1:

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I just don’t understand why the Electroswap guy is saying there needs to be a bridge.

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This is a copy/paste of what he said as a reply to me asking about creating a liquidity pool of WETN and USDC.


Wrapping is only needed for coins that are not already ERC-20 compliant. The bigger issue is getting other ERC tokens onto ETN-SC while retaining their value, such requires a bridge

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Sounds like only the pairing token needs to be bridged onto the ETN SC so it doesn’t lose value. Is that right? Then the wrapping happens in the formation of the liquidity pool? I really don’t know.

@user43 is correct; it certainly is “quite the rabbit hole” haha

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I wonder if this is what he means by bridge because it sounds like it.


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Just want to show you guys what a LP pool looks like in a WEB3 game.

This pool is on a test server and will be released in a few weeks live.

If Electroneum was used in a WEB3 game and one of the tokens in that game had a liquidity pool with ETN you wouldn’t see the wrapping part as the interface would be graphical.

This is a pool created by the community. The middle button is a toggle button. The token here (grain) is a consumable that is needed to create recipe items that in the future will create NFT’s that are used in the game. The other token is their stable coin.
In order to sell grain you input the amount and it auto selects the amount you will receive in their stable coin.
This is only possible because the players provided the liquidity.

Everyone who provided liquidity to this pool will get part of the transaction fee.

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Where is this pool ? I was waiting for SL to add this,

I’ve looked on the pool section on the site and cant see it any help is greatly appreciated

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It’s on the test server/mav server.

You have to be a mav meaning purchased at least 1000 packs.

They are testing it right now.

This is serving as the template for all the other LP’s that they will be releasing for the land exapansion.

I expect the salt system to be the next major land release after this and titles.

It won’t be in the pools section it is in the land section.

On this pool your portion of rewards for adding liquidity is automatically added to your position in the pool when people swap/trade so you won’t see it in the pools section.

You don’t have to “claim” it, it is auto added to your balances in the pool.

All the land LP’s will be in the land section not the pool section.

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Well thats not me then lol… ok thanks for the information …

I don’t know how to make a poll, but I was wondering how many people here are aware of the DEX’s on Electroneum Smart Chain, especially ElectroSwap?

There are some ETN holders involved in the projects being built on the chain, but so few that it makes me wonder if these are going completely under the radar?

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Just announced on town hall today it will be releasing this coming Tuesday on the main server.

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Sorry, what will be what what?

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I was explaining and showing what a decentralized exchange looks like in a web3 game. A decentralized exchange uses a liquidity pool created by the players.

The one I showed was inside of a web3 game that plank is familiar with. He asked me why he can’t see it, I answered because it is on the test server.

He recognizes the assets just from the picture.

It’s on the test server right now but will be going live on the real server on Tuesday.

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Why can’t we become a part of this?

Plank it’s live. This is my position in the liquidity pool. This is a screenshot from my phone using HIVE keychain.

44.5K DEC and
2.796 million grain.

This is the first LP I have ever been in. I sold a bunch of grain first so I could get the DEC to put myself into this pool.

It just started hours ago and it’s already at 2.6 million DEC and 163.4 million grain.

This is so cool. I now have a safe market to sell my grain and I like checking up regularly to see how my position is changed.

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