Year in Review: TangleSwap Lift-off Sequence
The full article was originally published by TangleSwap on Medium. Read the full article here.
Time for a brief recap on landmark milestones as we prepare for the protocol’s debut on the long-awaited ShimmerEVM
Phew! An entire year has passed since our last Explorer’s Manual edition in April 12022, and a formidable amount of achievements have been accomplished since then.
To switch up the tempo, this month our blog will feature a series of three posts, starting today with a concise compilation of notable and thrilling milestones achieved over the past year, then continuing with an easy-to-follow introduction to the Concentrated Liquidity algorithm that TangleSwap uniquely introduces to the IOTA & Shimmer ecosystem, and concluding with an in-depth exploration of advanced concepts and practical strategies to consider as a liquidity provider.
Now, let us get started with our year-long recap — in chronological order:
- March ‘22: TangleSwap announces The Big Bang.
- April ‘22: our community proudly supports our Genesis NFT launch, seeding the protocol with ~$1M USD within the first 24 hours alone! 💜
- May ‘22: in coordination with the IOTA Foundation (IF), TangleSwap pivots from native Go smart contracts to industry-standard Solidity language to facilitate external integrations with EVM-based protocols.
- June ‘22: TangleSwap crystallizes its long-term vision and evolves from a conventional, innovation-lacking DEX architecture into a comprehensive suite of 6+1 cutting-edge Decentralized Finance (DeFi) apps, designed to cater to the needs of both professional and mainstream users alike.
The whole universe of DeFi at your fingertips.
- July ‘22: the official TangleSwap Documentation (v1.0) is completed, detailing key concepts and features behind the early protocol.
Fun Fact: this version would rapidly go on to become outdated as the TangleSwap protocol matured into its ultimate form — in fact, the final Documentation v2.0 is to be released two weeks after this blog post!
- August ‘22: TangleSwap starts engaging with numerous projects and initiatives to lay the foundations that will eventually result in various fruitful, strong partnerships and collaborations:
Integrations: Bivreost, Multichain, Firebird, Euler Tools, Symbiosis, Pyth, Chainlink, Touchpoint Builder’s Program, and more to unveil…
YouTube: Spec Vol. I & Vol. II, Blockbytes, IOTA Poet, Probably Nothing.
Podcast: Moonaco Vol. I & Moonaco Vol. II.
Written Press & Media: AMA with the Chinese community, AMA with S.D. DAO, upcoming AMAs & Twitter Spaces with the global, Hispanic, and German communities… and countless pieces from independent creators.
- September ‘22: the TangleSwap crew grows to 10 Pilots, ranging from specialized frontend architects to UI/UX visual designers, community & business developers, and blockchain engineers with over a decade of experience — including auditors for eminent protocols in the industry.
- October ‘22: the TangleSwap Whitepaper is drafted — a 28-page blueprint laying out the core thesis behind TangleSwap, a DeFi solution designed specifically to address the main shortcomings of the industry: sustainability, profitability, scalability, and security.
- November ‘22: a comprehensive audit process begins with Zokyo — a reputable cybersecurity leader introduced by the IF — to engage in a series of 6 audit rounds where the TangleSwap smart contracts are pen-tested and thoroughly hardened against exploits or attack vectors.
- December ‘22: IOTA is selected by the European Union (EU) Commission as the leading finalist in the last round of a process to become the official European Blockchain Services Infrastructure (EBSI) partner. In parallel, TangleSwap successfully completes a first round of testing with a select group of highly active community members.
- January ’23: a brave group of 1000 SOULS venture deep into the void and eventually makes their way to the TangleSwap universe…
- February ‘23: our Whitepaper announcement receives a fantastic reception, which, quite frankly, surpassed every expectation, with ~200K views and unrelenting engagement from our community.
TangleSwap 🛸 on Twitter: "🪐 INITIALIZING LIFT-OFF SEQUENCE 🛸—-The time has come.👉 https://t.co/4MUFSatdQo 👈7 bleeding-edge #DeFi dApps.28 pages of #TangleSwap Whitepaper.2 groundbreaking @iota & @shimmernet networks.Hyper-scalable. Zero L1 Fees. No MEV.Your DeFi journey begins here. pic.twitter.com/jG9Ys5iz09 / Twitter"
🪐 INITIALIZING LIFT-OFF SEQUENCE 🛸—-The time has come.👉 https://t.co/4MUFSatdQo 👈7 bleeding-edge #DeFi dApps.28 pages of #TangleSwap Whitepaper.2 groundbreaking @iota & @shimmernet networks.Hyper-scalable. Zero L1 Fees. No MEV.Your DeFi journey begins here. pic.twitter.com/jG9Ys5iz09
- March ‘23: TangleSwap crosses the 10K followers mark on Twitter, and a long-awaited announcement is made — the ShimmerEVM is born!
- Next, coming this May ‘23: another eagerly anticipated milestone is reached — TangleSwap goes live on the Shimmer testnet, following a carefully planned release schedule to give ample time for the community to understand, test, and become intimately familiar with the uniquely innovative product palette offered by the protocol.
- As we celebrate the protocol’s official launch, we are thrilled to unveil our Docs 2.0, featuring comprehensive yet accessible information and step-by-step guides on all things TangleSwap. Designed to streamline the onboarding process for both novices and seasoned professionals, our resourceful documentation promises a seamless transition into the world of TangleSwap
- Following afterwards, the big day arrives: having nurtured a well-educated user base and a battle-tested protocol, TangleSwap readily makes its official, public debut on the one-of-a-kind ShimmerEVM mainnet! 🛸 ✨
Reflecting on the past year, it has truly been a memorable period. While 12022 was undoubtedly challenging for both the digital assets industry and the global macro economy, it also provided a fantastic opportunity for the TangleSwap crew to innovate from the ground up, building strong foundations to fulfill our mission of becoming the ‘go-to’ DeFi option for the entire IOTA & Shimmer ecosystem.
These foundations are numerous and unique, as detailed in the TangleSwap Business Whitepaper. Among other innovations, they encompass a Concentrated Liquidity Market Maker (CLMM), an Oracle Balancer, a fully original Void Energy Staking mechanism, dual-modality smart Farms, and more. Importantly, by leveraging industry lessons from past years, every feature and application behind the TangleSwap protocol has been designed for long-term sustainability, profitability, and scalability.
Now, a key Q: in practical terms, what do these innovations mean for users?
When analyzing the differences against other decentralized exchange (DEX) solutions in the IOTA & Shimmer community, we found that:
- For traders, capital efficiency in a CLMM is up to x4000 times higher than in a conventional AMM DEX. This translates into users enjoying remarkably smaller swap costs such as price impact and slippage. Minimizing trading fees is critical for any future-proof decentralized protocol and ecosystem, which is largely why concentrated liquidity is considered the future of DeFi infrastructure.
- For liquidity providers (LPs), passive CLMM positions — i.e. those not requiring active management by the LPs — outperform comparable AMM DEX positions by an average of ~54%. The result for LPs is a superior average yield returned on their assets — or, seen from another perspective, LPs are empowered to invest considerably smaller amounts in a CLMM and benefit from similar returns compared to a conventional AMM.
- For liquidity farmers, the TangleSwap protocol offers a groundbreaking Asteroid Farms system, uniquely and deeply intertwined with the CLMM to optimize reward distribution towards high-value LPs, in line with our core ethos around sustainable growth. As the ecosystem grows and matures, this unique ‘smart farming’ system will prove invaluable in fostering prolonged, retentive growth of liquidity.
- For stakers and governance participants, they benefit from a fully custom-built Void Energy mechanism that serves a dual purpose: it inherently directs staking rewards towards long-term supporters, while providing the means for a tailor-made governance system that — crucially — is not based on mercenary coin holdings but instead aligns with the future of robust, equitable decentralized systems.
- For NFT communities, TangleSwap delivers an ‘essentials toolkit’ to support and strengthen their enterprises. NFT Staking empowers high-quality collections — side note: we’d love to encourage and support RWA initiatives! — with seamless access to NFT-Fi and decentralized governance while fostering fairness, providing liquid markets, and augmenting value for stakeholders.
- For investors of all experience levels, from seasoned market experts to those embarking on their personal investment journey, TangleSwap’s Investment Hub — also known as Token Launchpad — presents a unique opportunity for users to discover and invest in early-stage ventures based on their individual risk appetite. At the same time, emerging projects benefit from a highly efficient, fully-fledged, and reputable decentralized fundraising platform.
- For newcomers and multi-chain voyagers, in collaboration with our esteemed partner Multichain.org — a reputable bridge protocol boasting +$100M in daily volume and +$5B TVL—TangleSwap has built a user-centric interface to enable users to seamlessly and securely move their assets across different networks, wallets and ecosystems without even stepping out of The Tangleship.
Today, we are thrilled to be building at the very forefront of an IOTA ecosystem that, for the first time in its long-standing history — and having weathered three bear market cycles with numerous challenges — is ready to become home to a constellation of enterprises, projects, and innovation in every area where Distributed Ledger Technology can provide significant value. Evidence of the potential waiting to be unleashed includes a bustling developer community, a thriving Business Ecosystem poised to permeate numerous industry verticals, and the recent news of IOTA being selected as the leading finalist to become the European Blockchain Services Infrastructure official partner.
We are delighted to invite our community to gear up for the highly anticipated launch on the ShimmerEVM this May 12023, and to share in the excitement as we embark on this groundbreaking journey with TangleSwap as a flagship protocol of a flourishing IOTA & Shimmer ecosystem. Stay tuned for our next announcements, as our calendar for the upcoming months is brimming with new releases!
The Crew 🛸 💜