3rd Development Update

TeddySwap

Jan 14, 2023 • 3 min read

Following the release of our tokenomics, we are excited to present our 3rd development update. TeddySwap is an open-source decentralized exchange protocol on Cardano.

Introduction

We are excited to release our 3rd development update.

Over the last few weeks, we have released our litepaper, development updates, and started our first giveaways.

This week, we released the details of our tokenomics, where we explained our 85% public distribution along with sharing the 1st bits of information about our Fair Initial Stakepool Offering (FISO) and Initial NFT Offering (INO).

In the coming days, we will begin our FISO applications, which will be open for single stakepool operators, and soon after that release the details on how delegators can begin participating.

Technical Progress

TeddySwap is an open-source DEX focusing on stablecoins, and our progress and development activity can be tracked on Github.

Frontend

For the frontend, we have completed the ‘Swap,’ ‘Liquidity,’ and ‘Transactions History’ sections. Our progress can be seen here. Next, we are working on the yield farming section.

Currently, the site is only optimized for desktop, so it does not look perfect on mobile.

UI Functionality

We have started work on integrating Spectrum UI functions with the TeddySwap frontend UI in preparation for the public testnet. Soon, we plan to release full demo videos using the TeddySwap UI.

Backend

An initial version of the Explorer API is now deployed on the Cardano Preview Testnet in preparation for the public testnet. Additionally, Continuous Integration & Deployment are now integrated for the service, which is based on the Spectrum Finance explorer backend.

While working on this, we encountered the following issues:

The existing code base is querying for an ad-hoc database table called reported_datum which is not standard for db-sync, we are working towards deprecating the usage of this table.
Certain HTTP endpoints seem to produce very slow database queries causing the endpoints to timeout and overall cause a poor user-experience. We are working on optimizing the performance of the affected endpoints.

select count(o.id) from tx_out o

left join tx_in i on i.tx_out_id = o.tx_id and i.tx_out_index = o.index

where o.payment_cred = decode(?, 'hex') and i.id is null

arguments = [???]

elapsed = 21198 ms exec + 5 ms processing (21204 ms total)s

Having said that, we are happy to share that the backend API is now successfully running on demeter.run, a dApp hosting platform built by txpipe.io. The majority of the TeddySwap off-chain infrastructure will be hosted on demeter.run to ensure we provide the highest standard performance and user experience to TeddySwap users. More information on using demeter.run services will be announced soon.

Contract V2

We are excited to announce that the StableSwap invariant formula has been integrated in the pool contract and has been optimized to reduce on-chain computation.

In particular the pool contract now:

performs all the safety checks of a state machine contract;
checks that the fee is paid to the liquidity providers and that the constant of the formula is equal to or greater than the constant before the swap takes place (for swaps); and
checks for the liquidity tokens to be minted/burned accordingly (for liquidity deposits/withdrawals).

Development Update Surprise

Shhhh. This is a low key giveaway. Thank you for staying up to date on our development updates. To win this giveaway, the 1st transaction sent to addr1q9chlff52ztzfxsfzvec2wa9kg95y24wdxv9md5z4m6nv3y6rjw33hrwl8f3072nr5um65mmvtr6dmghclcj8zew6a0szh420t will win 500 TEDY tokens when the protocol goes live. You only need to send the cost of a transaction fee, please do not send additional tokens. Thanks again for keeping up to date with our development.

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 announce our first collaborations, FISO, and more.

For more information on TeddySwap:

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.