Anvil
@anvil_ic
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Neutrinite DAO Devs | IC toolmakers | NNS Neuron - Anvil | NTN Neuron 824f1a1df2652fb26c0fe1c03ab5ce69f2561570fb4d042cdc32dcb4604a4f03
Joined November 2021
ICPCoins DEX is coming soon #ICP It has concentrated liquidity and auto pathfinding. Swaps any to any token. UI is just a week old, most of the work has been on the backend so far. Once we grind through the basics we can add more advanced DeFi Vector modules that work with the DEX liquidity and prices.
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People asked what we thought were the problems holding DeFi back. Here is our analysis and a few ideas on how to address them.
15 Reasons to Be Bullish About #ICP DeFi 1) One year ago, swaps in UIs took 27 seconds; now, they take just 1.5 seconds. 2) Tokens are at least 4x more liquid. 3) There are far more interesting projects within IC DeFi. Two years ago, there were 5; now, there are hundreds. 4) Low ledger transaction fees contribute to pool APY. 5) The reverse-gas model contributes to pool APY. 6) Secure frontends governed by SNS DAOs. 7) Smart contracts governed by SNS DAOs. 8) IC provides utility for other chains like Bitcoin and Ethereum—and BTC is here to stay. 9) 1.5-second transaction finality: Some other chains take ~10 minutes for a block to be probabilistically considered final, giving miners/validators a lot of time to rearrange transactions in their favor. This leads to front-running and MEV (miner extractable value), which negatively affects users and liquidity providers. 10) Automation: On-chain smart contracts can communicate with everything without needing external triggers to pass through validators arranging blocks. 11) Chain Fusion: ETH and BTC coins can be traded with almost no fees. Moving them in and out will also get faster. 12) Developers can experiment cheaply—it costs almost nothing in fees to make a trading bot and test strategies. 13) In chains with selected validators arranging blocks, validators take most of the trade and LP rewards (coming from impermanent loss). On the IC, anyone can create a bot, and competition between arbitrage bots will increase pool APY—potentially much higher than other chains. 14) Fast transaction finality: Serious apps can be developed off-chain or on other chains using IC tokens. These apps can rely on fast finalization, unlike on other chains that require many confirmations to ensure transactions are finalized. 15) The whole setup is much more beneficial for end-users. IC DeFi is about to prove itself. There are a few minor problems holding it back, but they can be fixed.
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@gnoketa @josephfounder I will write a forum post about it. Quite a bit of explanation is needed
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How do you compare Principals in apps? Example: bwxew-pxydq-jxgs.....pv7-tmbt4-dqe Do you look for the first and last characters and how much is good enough? The answer may surprise you. If you look for the first 4 and last 4 "bwxe...4-dqe" That's not good enough. It will take a PC an hour to generate an address like that. The reason is. Self-auth Principals always end with qe and ae and these characters aren't helping at all. It's best to look at the first 10 "bwxew-pxydq..." and that should be hard enough to generate. TIP: Don't copy addresses from your transaction history and send tokens to them. Here is an example of UI done wrong. It will take 5sec to generate an address that will look like these (Dex screener showing the last 5 chars)
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@sayitkind LP APY is in the main list is the top pool APY (needs to have sufficient score & tvl relative to the rest) and is based on 24H volume. It's also recorded and displayed in a chart. We could get 30day APY as well once there is enough data
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Nothing forces developers to use only one canister in one subnet on the IC for their ledger/protocol. Canisters are a building block and devs could make a protocol that uses all subnets if they wanted to. No ICP changes are needed for that. In ETH and chains alike, users send transactions to a gateway and ~13 min later you can be almost certain they made it in the blockchain with no true finality. Before that, users get served data from an optimistically updated state. It's how they are able to use more nodes - being very slow while UX appears to be fast in a layer made out of handpicked nodes. On the IC you have 2sec finality. A protocol can be built on the application layer that does the same and then postpones finality after reaching a consensus across canisters and using all IC nodes or even other networks. It will do optimistic updates and roll them back if other canisters don't agree. Probably something on-chain meme miner ledgers should try. It's a tradeoff. It seems ICP is much more decentralized than ETH in the first 13 minutes of a transaction's life while it's up to developers to add more decentralization if they want to
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Happy holidays to all and happy birthday to Neutrinite DAO. Fun fact, we raised $2,043,177 in ICP, we spent a lot on development, grants and audits during the year, managed the treasury a bit with our in-house made tools Blast& DeFi Vectors and now our teasury value is only 65k$ lower than that. To be honest it would have been 30% higher if we had released DeFi Vectors a few weeks earlier
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RT @NeuronPool: The ICP Neuron Vector has launched! Developed with Neutrinite using DeFi Vectors ➡️ You can now easily stake neurons by s…
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