Weekly DeFi Governance Call #21 dated 22.02.2021

Weekly DeFi Governance Call #21 dated 22.02.2021

At the meetup, the participants discussed the implementation of stablecoins, the issue of building bridges to other blockchains and the DeX interface design proposal. Vladimir Ponomarev and Sergey Potekhin demonstrated the mainnet of the Ethereum Bridge.

Weekly DeFi Governance Call #21

Bridges to other blockchains — go or no go?

Vladislav Ponomarev starts the agenda by discussing which blockchains should be used to build bridges. He believes that if any of the big DeFi projects move to Free TON from other blockchains, the audience will follow.

Pavel P has a mixed opinion on this. Undoubtedly, Binance is a monster and they invest a lot in the development of their ecosystem. They have wallets, users, fiat bridges, and a launch pad. From this point of view, it is strategically reasonable to offer an alternative for projects running on their network. At the same time, Pavel admits that they will still control users and this will not attract users to our ecosystem. It is also important to understand the developer’s motivation. If they only come for Binance users and grants, they won’t even look at Free TON. We should soon focus on adding valuable projects to our site. Pavel says that it is possible to launch new projects, they will attract attention independently.

Mitja says the merger with the Dune network has been approved. It is a fork of Tezos, the bridge to Dune will be built anyway, this is one of the requirements. He notes that Dune has a very strong technical team. This is the first ever merger of two blockchains.

DeX interface design proposal

Vladislav reminds that the DEX implementation contest is running now. Some people from web&design sub governance took the initiative to build some kind of vision of the interface of this DEX and how it can be built. Vladislav believes that it is too early for this, since design and functionality cannot exist separately from each other. However, the fact that the guys from web&design are proposing this initiative is an interesting topic for discussion.

Sergey Shashev expresses the opinion that DeFi sub governance is primarily ready-made products. He does not support any design contests.

Mitya says that if they want to launch a design contest, they need to wait until the DEX contest is over, and then run a contest for interface development. He also reminds everyone to take DeBots into account, because the interfaces will also be through DeBots.

Ethereum Bridge mainnet demo

At the moment, the bridge consists of 3 main components:

  • set of contracts in Ethereum;
  • set of contracts in Free TON;
  • set of relay nodes (3 currently).

The bridge allows you to transfer any data from Ethereum to Free TON and backwards. You can build any deb in Ethereum, integrate it into Free TON and backwards. Cross-chain transfer is just one way to use the bridge.

  • What happens when USDT is transferred from Ethereum to Free TON?

There is no fee, you must specify the address to which you are going to send Ether tokens. It is required to set the tokens transfer approval type to an infinite amount or equal to the sending amount.

  • What is the final solution, how to decentralize that? Will everyone be able to run this relay?

Yes, you can add new relays or remove existing ones. At the moment, you need two relays to confirm adding a new one. Now everything is in test mode, but eventually it will be available to everyone.

How Ether Works in Free TON

Ethereum has a so-called ERC20 Token standard, which will not be able to work in Free TON for technical reasons. There is another standard called TIP-3 tokens, which perfectly suits the Free TON architecture.

  • Each user has its own contract for storing token for each token (USDT, DAI..)
  • Transferring tokens requires communication directly between user’s token wallet contracts;
  • easy to integrate for wallets;
  • easy to integrate for DeFi projects.
Transferring USDT in Free TON
  • Stage 1. The receiver adds tokens to the wallet. Free of charge. Any TIP-3 token.
  • Stage 2. Sender transfers to the receiver’s regular wallet address. 
  • Stage 3. Receiver claims USDT on Free TON in his wallet.

The third stage looks like this:

  1. USDT is fixed in the bridge contract.
  2. Relays wait for 12 confirmations in Ethereum and sign the transaction in FreeTON.
  3. The user requests USDT in his wallet.

Nik Innovation talks about the need to promote this activity in the Asian market, since most of the liquidity is concentrated in Asian assets.

  • You will not duplicate the data and statistics of this DePool? Let’s assume you have five from your list in your wallet. How shall you differentiate them?

The problem with this particular wallet, which was originally developed by Durov’s team, is that the entire front is written in C++. Most likely, we’ll just redesign it to make it more flexible.

  • Is it possible to use the 12-word seed phrase?

No, you need a 24-word backup phrase to initiate it.

Vladislav says that they are planning to announce a Bug Bounty program. The contest for Bug Bounty will be prepared soon. Invites everyone to test the whole system and find all the bugs. This is an important stage before a formal security audit.

  • Why is it cheaper to sign a USDT deposit transaction than to withdraw it?

It depends on the Gas price, we can’t control it.

  • Do you have any practical limits on the number of those relays?

There is no exact number. Probably less than 100. This is mainly a matter of economics. You need to pay for server maintenance for this relay node, you need to sign transactions.

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