Hello there, WS fam! We would like to discuss this integration into WhiteSwap DEX. In this regard, we have created a separate Proposal where the community can discuss this idea.
Abstract
This proposal outlines the full integration of Polygon zkEVM (Zero Knowledge — Ethereum Virtual Machine) solutions into the WhiteSwap Decentralized Exchange framework. The main goal is to significantly boost our platform’s scalability, transaction speed, and cost-effectiveness while maintaining the decentralized nature of the ecosystem.
Motivation
Blockchain technology keeps evolving, with scalability becoming increasingly important. For WhiteSwap, it’s crucial to focus on supporting a variety of Layer 2 solutions that are ready for the future. We’re also looking to support another promising Layer 2 solution, Polygon zkEVM.
Polygon zkEVM was launched in March 2023. 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 zkEVM blockchain in addition to existing Ethereum, Tron and Polygon.
The integration of Polygon zkEVM, 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 transfer part of the treasury from Ethereum to Polygon zkEVM networks, respectively.
To execute the transfer of WSD tokens, WhiteSwap plans to launch the Bridge mechanism from the Ethereum network to the Polygon zkEVM network. This bridge would allow regular users to transfer their circulating 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 transferred from Ethereum treasury to Polygon zkEVM treasury contract;
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.
Specification
- Integration Framework:
- Establish a robust framework for the seamless integration of Polygon zkEVM 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 zkBridge for zkEVM. WhiteSwap has configured and zkBridge solutions, 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 zkEVM Timelock, the following steps is going to be taken:
- Grant approval to the Polygon zkEVM Bridge to access WSD from the Ethereum Timelock contract
- Move funds from the Ethereum Timelock contract to the Polygon zkEVM Timelock through the bridge.
- Further WSD tokens distribution will be a subject to a separate governance proposal on the each respected network.
Benefits
The amalgamation of PolygonPoS and Polygon zkEVM 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 with Polygon’s ecosystem and community, fostering a culture of continual innovation and improvement within the WhiteSwap ecosystem.
Thanks!