Cardano ADA family! We are proud to officially announce that we will be open-sourcing the smart contracts used in the Genius Yield Dex!
A smart contract is a self-executing agreement with terms between the buyer and seller written into code.
Currently, our DEX uses a single order type: limit orders that can be partially filled, and market orders. These limit orders are created using a smart contract that ensures users' money is safe. The smart contract guarantees that the assets are locked in and only released if the user cancels the order or if a buyer pays the correct price. This smart contract defines the "rules of the game," and each time a user places an order, they entrust their assets to this smart contract.
Therefore, making the source code of that smart contract available is imperative. If we expect users to entrust the smart contract with their money without being able to see it, it's akin to asking someone to sign a contract without allowing them to read it first. For technical reasons, to keep track of the "life cycle" of an order on our DEX, we also deploy special NFTs. For each order, there is an NFT minted when the order is created and burnt when the order is completely filled or canceled. These NFTs are defined by a "minting policy" (another smart contract), which is carefully coordinated with the main order smart contract. We are open-sourcing both the order "validator" smart contract and the NFT "minting policy" smart contract.
While both of these smart contracts have undergone audits in the past, we made changes during the testnet. Therefore, both of these smart contracts are undergoing a second audit. At the end of these audits, we will open-source the contracts under license.
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