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.
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?
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.
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.
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
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
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.
