Frogs! It's been some time since our last update, and progress continues on all of our projects in parallel development. Rather than creating individual announcements for each, we will be combining all of the current development updates into one succinct post for the community to enjoy.
Development on LINKSWAP's code base was complete as of the 10th of October, while the frontend has been completed this week and is ready for LIVE deployment. We submitted the code to Quantstamp for a full code audit earlier this month (shortly after the 10th). In the meantime, we are preparing our business development and marketing strategies for the completion of the audit. We will deploy LINKSWAP on Ethereum mainnet once the audit report comes back, which could happen at any moment.
As part of our release campaign for LINKSWAP, we will be incentivizing several of launch pairs with traditional DeFi farming pools that will reward users with YFL tokens. Users will provide liquidity to preselected pairs and then stake their LINKSWAP LP tokens on the YF Link website, thereby earning even more YFL for helping bootstrap initial liquidity. Note that there will be no new YFL created for this initiative, and all YFL that will be distributed is YFL that is currently already in circulation. More details to come once initial liquidity pairs for this promotion are finalized.
As an additional development update, we will be releasing a LINKSWAP subgraph shortly following the release of LINKSWAP, which will allow us to feed data directly to popular crypto sites such as Coingecko and CoinMarketCap, thus allowing LINKSWAP liquidity, volumes, and pairs to display directly on their site for all LINKSWAP listings. We believe that this level of additional support is key to a successful AMM, and we will provide ongoing support and new features for the AMM through a rolling release of Linkswap exclusive pairs, farming incentives, and much more.
We informed YF Link holders about the NFT Project several weeks ago, as part of our collaboration with BONK token. To remind our community on the design spec of the project:
As part of our efforts to build a true ecosystem of products and incentives, we are partnering with another community-run and managed project known as Bonk to create YFL-themed NFTs (Non-Fungible Tokens) and other rare collectibles. We intend to solve the issue of NFT value by utilizing stablecoin mechanics to create currency backed NFTs that represent actual tokens on-chain. The first of these will be several YFL-themed tokens with original card art created by the Bonk team that will carry its own monetary value. BONK is currently working on a new NFT dapp, so users can create NFTs easily. We’d like to incorporate some of our NFT ideas with BONK’s new platform.
Work is complete on the smart contracts for the NFT project, and we will be releasing the NFT's for purchase some time in November. The NFT Tokens will be backed by a set amount of YFL, thus granting the NFT's redeemable value that represents real-world dollars. The circulating supply of these NFT's will be in the single digits, so only a few rare holders will exist in the world - thus increasing their value further.
We are happy to announce that development on Wafflehouse is also progressing well, with the front-end complete and development well underway on the backend. We'd like to take the time now to discuss an update to the ruleset for the Wafflehouse game:
80% of all tokens used for waffle creation are added to the grand prize. 10% are sent to the dev wallet, and the final 10% are sent to a holding wallet. This 10% (holding wallet) goes back to the user once their waffle/layer is successfully completed, acting as a discount.
The above are the updated rules of the game - we felt adding more to the grand prize pot would be more exciting for players, and this change will create an even bigger reward than previously anticipated. In addition, when waffles are burnt, their holding wallet balances will be sent to a burn address! This is irreversible and will reduce the circulating supply of YFL.
Finally, we are proud to announce that we have begun progress on a Chainlink grant application to utilize LINKSWAP and YFL as part of the LINK ecosystem. With an AMM that trades directly with the LINK token, users of the Chainlink network can purchase LINK with currencies that they already hold on-demand, using less gas than any other AMM.
The current Chainlink Truffle Box requires users to fund their requesting contract specifically with LINK token in order to create a request to an oracle. On a test network, this isn’t a problem since there exists LINK token faucets to fund these requesting contracts. However, on the Ethereum mainnet, this requires the requester to purchase and hold some amount of LINK in order to create requests. By using LINKSWAP, these users can simply purchase the necessary amount of LINK for their request dynamically, using the currency of their own choice. This prevents them from being exposed to an asset that they may not wish to be exposed to holding, while still utilizing the LINK token as its intended use of a utility token.
To demonstrate the capability of LINKSWAP and how it benefits the Chainlink ecosystem, we will develop a Truffle Box that utilizes LINKSWAP before making a request. This will allow requesters to hold any supported currency in their contract, and dynamically purchase the amount of LINK necessary for each oracle request. This way, node operators are still compensated in LINK for retrieving data, and requesters aren’t exposed to the volatility of LINK when utilizing Chainlink.
That's all for development updates for now.