We were inspired by the proliferation of different DeFi and GameFi apps, new liquidity mining mechanics, and the recent tendency to emphasize multichain availability and minimize impermanent loss.
We expect a lot from the DeFi 2.0 movement and are fully dedicated to deliver advanced liquidity mining solutions with long-term incentives and DAO governance.
What it does
We present CandyShop, a one-click platform for multichain liquidity provision. Becoming an LP is unbelievably simple with CandyShop: one transaction is enough to send liquidity and start farming.
The CandyShop dApp provides an interface to: supply single-sided liquidity and receive LP tokens, buying them “like candies” earn compounding yield coming from a multitude of sources and all that on a variety of chains (EVM and non-EVM) As a platform based on single-sided LP provision, CandyShop helps users to avoid impermanent loss. CandyShop supports staking of any DeFi asset on a range of blockchains and AMMs to receive farming rewards. Liquidity provision via CandyShop is as simple as can be: by purchasing a Candy, you entrust LP management to CandyShop which will be responsible for optimizing yield sources.
At its core, CandyShop protocol is a smart contract that accepts a user's token, such as CELT, for instance, and gives $canCELT, in return one for one, which is a derivative asset that represents both the original $CELT, and the rewards which will be accrued on top of it (“supplying liquidity” step). The user can exchange $canCELT back to $CELT at any time, and on top of the original token receive a reward for farming in a chosen farming reward token, such as $GTON ( “redeem” step).
Using CandyShop dApp is straightforward and easy. It only takes three steps to get the most out of liquidity provision on any blockchain and DEX of your taste: Buy a Candy (LP token) with a stablecoin or a native token Stake it at CandyShop, or withdraw to your wallet at any time Earn rewards through farming by holding your Candies in the CandyShop bag
Candy Shop for GameFi
The lack of liquidity is a common problem for all emerging DeFi projects, but it becomes more prominent for new chains like OEC and new markets such as the nascent GameFi industry.
The rapidly evolving GameFi space depends on the tokenomics and in-game activity, as the demand for tokens is mainly linked to their in-game utility. To maintain sufficient liquidity, and thus more stable tokenomics of the in-game economy, the fungible native GameFi tokens need additional incentives.
GameFi industry can potentially benefit from CandyShop by allowing users to leverage liquidity mining opportunities while holding their GameFi tokens.
Challenges we ran into:
The need to write custom code (no forks, no copies) Impermanent loss elimination is a non-trivial problem Designiing a system ways that would maintain sufficient liquidity in on-contract pools to allow for redeeming at all times
Accomplishments that we're proud of:
The multichain mechanics that allow users to supply liquidity and avoid impermanent loss across multiple chains.
What we learned:
We have researched the best practices in single-sided liquidity mining of several projects that focus on mitigating the same conceptual problem of impermanent loss, such as Tokemak.
What’s next for CandyShop:
Our Roadmap is as follows:
$CANDY token launch The CandyShop governance token $CANDY will be launched in a set of IDOs within the Graviton ecosystem. At launch, the token will be ported to 8 blockchains -- Ethereum, Fantom, BSC, Polygon, Avalanche, Heco, Solana, OEC -- via SuSy.
Governance $CANDY will be used as a governance token for making DAO governance decisions for determining how much liquidity to put in an AMM and for updating the fundamental parameters of the CandyShop protocol. So-called Liquidity Directors that hold $CANDY will be able to vote for listing/delisting of AMM pools.
Expansion 15 chains in production, including non-EVM ones (Solana, Near, Ergo, Cardano)