Greetings WhiteSwap community!
Last year has been a rough ride for the team and our home country of Ukraine. Despite this, a major protocol update is in the works and this is the first part of a series of upcoming governance proposals to ‘relaunch’ the protocol. We’ll soon shed more light on other parts of this update and what functionality will be included in the upcoming governance proposals.
Our farming pool proposal aims to provide a sustainable way for investors to earn passive income from their cryptocurrency holdings. By leveraging the power of liquidity pooling and yield farming strategies, we believe our pool can offer superior returns and reduced risk compared to traditional investment options.
Our farming pool will be built on a robust and secure decentralized platform, providing users with full transparency and control over their investments. We will carefully select a diverse range of high-quality cryptocurrencies to include in our pool, optimizing the balance between risk and reward.
Our approach to yield farming will be based on a community-driven governance model, ensuring that all decisions are made in the best interests of our users. We will also implement a range of risk management and hedging strategies to protect against market volatility and other potential risks.
This proposal outlines the development and implementation of a decentralized farming pool for yield farming on the Ethereum network. Our farming pool will be built using smart contract technology and will allow users to earn yield by staking their crypto assets by a standard of ERC-20 tokens. The WhiteSwap farming pool is a liquidity mining mechanism that enables liquidity pool creators to distribute additional tokens of their project to users.
The proposed feature is a farming pool where users can stake liquidity into a liquidity pool and receive LP tokens in return. These LP tokens can then be staked in the farming pool, and users will be incentivized in the form of reward tokens. To create a farming pool on WhiteSwap, any user can fill out a request form. Within the form, the user must specify the desired existing liquidity pool on WhiteSwap and link it to it. Next, the user must choose a reward token from a pair of linked liquidity pools, selecting either a Base token or a Quote token. The user also needs to specify the start and end dates of the farming pool and lock up 5000 WSD tokens for at least 1 year or for the entire farming pool period if it lasts more than 1 year. After the expiration date, the user can return their tokens. The WhiteSwap team will charge 5% of 5000 WSD tokens to cover operating expenses. This feature will provide users with an additional way to earn rewards on their staked liquidity while providing liquidity to the WhiteSwap platform.
The proposed farming pool will be implemented as a smart contract on the Ethereum blockchain using Solidity. The pool will allow users to stake their WSD tokens in exchange for rewards paid out in a new token, which will be generated through yield farming strategies.
The user interface for the farming pool will be developed as a web application using Symphony and React.js. The interface will allow users to connect their Ethereum wallets, view their staked balances, claim rewards, and withdraw their staked tokens.
In terms of security considerations, the smart contract will be audited by a third-party security firm before deployment to ensure that it is secure and free from vulnerabilities. The contract will also be subject to extensive testing before and after deployment to catch any potential bugs or issues.
The farming pool will be deployed to the Ethereum mainnet using a two-phase deployment process. In the first phase, the contract will be deployed to a testnet environment and subjected to extensive testing to ensure that it functions as intended. In the second phase, the contract will be deployed to the Ethereum mainnet and become available on the front-end side via app.ws.exchange.
We are glad to hear your feedback and thank you for taking part in the governance process.