Liquidity Mining Conclusion
Liquidity Mining for Materia Dex has come to a conclusion. We currently have nearly 4 million iGil/Gil on the Materia for liquidity as well as over 250,000 WUSD.
We would like to thank all the LP’s who provided liquidity for the Materia Exchange.
Logo Contest Completion
The Materia team would like to thank everyone who participated in the logo contest. We had many thoughtful submissions and truly appreciate the hard work. The above logo, as well as a few others, will be integrated into Materia in the future. We had nearly 50 different submissions from Materia community members around the world. It was obvious many community members took time and effort to construct very thoughtful artistic creations. Thank you for the hard work and feel free to post any additional Materia related artwork on our social channels.
Batch Swap Release
As of today, Batch Swap has been deployed to mainnet. We are excited to share our hard work with the entire Ethereum community. The goal of Batch Swap is to allow users to exchange multiple tokens at a time reducing gas fees and saving time. It provides additional trading functionality as DeFi users manage their portfolios. For the first time, users can swap numerous Ethereum tokens, in one single transaction, in a trustless/decentralized manner. Furthermore, the Ethereum tokens involved do not need to be the same standard. In one Batch Swap, you can have a combination of ERC-20,ERC-721, or ERC-1155. Doing a Batch Swap is cheaper than if a user would do each swap separately. As an added benefit, Batch Swap makes the Ethereum mainnet environmentally cleaner as we group transactions together and lower the amount of energy consumed by swapping.
We have designed the UI (User Interface) in such a way that users cannot ignore the increased efficiency in Batch Swap.
Starting with an overall UI update, the Materia User Interface now offers a lot of new functionalities. Refer to the photo above for the following explanations of our UI.
In the headbar (1) we can find the following sections, clicking on either section will open the specific functionality:
- Classic Swap
- Batch Swap
In the footer section (2) of the Batch Swap UI, users can select the protocol to be used in their transactions. The supported protocols are: Materia, Uniswap V2, and Sushiswap. This will allow users to select their preferred market and liquidity pools to swap on while still taking advantage of the huge benefit provided by the Batch swap.
Just like a regular swap users can choose an input token (3) But as seen in the figure above, with Batch Swap users can easily select multiple tokens in the output field. (4)
Users must specify the percentage of each token they’re trading for. This percentage correlates to the amount you will receive in return for the input provided. For example, If you select ETH in the input field, and you select AAVE and USDC in the output field, you can specify 75% of AAVE and 25% of USDC
You will still get all the information about the pair and price as usual!
We tried to design the new functionality keeping users in mind and giving them an experience they are already familiar with.
We have given users the ability to route their Batch Swaps through Materia Dex, Uniswap, and Sushiswap. We believe this to be a key feature that will drive growth for Materia. By allowing users to Batch Swap on Uniswap and Sushi we are providing an inclusive experience to all DeFi users. Including users who want to swap tokens that currently do not have liquidity on Materia. By building an open dex that synergizes with the work of others, we give users the ultimate experience in token swapping. Naturally, as Batch Swap grows and traffic to Materia Dex increases, we expect liquidity to find its way onto Materia Dex.
Let’s explore Batch Swap in a bit more detail…
Possibilities
Batch Swap opens a world of possibilities to the user. You can swap from 1 token into multiple tokens in one single transaction. We are confident users, farmers, and liquidity providers will all find this feature to be extremely useful. The only limit to the number of tokens is the block size. Since Ethereum Mainnet sees Batch Swap as 1 single transaction, the entire transaction must fit inside one block.
Users can input any token, including ERC-20/721/1155 tokens, and Batch Swap them into any combination of up to 10 other tokens. This means you can take one ERC-20 token and in one transaction swap it into 3 ERC-20s, 3 ERC-721, and 4 ERC-1155 if you’d like. Users from farmers to NFT gamers to liquidity providers will find this useful as it saves them both time and money. The more tokens you swap into, the higher your gas savings will be.
An Important Distinction
If you want to take full advantage of Batch Swap Functionality you will need to hold 1000 $Gil ($IGil are valid too! https://youtu.be/4sPut2KhYv4). If you do not hold any $Gil you can still use Batch Swap as much as you want, however it will be limited to an output of 2 tokens instead of 10.
We do this to provide additional incentives for users to hold Gil and participate in governance for Materia. We have seen “governance fatigue” on certain DeFi platforms and hope to avoid the issue by providing incentives for our token holders.
In the future the community will be able to propose to change this value as the $Gil price fluctuates, facilitating the onboarding of new users.
How Does Batch Swap Work (Technical)
There are two contracts that execute Batch Swap:
- BatchSwapper is DEX agnostic (however they must be Uniswap V2 like) and does not support the EthItem wrapping/unwrapping. However, it can be used to swap items treating them simply like generic ERC20s.
- BatchSwapperMateria works only on Materia and allows the EthItem wrapping/unwrapping.
Note that currently, these contracts allow only the 1 to N batch swap, a possible future improvement could be a generalization with the M to N batch swap. Note also that the batch swap is meant to work with a bridge token i. e. the input token is entirely swapped for a bridge token (WUSD for Gil) and then this is divided for the output swaps.
First of all, it must be said that the batch swap works with an exact input amount and only estimating the output amounts. Price fluctuations can be prevented by choosing the minimum output amounts that one is willing to accept exactly as it happens on Materia or Uniswap V2.
The following image describes how the batch swap executes, keep in mind that this is a high-level overview.
- BatchSwapper
- BatchSwapperMateria
Where Are We Going Next?
Marketing
The first initiative is marketing the hard work our developers have already done. Batch Swap is a revolutionary product that we believe many people will find useful. It is now our job to make sure they know about it. We are in discussions to host multiple AMAs, informing the wider cryptocurrency community about what we are doing will help spread awareness around our project.
However, AMAs are just the beginning. The hope is to continue our marketing efforts to reach a point where organic growth takes over. We need to help Materia get to that point, but once we reach it we are confident Materia will generate enough discussion and interest to grow on its own. At that point, we expect users and liquidity providers will naturally find their way onto our exchange at which point we will slowly start stealing market share from the other large DEX’s who currently dominate the space. To reach this point of organic growth, we will be engaging influencers, advertisers, and other marketing options such as banner ads on popular crypto websites. We will engage the community and continue to grow our social channels to foster new discussions around our products. Marketing is now the main focus for our community managers as we push Materia to the next level of growth.
Technical Updates
Today, Materia has taken a big step forward as we release Batch Swap for the entire Ethereum community. Tomorrow, work begins again as we continue to build out Materia into a complete DeFi platform. We are excited to see what the community does with Batch Swap. To increase our footprint across the entire cryptosphere we are considering launching Batch Swap on Binance Smart Chain(BSC) supporting the PancakeSwap protocol. Expanding across multiple chains will give users the experience they desire across any chain they like.
The developer team will also be working on changing WUSD as the bridge token from the Materia platform. WUSD is a great product, however, it can be difficult for users unfamiliar with WUSD to mint. The team has decided we will move forward with Eth as the bridge token for Materia. This will make the process of swapping and adding liquidity on Materia dex seamless. The goal is to streamline the user experience on Materia, including the liquidity providers. Asking them to learn how and where to mint WUSD before providing liquidity was a large roadblock for the growth of Materia. We are confident by altering this process, users and LP’s will find the experience much more enjoyable.
Roadmap summary
Now is the time where we come together as a community and take to the streets! It’s time to go to the mattresses! BE LOUD. There is absolutely nothing standing in our way if we are not silent. You are just as much a part of this as the team is. SPREAD THE WORD!
💡 Links:
- Twitter: https://twitter.com/dexmateria
- Discord: https://discord.com/invite/jdYMZrv
- Reddit: https://www.reddit.com/r/materiadex/
- GitHub: https://github.com/materia-dex
- DEX: https://materia.exchange/
- Web Site: https://materiadex.com/
- Batchswap: https://materia.exchange/#/batch-swap
- Uniswap Batchswap: https://materia.exchange/#/uni-batch-swap
- Sushi Batchswap: https://materia.exchange/#/sushi-batch-swap
