At this point of DeFi evolution, with a multitude of new competing blockchains, a wide adoption of cross-chain technologies is essential for the synergetic growth of the industry. However the user experience when operating assets multichain is still extremely complicated. This becomes an insurmountable barrier when it comes to entering new ecosystems for the first time.
Such experience involves utilising different wallets, CEXs and/or DEXs, using bridges, purchasing the minimum necessary amount of tokens for covering fees. Although some steps can’t be avoided, the general flow can be significantly simplified.
In our work we were inspired by the idea of borderless multichain crypto space of the upcoming future and effortless asset management across ecosystems.
We’re motivated by the rapid growth of the Solana blockchain and its recent expansion. We believe that the further competitive advantages can be achieved by onboarding users accustomed and loyal to other chains.
We were also inspired and motivated by the idea firstly suggested by Bancor several years ago when they first introduced the concept of the relay token. At the current stage of the crypto space evolution with its actively developing DeFi segment this model has more chances to be acknowledged and adopted.
What it does
OGSwap allows for swapping multiple native tokens to $SOL within a couple of clicks without using bridge infrastructure. It’s a new, alternative way to explore Solana for the first time to get acquainted with what it’s capable of.
It is pretty straightforward. Let’s use ETH as an example.
When a user from the Ethereum network makes a deposit converting ETH on Ethereum into SOL on Solana, a few operations take place: -ETH is sold for GTON on an AMM pool in the Ethereum network. -GTON is immediately locked on a smart contract of the Graviton system (a so-called mirror account). -The oracles notice this event and signal it to smart contracts on Solana. There, in turn, an equivalent amount of GTON is unlocked and sold for SOL in an AMM pool on the Solana blockchain. -The purchased native tokens of the Solana blockchain are transferred to the user’s account.
Challenges we ran into:
-Swap on the Serum DEX was the biggest issue that we managed to solve. Anchor library for the smart contracts was not easy to adapt to. -Deployment of transactions onto the destination chain took more time than we expected. -The integration of the Solana blockchain into the product’s envisioned design and architecture was also a challenge.
Accomplishments that we're proud of:
-We managed to completely figure out how to deal with the Solana infrastructure, learned how to utilise Anchor.
-We’ve managed to increase the speed of the swaps to Solana, currently estimated as less than 30 sec.
What we learned:
-We’ve learned how to utilize the best features of the Solana architecture. -We’ve mastered the design of smart contracts on Solana, acknowledged their advantages and can extrapolate our experience onto other networks.
What’s next for OGSwap :
Our Roadmap is as follows:
1.Launch of BETA in Q4 2021 2.Issuance of the $OGS token in Q4 3.Advanced tokenomics at the start. Initially boosted liquidity - paired to GTON across all established chains and most popular DEXs 4.Integration of the fees option: $OGS will be used for paying swap fees 5.Multichain product at the very start- ported to 6 chains at launch (including Solana).