Fuse Stable Swap Beta

Hey everyone! I’ve just launched a “StableSwap” pool on Fuse. This is basically just Curve or Saddle, but on Fuse network. Its still in a very early version, so I’ve added a cap on the total amount which can be deposited into the pool. This is just to keep everyone’s funds safe. Right now the cap is at roughly 5000 USD*.

USD1 Pool

The first pool is between DAI <> USDC <> USDT. The pool can be used to swap between DAI, USDC, and USDT with ultra-low slippage. LP providers can provide DAI, USDC and USDT to earn interest with no risk of impermanent loss. Best of all, the pool is equipped with rewards-distributing powers, similar to the RainMaker from Ola Finance.

The pool is hosted at https://ericdecourcy.github.io/

Please note that you’ll need Metamask to interact with the webpage.

Code

Please see the follow-up post in this thread. Since I’m a new user, I can only add two links in this post.

Technical note - about the cap

The current cap is 5000.

The cap is on LP Tokens, which should be worth roughly 1 USD. This is done for technical reasons, as we can’t easily limit the sizes of each different token, since it would directly impact the usability of the pool. If folks deposit in an imbalanced fashion, the cap may bend a bit. This is because the pool will give lower value to tokens which are more than 1/3 of the pool, and tokens which are less than 1/3 of the pool will be valued higher. This gets worse as the imbalance gets more extreme. All this is to say, depositing in an imbalanced fashion will mess with the cap, but generally the cap will hold. a 5000-token cap will still limit the pool’s TVL to about 10% of a 50,000-token cap. It just may end up that the cap allows for 5100 USD in the pool, or 4900 USD.

What’s next?

Great question! We will be devoting attention to improving the user experience of the webpage, making sure it works for everyone and works seamlessly. Other things we’ll be working on:

  • Raising the cap periodically, after evaluating pool health. Around Oct 27, we plan to raise the cap to 25000 USD.
  • A grant proposal for bootstrapping liquidity, and for a bug bounty.
  • Documentation! So you know what’s going on with your money
  • A router system for determining the best pools to get the best prices for your swaps. We’ll also evaluate integrating Fuseswap with the router, so you can get the best prices on the market.
  • Transitioning ownership of the pools to the Fuse community
  • A pool architecture which allows deposits of Ola Finance oTokens, so you can earn interest on your interest-bearing assets
  • Clean up the code, add more tests, etc :stuck_out_tongue_winking_eye:
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Code

The code is a bit of a mess (I’m cleaning it up!), but can be found here:
Webpage: https://github.com/ericDeCourcy/Fuse-StableSwap-Frontend
Smart Contracts: https://github.com/ericDeCourcy/FUSE-stableswap

Bugs

I apologize in advance for any bugs that may exist. I’m very confident in the smart contracts, so your funds should be safe, but we’ve got a cap and are in Beta for now just in case. The frontend may be rather buggy, but you can help by reporting issues on github!

If you detect an issue with the smart contracts, such that funds are at risk, please do not report it on github. Instead, please email me at ericdecourcy at protonmail dot com.

I’ll be soliciting a grant for a bug bounty as well as a liquidity-bootstrapping rewards program. In the meantime, please play with the pool, and perhaps earn some interest by depositing into it.

Update: The cap on the first (and currently only) pool has been raised to ~25,000 USD.

The next cap update will be assessed as more users deposit into the pool. Currently we’re nowhere near reaching the cap, so it’s a low priority.

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Would it maybe an idea to introduce it to the community already, as a beta? That would probably introduce more liquidity and make things move a little bit faster.

Testing this at the moment :+1:

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Absolutely, feel free to spread the word. We’re still touching up technical aspects of the protocol now, with the plan being to push for more awareness after that.

Also, the funding proposal, if it is accepted, will probably drive some adoption by incentivizing user deposits

@dericecourcy I would like to create a pair oneG$/fUSD on StableSwap, is it something you could help me with ?
I guess @RB_1010 would be interested to participate to it too if the Impermanent Loss is much better managed than at FuseSwap.
I’ve removed 60% of the G$/fFUSE liquidity on FuseSwap to put liquidity on oneG$/fUSD on StableSwap when I will manage to make it work.
I would like to test first with G$ but it’s $ price is always increasing smoothly so that’s why creating oneFUSE would make more sense first to create a stablecoin from G$ tokens used to mint it.

That’s a fantastic idea! Right now I am working on getting pools which integrate fUSD and BUSD, so I will add oneG$ to the list as well.

Is oneG$ already live on FUSE? If so, I would simply need a contract address to set up a new pool including it.

Also, if you’d like to test on your own, you can see my github repository. You’ll want to deploy an instance of SwapFlashLoanV3, with the parameters set up to support your pool. You can modify this script and then run it with hardhat.

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oneG$ is not yet live because I first need to deploy Ichi protocol on Fuse to create oneG$ from G$ and USDC.
I will try to deploy on Fuse testnet your contract to see if I manage to create my own pool by adapting the script.
Thank you for your help.