4th Development Update

TeddySwap

Jan 23, 2023 • 2 min read

We are excited to release our 4th development update. TeddySwap is an open-source decentralized exchange protocol on Cardano focusing on stablecoins.

Introduction

Welcome to our 4th development update. TeddySwap was born just over a month ago, and it’s been an eventful journey thus far.

Up to this point, we’ve released 3 development updates, our litepaper, tokenomics, and accepted FISO applications from single stake pools operators. We received over 130 applications for our FISO and look forward to releasing more details soon.

Additionally, our community has grown to over 16,000 Twitter followers, 14,000 Discord members, and 9,000 Telegram members.

We’ve conducted over 7 giveaways, which will all occur near the launch of our protocol, which is planned for Q1 2023. Our most recent giveaway can be found here.

Technical Progress

Demo Video

Last Friday, we launched our 1st demo, showing the TeddySwap UI and displaying a swap on the preview testnet.

Here, we present the full video, where one of our core developers, Clark Alesna, takes us through the full wrapping experience and explains the underlying technology.

Frontend

In our last development update, we shared this link where people could start playing around with the TeddySwap UI and get a feel for the DEX. This week, our frontend developers worked on adding charts and the yield farming section, however, it hasn’t been deployed on the site yet.

As always, our code can be found here on Github.

Backend API

Last week, we identified performance issues with our database queries. With the help of the TxPipe team, we were able to optimize the database and significantly improve query performance. A specific endpoint that previously took 100 seconds to load now takes just 2 seconds, as demonstrated in the demo video.

V2 Contracts

This week we completed the contracts for user interaction. These are the equivalent of the Swap, Deposit, and Withdraw mentioned in the video by Clark, but adapted for the stable invariant formula, which is the foundation for the stable swaps.

Next week, we are planning to complete the minting policy smart contracts for the liquidity tokens.

Final Remarks

Thank you for reading our 4th development update. We’ll soon release the details of our Fair Initial Stakepool Offering (FISO) and announce the TeddySwap FISO pools.

We’ve experienced strong growth thus far, and this would not be possible without the support of our community. Thank you for joining us on our mission to create a seamless DEX experienced, focused on stablecoins and built on the foundations of open-source code, transparency, and decentralization.

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.