Greetings, dear WhiteSwap community! Expanding the protocol on to other chains is the utmost priority for us. Would like to discuss Polygon networks’ (PoS/zkEVM) integration onto WhiteSwap DEX. In this regard, we suggest to start with a separate proposal for Polygon PoS functionality where the community can discuss this idea in details.
Abstract
This Proposal encapsulates the comprehensive integration of Polygon PoS (Proof of Stake) solution into the WhiteSwap Decentralized Exchange protocol. The core objective of this integration is to substantially enhance our platform’s scalability, transaction speed, and cost-effectiveness while upholding the ecosystem’s inherent decentralized ethos.
Motivation
Blockchains are continually advancing, and one crucial aspect these days is the scalability of blockchain networks. In this context, WhiteSwap should prioritize supporting a wide range of L2 solutions that are future-proof. One of the promising solutions we aim to support is Polygon PoS.
This is one of the most advanced blockchain solutions right now. WhiteSwap aims to offer convenient, fast, and cost-effective transaction solutions for its users. This is why we propose to implement Polygon PoS blockchain in addition to existing Ethereum, Tron and Polygon (mainnet).
The integration of Polygon PoS, known for their scalability and efficiency, aligns with the overarching aim of fortifying WhiteSwap’s operational efficaciousness and user satisfaction.
WhiteSwap team fully supports this initiative and for the correct implementation of the DEX functionality and governance, it is necessary to set up the ETH-Polygon bridge and transfer part of the treasury from Ethereum to Polygon PoS respectively.
To execute the transfer of WSD tokens, WhiteSwap plans to launch the Bridge mechanism from the Ethereum network to the Polygon PoS network. This bridge would allow regular users to transfer their WSD tokens from chain to chain, as well as the DAO migrating part of the existing Ethereum treasury through the governance proposal.
The proposed WSD treasury transfer is next:
- 2 000 000 WSD to from Ethereum to Polygon PoS treasury
Later, these tokens would be distributed through the liquidity mining and other initiatives for the protocol contributors. Each token distribution program is a subject to a separate governance proposal voting on the respected chains.
Specification
- Integration Framework:
- Establish a robust framework for the seamless integration of PolygonPoS into the existing WhiteSwap DEX architecture.
- Engage blockchain developers and engineers to oversee and execute the integration process.
- Security Audits and Performance Testing:
- For the Bridge mechanism, WhiteSwap leverages an existing Polygon solution called Polygon FxPortal for Polygon PoS. WhiteSwap has configured FxPortal solution, enabling the transfer of ERC20 tokens with governance functionality instead of regular ERC20 tokens.
- Develop a conducive testing environment to meticulously analyze the performance, identify potential bugs, and ensure the compatibility of integrated solutions.
- Community Engagement and Feedback:
- Foster an open communication channel for community feedback and suggestions regarding the integration.
- Write reviews and posts to educate the community about the benefits and technical nuances of the integration.
- As part of the transfer of governance WSD tokens from the Ethereum Timelock to the Polygon PoS Timelock, the following steps will be taken:
- WhiteSwap transfers WSD tokens from the Ethereum Vesting contract to the Ethereum Timelock contract using the “Claim WSD” function
- Grant approval to the Polygon PoS Bridge to access WSD from the Ethereum Timelock contract
- Move funds from the Ethereum Timelock contract to the Polygon PoS Timelock through the bridge
Benefits
The amalgamation of PolygonPoS into WhiteSwap’s framework is anticipated to provide more advanced blockchain solutions to our users. This enhanced efficiency is poised to significantly better the user experience, thereby potentially attracting a wider user base. Moreover, this integration heralds an avenue for further technological collaborations, fostering a culture of continual innovation and improvement within the WhiteSwap ecosystem.
Appreciate your input.
Thanks!
