⚡ZigZag's vision⚡
1/ ZigZag has come a long way in the short span that we've been running, our team is highly enthusiastic about the future.
Please take your time to read this and understand our vision. It lays out our plans for StarkNet and zkSync 2.0's release👇
1/ ZigZag has come a long way in the short span that we've been running, our team is highly enthusiastic about the future.
Please take your time to read this and understand our vision. It lays out our plans for StarkNet and zkSync 2.0's release👇
2/ The primary goal of ZigZag is to perfectly mimic existing centralised exchanges in a Web 3.0 manner.
This means a non-custodial, P2P orderbook DEX on Ethereum with sufficient liquidity to allow traders to open positions with size in ease for any token with the lowest fees.
This means a non-custodial, P2P orderbook DEX on Ethereum with sufficient liquidity to allow traders to open positions with size in ease for any token with the lowest fees.
3/ It is also important to us that anyone can trade any token they'd like.
We want to maintain our decentralisation similar to Uniswap with anyone having the ability to create trading pairs.
In a future post we will lay out our ideas for this.
We want to maintain our decentralisation similar to Uniswap with anyone having the ability to create trading pairs.
In a future post we will lay out our ideas for this.
4/ @dydxprotocol has undoubtedly done a great job with their exchange and ZigZag's team looks up to them highly.
Rewarding traders with the native $DYDX token was revolutionary and is part of the reason that their perpetual contracts are more liquid than even top CEXs.
Rewarding traders with the native $DYDX token was revolutionary and is part of the reason that their perpetual contracts are more liquid than even top CEXs.
5/ Another revolutionary concept by @dydxprotocol is the Liquidity Staking Pool, where users can deposit $USDC to farm $DYDX.
Selected market makers draw from this pool to ensure deep liquidity across most pairs.
ZigZag is creating something similar: the Mammoth pool.
Selected market makers draw from this pool to ensure deep liquidity across most pairs.
ZigZag is creating something similar: the Mammoth pool.
6/ In our Cairo-coded Mammoth pool AMM by the brilliant @0xTonysprocket multiple tokens can be deposited (mainly wBTC/ETH and a basket of stablecoins): github.com/andrepn/mammot….
Through Balancer mechanics, LPs get their fair share of LP tokens and earn interest from swap fees.
Through Balancer mechanics, LPs get their fair share of LP tokens and earn interest from swap fees.
7/ Market makers who have been whitelisted onto this Mammoth pool will have the ability to tap into its liquidity to create market-neutral limit orders.
This concept is one of the features that ensures our order books remain thick and competitive as the most liquid CEXs.
This concept is one of the features that ensures our order books remain thick and competitive as the most liquid CEXs.
8/ Currently, on zkSync 1.0 (which can be considered our alpha) our matchmaking system is miles more efficient than an outdated AMM-based DEX.
When market buying 400 ETH, you get quoted at ~$2460 with current prices.
Let's compare this price to Uniswap on Ethereum's mainnet.
When market buying 400 ETH, you get quoted at ~$2460 with current prices.
Let's compare this price to Uniswap on Ethereum's mainnet.
9/ In comparison, 1 ETH = ~$2459 on Uniswap (both quotes were received at the same time).
This is not a guaranteed quote due to frontrunning/sandwich attacks that are prevalent for many trades of size on Uniswap, as well as the substantial gas fees you will have to pay.
This is not a guaranteed quote due to frontrunning/sandwich attacks that are prevalent for many trades of size on Uniswap, as well as the substantial gas fees you will have to pay.
10/ How is it possible for ZigZag to achieve these quotes despite having a fraction of Uniswap's liquidity?
Market bids/asks are currently filled by our own designed Market maker bot which is considerably more efficient than the simplistic LP formula of (x * y = k).
Market bids/asks are currently filled by our own designed Market maker bot which is considerably more efficient than the simplistic LP formula of (x * y = k).
11/ The MM system has the potential to be redesigned and run by anyone who is interested in doing so.
Whilst traditional LPs suffer from IL and need external incentives to keep their positions open, ZigZag's MMs are profitable and generate revenue.
github.com/ZigZagExchange…
Whilst traditional LPs suffer from IL and need external incentives to keep their positions open, ZigZag's MMs are profitable and generate revenue.
github.com/ZigZagExchange…
12/ Between zkSync 2.0 and StarkNet, liquidity will be bridged and shared via our bots so that both chains will be equally viable for traders.
Traders can choose both ZK Rollups regardless of where their liquidity is.
Traders can choose both ZK Rollups regardless of where their liquidity is.
13/ The future is extremely bright for ZigZag; this is what we have created for zkSync 1.0 so far despite severe infrastructural limitations.
On StarkNet's release, we will launch an incredibly efficient exchange that can be considered the @dydxprotocol of spot trading.
On StarkNet's release, we will launch an incredibly efficient exchange that can be considered the @dydxprotocol of spot trading.
14/ Users will be onboarded as simple as signing a message on their wallet, no registration, no KYC with access to top-tier liquidity that they'd expect on centralised exchanges.
ZigZag has done over $400m volume since launch, see the potential yet?
ZigZag has done over $400m volume since launch, see the potential yet?
https://twitter.com/ZigZagExchange/status/1483095973903671301
15/ Thank you for taking your time and reading through this thread!
Hopefully this updates our community on our goals and what we have created so far.
We are working with the brightest developers in the ZK space to create an incredibly efficient DEX.
~ZigZag Team
Hopefully this updates our community on our goals and what we have created so far.
We are working with the brightest developers in the ZK space to create an incredibly efficient DEX.
~ZigZag Team
• • •
Missing some Tweet in this thread? You can try to
force a refresh
