Bashoswap Development Progress Update #5
Bashoswap recognizes the many design challenges that come with working on new, cutting-edge blockchain solutions. In this new development article, we will outline the approaches we will be taking to ensure that we launch a scalable and highly secure, hack proof DEX while also giving more value and utility to the $Bash token.
Bashoswap recognizes the many design challenges that come with working on new, cutting-edge blockchain solutions. In this new development article, we will outline the approaches we will be taking to ensure that we launch a scalable and highly secure, hack proof DEX while also giving more value and utility to the $Bash token.
Bashoswap Dex Development Update
The development theme is figuring out how to handle LP tokens while also putting the recent vulnerability and bug discovered by Wingriders on Minswap Dex and also working on Scenarios in the event of pool splitting and merging.
The Smart contract development team has decided to forgo the common batching mechanism used by other protocols due to somewhat recent revelation about Ouroboros.
Specifically, big batching transactions are statistically much more unlikely to go through due to the FIFO nature of the Ouroboros, so the team is designing a solution that relies on splitting up the liquidity pools once they reach a certain size, which would allow parallelism to scale with usage, since parallelism would be parallel with the number of liquidity pools.
This causes some other off-chain design changes though, because now to do bigger swaps you might need to split it across multiple liquidity pools.
In addition, off-chain, users who want to do e.g. a small swap, will submit transactions for each liquidity pool available, in the hope that one of the transactions will be accepted.
Thankfully there is inherently not any way for multiple of these transactions to be accepted, since the user’s funds can only be used by a single transaction due to the linear nature of UTXOs.
In addition to this, We are exploring the possibility of off-chain cooperation to create a chain of transactions (i.e. transactions that consume the outputs of each other) that could all be accepted within a single block.
This is possibly possible, and if not, we could possibly make a CIP to support this behavior, since the change in Cardano would be very small.
Do note that this relies on CIP-33, because otherwise the transactions would be too big likely, due to having to ship the scripts used with each and every single transaction.
Practically from the perspective of the user it will still look like a normal DEX with a “single” liquidity pool per pair, even if it’s implemented using essentially “sharding” under the hood.
Other Defi Products Being Developed
Private Sale Whitelist Page
Since the cardano community set CIP 30, this gave a standard implementation on how dapp connectors and wallets should inject user’s data. Nami wallet has implemented CIP 30 so we are able to make use of this standard.
Below is the console log showing that we can access the wallet details.
Note that the return values are still cbor encoded hex and need to be converted to display useful information to the user.
Below is a snippet from the auth context module designed to take advantage of the above Nami wallet injection.
We can provide wallet details to any page or module that needs it when implementing this context at a high level. This is basically, how we can implement login, logout, and features like wallet check or token balance check.
Cardano Node
We are currently running a server using cardano-node and have set up cardano-db-sync. An image of our synced node up to the current slot is shown below.
We are transitioning over from cardano-db-sync because of costs.
We will probably move to blockfrost.io or some other api in order to interact with the cardano blockchain.
Airdrop Script
Since the list of addresses will be known to us, we can easily prepare the airdrop scripts on any working cardano-node.
A snippet of the script can be shown below. We can automate and loop through all the addresses to build the correct transactions for air drops. This is done in a centralized manner but the private sale only happens once. Smart Contracts can better be used in used cases where they are reused over and over again.
Currently In Development: Staking Smart Contract
We are creating the asset classes that are needed in order to properly build the smart contract using Plutus in Haskell.
We will shed more light on this in a subsequent medium post.
Join $Basho Token Private Sale Whitelist
Don’t forget that $Bash token private sale comes up in few days. We will put up a post subsequently on how to set up a Nami wallet address and how to buy ADA and send to Nami Wallet in preparation for the upcoming private sale.
About Bashoswap
Bashoswap is a native, 100% scalable Cardano decentralized exchange and automated market maker protocol on the Cardano Blockchain.
Follow Bashoswap For More Information
🐦: https://twitter.com/basho_swap
Discord: https://discord.gg/ab4vY478
Telegram: https://t.me/bashoswap
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