Difference between revisions of "Kwenta (KWENTA)"

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The primary decentralized exchange ([[Decentralized Exchange (DEX)|DEX]]) in the [[Synthetix Network Tokens (SNX)|Synthetix]] ecosystem.
==Basics==
==Basics==


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===Implementations===
===Implementations===


*Built on: [[Synthetix Network Tokens (SNX)|Synthetix]]
*Built on: [[Synthetix Network Tokens (SNX)|Synthetix]] and deployed on [[Optimism (OP)|Optimism]]


===How it works===
===How it works===
* [https://newsletter.banklesshq.com/p/your-guide-to-the-synthetix-ecosystem?s=r From] [[Bankless DAO (BANK)|Bankless]] (7-6-2022):
''"Designed to facilitate zero-slippage synth trading, Kwenta — the primary decentralized exchange ([[Decentralized Exchange (DEX)|DEX]]) in the Synthetix ecosystem — is a rebrand of the former official Synthetix Exchange interface. Interestingly, Kwenta doesn’t rely on an orderbook or [[Liquidity Provider (LP)|liquidity pool]] model. Instead, the DEX employs a peer-to-contract (P2C) system in which synths are traded against a [[Smart Contract (SC)|smart contract]] informed by [[Chainlink (LINK)|Chainlink]] price feeds. Moreover, Kwenta only allows trading in [[Synthetic assets|synths]], so other cryptocurrencies cannot be used here."''
===Fees===
===Fees===
===Upgrades===
===Upgrades===


* [https://twitter.com/kwenta_io/status/1481693490195087360 From] their twitter (14-1-2022):
* Had an [https://twitter.com/Kwenta_io/status/1704964193961800178 update] towards Staking V2, including a 2 week staking cooldown (22-9-2023).
*[https://twitter.com/kwenta_io/status/1481693490195087360 From] their twitter (14-1-2022):


''"Tokenomics for the Kwenta Protocol have been updated based on community feedback.''
''"Tokenomics for the Kwenta Protocol have been updated based on community feedback.''
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===Other Details===
===Other Details===
==Oracle Method==
==Oracle Method==
==Privacy Method==
 
* [[Pyth Network|Pyth]] is [https://pyth.network/consumers mentioned] as [[oracle]] (7-3-2022).
*[https://newsletter.banklesshq.com/p/your-guide-to-the-synthetix-ecosystem?s=r From] [[Bankless DAO (BANK)|Bankless]] (7-6-2022):
 
''"The DEX employs a peer-to-contract (P2C) system in which synths are traded against a [[Smart Contract (SC)|smart contract]] informed by [[Chainlink (LINK)|Chainlink]] price feeds."''
==Compliance==
==Compliance==
==Their Other Projects==
==Their Other Projects==

Latest revision as of 04:52, 8 October 2023

The primary decentralized exchange (DEX) in the Synthetix ecosystem.

Basics

  • Based in:
  • Started in / Announced on:
  • Testnet release:
  • Mainnet release:

History

"Kwenta is the successor to another Synth trading interface called Synthetix.Exchange. Although Synthetix.Exchange saw steady usage from early community members, as the DeFi space grew it became clear that it had a big problem: by using the same branding as Synthetix the protocol, Synthetix.Exchange was confusing people in the community into mislabelling Synthetix as a DEX or trading interface instead of a building block for DeFi infrastructure. For Synthetix to thrive as a “money lego” in the DeFi space, it became apparent that we would need to separate Synthetix.Exchange from the core protocol’s branding.

To solve this issue, Synthetix worked with the community to create Kwenta, a new interface optimized for zero slippage Synth trading that could offer users a massive advantage over the rest of the market. This separated the branding of the exchange away from Synthetix and created new possibilities for what Synth trading could look like.

Lo and behold, this strategy worked. There are currently four non-core contributor managed projects generating roughly 600 million USD in cumulative monthly volume for the Synthetix protocol. Additionally, there are several more projects joining the Synthetix ecosystem, including Thales, Lyra, and Saddle, that will leverage Synthetix liquidity to power a new era of DeFi tools, driving up volume and fees for SNX stakers."

Audits & Exploits

Bugs/Exploits

Governance

Admin Key

DAO

Treasury

Token

Launch

Token Allocation

Utility

"The project will also issue a token, KWENTA, that will be used to participate in governance and to “bootstrap the community and fuel an early development team.”"

Other Details

Stablecoin

Coin Distribution

Technology

  • Whitepaper can be found [insert here].
  • Code can be viewed [insert here].

Implementations

How it works

"Designed to facilitate zero-slippage synth trading, Kwenta — the primary decentralized exchange (DEX) in the Synthetix ecosystem — is a rebrand of the former official Synthetix Exchange interface. Interestingly, Kwenta doesn’t rely on an orderbook or liquidity pool model. Instead, the DEX employs a peer-to-contract (P2C) system in which synths are traded against a smart contract informed by Chainlink price feeds. Moreover, Kwenta only allows trading in synths, so other cryptocurrencies cannot be used here."

Fees

Upgrades

  • Had an update towards Staking V2, including a 2 week staking cooldown (22-9-2023).
  • From their twitter (14-1-2022):

"Tokenomics for the Kwenta Protocol have been updated based on community feedback.

TL:DR - No-lock, Depleting Fee Vesting now ADDED: A year-long lock on tokens can disincentivize individuals from joining a protocol. By offering the year-long lock-up with a depleting fee, Kwenta hopes to find balance between the needs of short and long-term holders. When Stakers or DAO roles receive Kwenta it will come with an 80% fee attached to it. This fee would deplete over a years timeframe."

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

"The DEX employs a peer-to-contract (P2C) system in which synths are traded against a smart contract informed by Chainlink price feeds."

Compliance

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

Team, Funding, Partners

Team

Funding

Partners

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