Inspiration

After seeing huge success and contribution of AMM’s like uniswap on Ethereum’s astronomical defi ecosystem growth, we understood the need and importance of good universal liquidity pools and hence started laying the foundation of iconpool. Also we felt the need of it especially while working for other P-reps and brainstorming on how to make ICON ecosystem more active.

What it does

Iconpool can be understood as a uniswap/ kyber equivalent defi protocol, It works as an automated market maker and liquidity provider for onchain token pairs

  • Users & Traders and common users can utilize the protocol to swap any IRC2 tokens instantly.
  • Arbitrageurs can utilise iconpool to gain trading opportunities and increase activities on icon blockchain in the process
  • Dapp developers can integrate ICONPool to provide for all ICON based tokens in their dapps.

How I built it

After initially taking feedback from PICONBELLO P-rep Team, we started working on ICONPOOL with the implementation of constant product market maker. We implemented the algorithm by taking reference from uniswap's algorithm and bootstrapped the front-end. As of now we are planning to launch it while taking essential security measures and feedback from active Icon community members.

Challenges I ran into

The question of beating ICON's staking reward to incentivize LP's enough is still a challenge we are trying to overcome. However after planning a collaboration with Block42 P-rep, we are confident in the success of protocol and looking forward to integrate with LICX protocol.

Accomplishments that we are proud of

After working as a team on other people's blockchain projects for more than 2 years, the most proud thing for us is to choose our future plan well and investing our time and effort to work on our own project. Also after working and observing the platform for months now, we are pretty confident about ICON's success and have planned to invest in the growth of the platform for years to come, having a immediate 1 year worth of upcoming development plan.

What we learned

biggest learning for us is to plan and coordinate with other projects like ICD and LICX and keeping their plans in handy to make our development plans align to get the maximum out of ICX ecosystem and providers users with the best possible experience for ICON based DEFI

What's next for ICONPOOL

We are planning to launch on first week of Oct on main-net after completing proper testing and possibly a security audit. The future plans are to migrating liquidity ICX to LICX to maximise yield for LP's. Also we are looking to provide a governance portal to let users contribute to the future growth of protocol.

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