Dotswap.org: Asset Hub DEX UI v1+v2 2024 Development+Hosting by MVP Workshop+Colorful Notion

Medium Spender

4mos ago

26 Comments

Rejected

Content
AI Summary

Asset Hub is a Polkadot system chain slated to hold major assets (including DOT, USDT and USDC) in Polkadot’s Minimal Relay Chain architecture, as well the potential developer friendly locus for contract-pallets and consumer-friendly "Plaza".

This proposal concerns dotswap.org, an Asset Hub DEX UI, developed by MVP Workshop with support from Colorful Notion:

MVP Workshop and Colorful Notion are 2 long-term Polkadot ecosystem teams who have worked together successfully this Spring and seek to work together for the rest of 2024. This proposal concerns retroactive funding for dotswap v1 for Q1/Q2 2024, and support for v2 development and hosting dotswap.org for Q3/Q4 2024.

dotswap.org aims to be a full-fledged interface for users to manage Asset Hub-related assets, with key functionality of swapping assets using a new assetConversion pallet on Asset Hub, as well as basic gateway between Asset Hub and the Relay Chain (v1) and major parachains (v2) and Ethereum (via Snowbridge). Following the Asset Hub Vision and the new Polkadot app, we envision dotswap.org to be accessible for everyone, from beginners to lightweight traders rather than just advanced traders and Polkadot experts.

Details

Using the working v1 implementation and v2 mockups, in June a usability testing session was conducted with 15+ members active in the Polkadot OpenGov community. Results are compiled here:

Based on the above user feedback, we have compiled the following roadmap and budget:

Dotswap v1 Feature Summary

The Dotswap.org v1 feature enables a basic asset swap dashboard centered around Asset Hub.

Dashboard

Enables users to see all their assets on Asset Hub and the Relay Chain.

Swap

Enables users to swap assets on assethub with the new “AssetConversion” pallet, and also add and remove liquidity to Uniswap v2 style liquidity pools

Cross-Chain Transfers

Enables users to move assets between Asset Hub and the Relay Chain

Dotswap v2 Feature Summary

The basic functionality is expanded upon in Dotswap v2, summarized below, with much of the functionality below demonstrated in the Dotswap.org V2 Video Overview (with voiceover)

Feature: Foreign Asset Support (WETH/WBTC/…, MYTHOS/…)

Through Snowbridges and standard parachain channels, Asset Hub will have assets from:

Ethereum eg WETH + WBTC + PEPE + SHIB (possible now, tested here)
Any parachain e.g. MYTHOS (possible soon, testing in progress as of July 2024)

The dashboard will simply show foreign assets and enable all the same operations:

Feature: DOT/X + X/USD Graph presentation

Recent swap activity for any assets (measured against DOT or USD) will be accessible from the Swap page and Dashboard page. A third-party API call be used to fetch the graph data, cached from BigQuery / Dune on a regular basis:

Feature: Pool Volume + APY presentation

While liquidity pool providers are a tiny portion of any DEXes user base, they are critical to its healthy functioning. In v2 we add standard functionality to show a liquidity pool provider their Asset Hub pool contributions, their USD value, the recent APR (based on 7d or 30d average activity), TVL, as well as easy access to add and remove liquidity to any pool.

Feature: Info Bubbles / Tutorial Bubbles

To give newbie/non-expert Polkadot users a walkthrough of Dotswap.org functionality, each major section will have a small tour. This is intended to provide users with comfort with Polkadot’s multi chain peculiarities:

Feature: Local Transfer features

To make it easy to send assets between addresses within Asset Hub, the basic transfer functionality of polkadot.js is encapsulated so that “everything can be done in one place”.

Feature: Cross-chain to/from HydraDX + Moonbeam + Mythos

In v2, dotswap will be extended to support cross chain transfers to and from top defi parachains (Hydration [Substrate] and Moonbeam [EVM] + Mythos). Initial viability testing has been conducted already for top assets for Hydration and Moonbeam and will be extended to support Mythos for the upcoming airdrop.

Feature: Asset Admin and Create Pool

Historically, creators/minters of assets on Asset Hub have had to use polkadot.js to create new assets and set up new pools. In v2, dotswap.org will be extended to support all major methods:

assets.create - a user can create a new assetID
assets.setMetadata - a user can set the name, symbol and decimals of an assetID
assets.setTeam - a user can set the issuer, freezer, admin an assetID
assets.mint - if an issuer, the user can mint some amount of an assetID to any beneficiary
assets.burn - if an admin, the user can burn some amount of an assetID
assetConversion.createPool - the user can create a pool for assets where there is no existing pool, and the user has at least some of that asset

For each of the above operations, a dedicated modal will be provided for seamless interaction. While this advanced feature is not for everyone, it is a significant feature of Asset Hub to be able to create new assets, pools and have them be fee-paying.

Requested Funding / Budget

We request 77,903 DOT (est $468.2K based on EMA7 $6.01) for Dotswap v1.x + v2.x through OpenGov with utility.batch in 3 payments: (see preimage)

26,672.21 DOT for dotswap.org for v1/v1.1 (delivered June/July 2024), upon enactment
25,199.67 DOT for dotswap.org v1.2/v2 (delivered Sept 2024), at block 22,773,146 around Oct 1, 2024
26,032.61 DOT for dotswap.org v2.1/v2.2 (delivered Nov/Dec 2024), at block 24,097,948 around Jan 1, 2025

Budget breakdown

Full proposal

Detailed Proposal Writeup.

Key Benefits of Dotswap.org

With OpenGov support of this development plan, Dotswap.org will:

Provide a place for everyone (non-advanced traders) to swap/transfer/create their assets across the ecosystem, starting with Asset Hub and the Relay Chain but to Ethereum (via Snowbridge) and major parachains and then others
Begin to set up a user-friendly destination for lightweight trading for major assets (DOT/USDT/USDC), parachain assets (e.g. MYTH), and user-generated assets

Status

Decision28d

Confirmation4d

Attempts

Tally

36.2%Aye

50.0%Threshold

63.8%Nay

Aye

≈17.82MDOT

Nay

≈31.47MDOT

0.0%
0.0%
0.0%

Threshold

Support(0.23%)

≈3.3MDOT

Issuance

≈1.46BDOT

Votes

Nested

Flattened

Calls

How OpenGov works↗

Call
Metadata
Timeline4
Votes Bubble
Statistics

Comments

15Si...fJKH

Hi,

I have some concerns regarding the viability and efficiency of this project.

I'm aware that there's already a fully functional AssetHub DEX: https://kheopswap.xyz/

And from what I can see, that project is already in a much better shape, future-proof by using Polkadot-API. Unlike Dotswap, which relies on Polkadot.js (Deprecated JSON-RPC) and a much bigger team/cost.

15Si...fJKH

Follow up on my concerns earlier, speaking of “OVERINVESTMENT”, you guys are asking a whopping +460,000 USD for a FE DApp. Of which imho already obsolete compared to Kheopswap (explanations in my previous comment), and Kheopswap is a side project built by one developer…

Up 1

SAXEMBERG

This proposal is meant to be a continuation of the referendum 68 UI & Front-end for Asset Conversion pallet. It looks great and we expect to see it work in the future just as smoothly as today.

One question, will this exchange require continued funding through the treasury, and if so, how often?
We are seeing that this will split the payments for the work in two different versions of the exchange but we also see mentions of V3 and V4 as well as the imminent upgrade to Plaza and beyond. So can we have an idea of the future costs for the continued development and support of this exchange.

Moreover, the market is now rising, what will happen to the funds in case there is surplus in funding? (Proposal is currently quoted At 6.01$ per DOT)

We have voted AYE in the meantime but we will consider these important matters when future funding proposals come.

EDIT 1:
Given the answer, we will reevaluate V3 and V4 proposals heavily based on the future referendum funding request given that that it's "difficult to estimate future development costs" at the current time. We won't hesitate to NAY future proposals if we deem it too expensive. Another relevant factor will be the inclusion or lack of inclusion of an exchange token and the characteristics of it (i.e. tokenomics, distribution, unlocks, revenue distribution and so on).

Edited

13Eo...NsxY

The teams have clearly put considerable effort into creating an intuitive and visually appealing interface that is easy to digest and navigate. The associated educational elements are often overlooked but are essential for onboarding new users and helping them navigate the platform.

We believe that improving the UX of dapps, protocols and products on Polkadot is important for the ecosystem's ability to acquire, engage and retain users. Overall, the proposal presents a step forward in creating more user-friendly experiences within the Polkadot ecosystem and hence we are voting in support.