EtcswapV2 Protocol
ETCswap is a decentralized cryptocurrency exchange protocol where users acquire digital assets without an intermediary on the Ethereum Classic network.
Documentation Under Construction: These documents are under construction while we launch this product suite and adjust the content to ETCswap and the Ethereum Classic network. However any UniswapV2 protocol content and logic is applicable to ETCswap due the two protocols being nearly identical aside from immaterial naming changes, link paths, and network configurations.
ETCswap is derived from the UniswapV2 protocol with minimal changes. UniswapV2 is a set of open-source smart contracts launched in 2020. The UniswapV2 protocol has been heavily audited and is battle-tested with billions of dollars of value passing through the smart contracts to date.
The EtcswapV2 protocol is decentralized, open-source, censorship resistant, and non-custodial. This means no entity can prevent you from interacting with these smart contracts so long as the Ethereum Classic network remains decentralized and permissionless.
https://etcswap.org
ETCswap adds foundational infrastructure to the Ethereum Classic network. With the launch of the EtcswapV2 protocol, Ethereum Classic users now have a decentralized way to exchange their Ether (ETC) asset with the top four stablecoins and top three cryptocurrencies. This is an important milestone in Ethereum Classic's greater vision and positioning in the blockchain space.
https://swap.ethereumclassic.com
In 2022, ETCswap launched with a collection of assets that are bridged via 1:1 pegs through Multichain.org's Cross-Chain Routing protocol. Multichain is the most reputable Cross-Chain Routing protocol to date with a $60M financial backing by Binance. This bridging approach is a stop-gap solution until these meaningful assets are issued natively on Ethereum Classic.
https://app.multichain.org
Bridged 1:1 Pegged Stablecoins via Multichain.org
0xc9BAA8cfdDe8E328787E29b4B078abf2DaDc20550xC1Be9a4D5D45BeeACAE296a7BD5fADBfc14602C40xb12c13e66AdE1F72f71834f2FC5082Db8C0913580x2C78f1b70Ccf63CDEe49F9233e9fAa99D43AA07e
Bridged 1:1 Pegged Cryptocurrencies via Multichain.org
0x332730a4F6E03D9C55829435f10360E13cfA41Ff0x218c3c3D49d0E7B37aff0D8bB079de36Ae61A4c00x0dCb0CB0120d355CdE1ce56040be57Add0185BAa
The EtcswapV2 protocol collects 0.3% of every trade transactions, this is an industry standard rate for DEX protocols. These trading fees prevent spam on the protocol. Additionally, these fees are used to incentivize pooled liquidity, development of improved user experience, support necessary infrastructure, and assure long-term advancement of the protocol.
Liquidity Providers collect 5/6 (0.25%) of the protocol's trading fees. Adding liquidity to the EtcswapV2 protocol is permissionless and non-custodial. Deeper liquidity pools enables enhances the end user's experience as they can perform swaps on-chain without a centralized intermediary.
The remaining 1/6 (0.05%) of this trading fee is allocated to sustainable development of the ETCswap protocol and Ethereum Classic network's decentralized finance (DeFi) tech stack. A portion of this fee is specifically allocated to the Ethereum Classic Long Term Support Development Fund.
The LTS Dev Fund is an initiative organized by Ethereum Classic DAO with a goal of future proofing decentralized development on Ethereum Classic. This goal is achieved by:
- 1.Deploying useful DeFi protocols on Ethereum Classic that aggregate a portion of usage fees to a development fund. ETCswap is the first protocol of this LTS Dev Fund initiative.
- 2.Ethereum Classic DAO identifies another protocol that will add substantial value to the Ethereum Classic network. The collected development funds are used to deploy a second protocol that has the same fee mechanism built into it.
- 3.This additional protocol helps the LTS Dev Fund grow exponential. Eventually enough protocols are contributing to the LTS Dev Fund, where multiple protocols are being funded and deployed to address the Ethereum Classic network's immediate technical needs. Any protocol deployed by Ethereum Classic DAO or the LTS Dev Fund will be required to have this positive feedback fee model built into the protocols.
- 4.Eventually the LTS Dev Fund will address all of the immediate technical needs of the Ethereum Classic network. This is where the priorities of the LTS Dev Fund will shift to a focus of decentralized development and fund distribution with a goal of supporting future wants of the Ethereum Classic network participants. An example of this is a native decentralized stablecoin issued on Ethereum Classic, opposed to bridged assets from other networks.
- 5.Down the road, we expect this LTS Dev Fund to be issuing development grants on popular platforms like GitCoin. As well as pursuing isolated micro-DAOs with specific goals for the Ethereum Classic network. We choose to pursue multi avenues for distributing these funds, because we do not want to create one centralized point of failure as the Ethereum Classic DAO decentralizes the LTS Dev Fund.
Ethereum Classic is the largest Proof-of-Work Smart Contract network. The mining ecosystem supporting the Ethereum Classic network is the second largest mining industry in the blockchain space. Bitcoin's mining ecosystem being the largest.
Unlike other networks, there is no centralized foundation on Ethereum Classic to support native protocols like ETCswap. Therefore, EtcswapV2's liquidity pools have grown organically over time and are comprised of decentralized participants with a financial incentive to support these pools. The ETChash mining ecosystem on Ethereum Classic are the foundational liquidity pool participants.
Due to the positive benefits a healthy on-chain swapping market has on Ethereum Classic's fee market and the mining ecosystem's profitability, it is a financially sound business decision for ETChash equipment manufacturers, mining pool operators, and the miners to allocate a small portion of their income back into these non-custodial liquidity pools.
On-chain swap transactions account for a majority of network transactions in the EVM ecosystem. As transactions increase on a network, demand in the mempool triggers a Fee Market. This Fee Market makes mining on a network more profitable. This increases the network hashrate as more miners direct their computer equipment, electricity, and labor to secure the network. As the network becomes more secure, development team are able to build value on top of the network and the end user has more functionality for their Ethereum Classic assets. This increase in adoption results in a greater total value locked (TVL) on the Ethereum Classic network.
This software is derived from Uniswap software - the UniswapV2 protocol.
ETCswap Links
- InterPlanetary File System (IPFS) Gateway - a decentralized, censorship-resistant interface assuring users always have a way to interact with the decentralized EetcswapV2 smart contracts deployed on the Ethereum Classic blockchain. https://ipfs.io/ipfs/QmSCGpteEcfCDXcQunMyxbaAkBWB5edMFAWnzYXMCqaCKf
- EthereumClassic.com - a centralized hosted ETC Swap application interface. Higher response time and performance than the decentralized IPFS Gateway. https://swap.ethereumclassic.com
- ETCswap.org - a centralized hosted ETC Swap application interface. Higher response time and performance than the decentralized IPFS Gateway. https://app.etcswap.org
- EtcswapV2 Factory Contract - open source and verified on the Ethereum Classic blockchain. Read more about the Factory contract here. Contract Address:
0x0307cd3D7DA98A29e6Ed0D2137be386Ec1e4Bc9C - EtcswapV2 Router02 Contract - open source and verified on the Ethereum Classic blockchain. Read more about the Router contract here. Contract Address:
0x79Bf07555C34e68C4Ae93642d1007D7f908d60F5
- Public Audits - a collection of reviews and audits associated with ETCswap, UniswapV2, Multichain.org, and any other elements of the product suite.
- DeFi Llama's ETCswap Total Value Locked - a tool used to track the total value locked (TVL) in EtcswapV2 by reading the EtcswapV2 contracts.
Last modified 7mo ago