1st Development Update

Following the release of our litepaper yesterday, we are excited to present our 1st development update. TeddySwap is an open-source decentralized exchange protocol on Cardano.

Introduction

Yesterday we launched our litepaper, where we explained that TeddySwap is a decentralized exchanged focusing on stablecoins.

TeddySwap is an automated market-maker (AMM) exchange built by developers of Cardano Foundation and plu-ts, a Plutus framework built for writing efficient smart contracts on Cardano.

As we explained in the litepaper, we are currently focusing on deploying our v1 DEX, which is based on the Spectrum Labs protocol. Launching this DEX on mainnet will display our ability to deliver, maintain, and improve a secure swapping protocol with a friendly user experience.

Following launching v1 on mainnet, we will deploy v2, which uses concepts from Curve Finance, called the StableSwap invariant, which should lead to less slippage and impermanent loss. More information on the StableSwap math can be found in our documentation here.

Technical Progress

Up to this point, our progress includes:

1. Initial analysis of Spectrum contracts and offchain code/batcher;
2. Tested Spectrum batcher bot, which includes compiling and running the Haskell codebase;
3. Wrote the base code for transaction building for ‘Create Order’ and ‘Swap’ operations.
4. Developed the first frontend pages of the dApp. There is more work to be done, but the community can start to get a feel for the dApp here.
5. [WIP] CLI demo for creating orders (two wallets creating random orders) and batchers matching the orders using a dummy contract.

We are in the midst of recording our first demo with the command line interface to display the transactions properly being executed.

The public testnet for V1 should be launched by late January.

Final Remarks

Thank you to our community for all your support thus far. We will reward our early supporters and contributors with airdrops following the token generation event. This will take place when the protocol launches on mainnet, which is scheduled for Q1 2023.

Within the next weeks, we will continue to provide all details on our technical progress as we look to launch our public testnet and announce our first strategic partnerships.

For more information on TeddySwap:

Website | Twitter | Telegram | Discord | Docs | Github

TeddySwap is an open-source decentralized exchange AMM protocol focusing on stablecoins in the Cardano ecosystem. Our protocol is developed by former Cardano Foundation developers and the creators of plu-ts, a smart contract framework built to efficiently deploy Cardano dApps.