Inspiration
The world of decentralized finance (DeFi) has been rapidly evolving in recent years, with new tokens and platforms constantly emerging. One of the most interesting innovations in this space has been the elastic supply token, which adjusts its supply based on market conditions to maintain a stable price. Inspired by the success of Ampleforth, set out to create an advanced elastic supply token called Elixir.
What it does
Elixir is a Stacks version 2 token with an elastic supply that works seamlessly with Swapr, a decentralized exchange built on the Stacks blockchain. The token incentivizes liquidity providers with token rewards and rebates daily based on a price Oracle. Elixir can be transferred and exchanged on Swapr, and users can earn rewards by providing liquidity on Swapr and staking their liquidity token on the Geyser.
How I built it
I built the token using Clarity, a programming language designed for building smart contracts on the Stacks blockchain. I worked with Typescript to implement the token's functionality and ensure seamless integration with Swapr and Geyser.
Challenges I ran into
I encountered several challenges while building Elixir, including ensuring seamless integration with Swapr and the Geyser, testing the token's rebasing functionality, and ensuring the token's stability in different market conditions.
Accomplishments that I'm proud of
I am proud to have successfully built a fully functional token that works seamlessly with Swapr and Geyser. Elixir is also proud to have implemented a unique set of incentives and economics that make Elixir an attractive option for both investors and liquidity providers.
What I learned
I learned a great deal about the intricacies of building an elastic supply token, including the math and economics behind the token's functionality. I also gained valuable experience working with Clarity and Node.js and encountered several opportunities for improving the Clarity JS SDK and Clarity itself.
What's next for Elixir
The Elixir team is focused on continuing to test and refine the token, with plans to launch on mainnet in the near future. The Elixir team is also exploring additional use cases and potential partnerships to help grow the Elixir ecosystem and further the adoption of elastic supply tokens in the world of decentralized finance.
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