The past few weeks we've been heads down fully fleshing out the vision for the first flagship product as part of the YFL ecosystem - LINKSWAP. We've gone mostly dark as we have been putting all of our efforts in development, refinement, and execution of our next generation AMM, and we felt it was time to give an update to our community on progress and where we stand.
New LINKSWAP Feature: SlipLock
During internal development of LINKSWAP, it became apparent to us that a wide problem exists on Uniswap when it comes to slippage abuse. An individual may find a pair he wants to trade, place a relatively large order at a higher than normal slippage level, and arbitrage bots lurking on chain will snipe these orders ahead of time, place their own buys, then sell once the initial buyer's order goes through. This has been coined as "Uniswap Vampire Bots" and is a huge issue plaguing the platform. With LINKSWAP, we wanted to create an environment that helps to not only protect investors against rugpulls natively with RugLock, but also take a step against vampire bots and arbitrageurs with our new feature, SlipLock.
SlipLock essentially acts similarly to a circuit breaker in traditional financial markets. The price of a pair will not be allowed to deviate by more than a certain percentage in a certain time period - thus protecting against several possible on-chain attacks currently possible on existing AMMs.
This LINKSWAP-exclusive feature protects against impermanent loss and protects against scams and price dumps (in addition to RugLock). Additionally, the SlipLock percentage and time period parameters are completely customizable via on-chain governance. A circuit breaker style SlipLock can be enabled by the governance, or a more anti-bot strategy can be employed; completely modularly depending on the community's needs at the time.
We are also happy to announce that the LINKSWAP smart contract code has been completed and submitted for a security audit! Our security auditors are Quantstamp — a trusted leader in blockchain security that provides expert security audits. A successful security audit will allow traders and LPs to feel confident in choosing LINKSWAP as their preferred decentralized exchange.
LINKSWAP will launch soon after the audit process is complete.
Finally, we have a sneak preview of the latest LINKSWAP UX:
There are 3 key features that will be released in LINKSWAP V1: Swap, Add Liquidity, and Create Pool. We have been thoroughly thinking through the optimal user experience for each of these features and how they play well cross-functionally. Our process includes weekly design sprints, design reviews and feedback from the community. Our approach is to not only build a product that has stellar UX but to make it visually compelling and engaging to all of our users. We hope that our efforts will be well received by the community!
Expect more updates from us as we hit further developer milestones!