- People put their money in banks thinking they have control over it, but in actuality, banks control the money.
- 'Your Money, Your Control,' is the core of Blockchain Technology which is how Decentralized Exchange work under the hood and this has long attracted me. As laws tighten, more people are turning to decentralized exchanges, discovering the actual value of blockchain and decentralized exchanges.
- Banks have unlimited control over money and can even refuse to enable customers to withdraw it in an emergency.
- There is no transparency in the operations of the Banks and everything is Centralized
- What's a better way to exchange your money while still having the ability to contribute to the ThunderCore and 5ire Ecosystem in the form of the fees which you anyhow have to pay to the big Institutions and banks.
✒ What it does
- LightningSwap enables anyone from anywhere in the globe to purchase and sell cryptocurrencies immediately using ThunderCore and 5ire Network.
- LightningSwap will contribute to the projects being build on the ThunderCore and 5ire Network by providing them with the funds as decided by the community.
- It does not discriminate anyone and will be open to everyone.
- Light Token can be earned by providing liquidity and earning a steady passive income.
💻 How we built it
- We have forked UniswapV2 and deployed it on the ThunderCore and 5ire Network, as well as rendered our own UI and linked the smart contracts with the UI, allowing users to interact with the protocol.
- We have also made some modifications to the Uniswap's smart contracts to automatically transmit 0.01% of the total fees for the projects, 0.02% to the protocol for continued development and improvement of the protocol, and 0.3% to the liquidity providers for their contribution.
- Tools Used: Solidity, Remix, ThunderCore(Testnet) Blockchain,5ire(Testnet) Blockchain, uniswapV2, React and Metamask.
🗡 Challenges we ran into
- It was difficult to integrate the smart contracts with our user interface.
- Making changes to the smart contract to incorporate the automatic transfer of 0.01% of the total fees to the Growth Account Address without compromising the security of the smart contract.
💪 Accomplishments that we're proud of
- Our decentralized application (dapp) closely reflects the Blockchain philosophy of "Your Data, Your Control" and "Your Money, Your Control".
- Additionally, 0.01% of the total fees collected will be automatically transferred to the growth address which will be used to fund projects building on the ThunderCore and 5ire Network.
📝 What we learned
- We learned how to deploy on the ThunderCore and 5ire Network, which is really simple (thanks to the tutorial docs produced by the ThunderCore and 5ire teams) and also extremely affordable, allowing developers to experiment with the dapps easily and users to experience the wonder of Blockchain almost for free.
- Learned about under the hood working of decentralized exchanges.
- Created our own Cryptocurrency on the ThunderCore and 5ire Network.
- Blockchain technology is very interesting and will continue to advance as more and more work is done on it. DeFi will play a significant role in the widespread adoption of Blockchain technology.
☄️ What's next for LightningSwap
- More features will be introduced, such as farming, staking, and limit orders to make LightningSwap more accessible to everyone and a common destination for everyone's needs.
- Creating a fully community-driven protocol in which the community votes on all protocol-related decisions.
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