Dotswap.org: Asset Hub DEX UI v1+v2 2024 Development+Hosting by MVP Workshop+Colorful Notion
Asset Hub is a Polkadot system chain slated to hold major assets (including DOT, USDT and USDC) in Polkadot’s Minimal Relay Chain architecture, as well the potential developer friendly locus for contract-pallets and consumer-friendly "Plaza".
This proposal concerns dotswap.org, an Asset Hub DEX UI, developed by MVP Workshop with support from Colorful Notion:
MVP Workshop and Colorful Notion are 2 long-term Polkadot ecosystem teams who have worked together successfully this Spring and seek to work together for the rest of 2024. This proposal concerns retroactive funding for dotswap v1 for Q1/Q2 2024, and support for v2 development and hosting dotswap.org for Q3/Q4 2024.
dotswap.org aims to be a full-fledged interface for users to manage Asset Hub-related assets, with key functionality of swapping assets using a new assetConversion pallet on Asset Hub, as well as basic gateway between Asset Hub and the Relay Chain (v1) and major parachains (v2) and Ethereum (via Snowbridge). Following the Asset Hub Vision and the new Polkadot app, we envision dotswap.org to be accessible for everyone, from beginners to lightweight traders rather than just advanced traders and Polkadot experts.
Details
Using the working v1 implementation and v2 mockups, in June a usability testing session was conducted with 15+ members active in the Polkadot OpenGov community. Results are compiled here:
Based on the above user feedback, we have compiled the following roadmap and budget:
Dotswap v1 Feature Summary
The Dotswap.org v1 feature enables a basic asset swap dashboard centered around Asset Hub.
Dashboard
Enables users to see all their assets on Asset Hub and the Relay Chain.
Swap
Enables users to swap assets on assethub with the new “AssetConversion” pallet, and also add and remove liquidity to Uniswap v2 style liquidity pools
Cross-Chain Transfers
Enables users to move assets between Asset Hub and the Relay Chain
Dotswap v2 Feature Summary
The basic functionality is expanded upon in Dotswap v2, summarized below, with much of the functionality below demonstrated in the Dotswap.org V2 Video Overview (with voiceover)
Feature: Foreign Asset Support (WETH/WBTC/…, MYTHOS/…)
Through Snowbridges and standard parachain channels, Asset Hub will have assets from:
- Ethereum eg WETH + WBTC + PEPE + SHIB (possible now, tested here)
- Any parachain e.g. MYTHOS (possible soon, testing in progress as of July 2024)
The dashboard will simply show foreign assets and enable all the same operations:
Feature: DOT/X + X/USD Graph presentation
Recent swap activity for any assets (measured against DOT or USD) will be accessible from the Swap page and Dashboard page. A third-party API call be used to fetch the graph data, cached from BigQuery / Dune on a regular basis:
Feature: Pool Volume + APY presentation
While liquidity pool providers are a tiny portion of any DEXes user base, they are critical to its healthy functioning. In v2 we add standard functionality to show a liquidity pool provider their Asset Hub pool contributions, their USD value, the recent APR (based on 7d or 30d average activity), TVL, as well as easy access to add and remove liquidity to any pool.
Feature: Info Bubbles / Tutorial Bubbles
To give newbie/non-expert Polkadot users a walkthrough of Dotswap.org functionality, each major section will have a small tour. This is intended to provide users with comfort with Polkadot’s multi chain peculiarities:
Feature: Local Transfer features
To make it easy to send assets between addresses within Asset Hub, the basic transfer functionality of polkadot.js is encapsulated so that “everything can be done in one place”.
Feature: Cross-chain to/from HydraDX + Moonbeam + Mythos
In v2, dotswap will be extended to support cross chain transfers to and from top defi parachains (Hydration [Substrate] and Moonbeam [EVM] + Mythos). Initial viability testing has been conducted already for top assets for Hydration and Moonbeam and will be extended to support Mythos for the upcoming airdrop.
Feature: Asset Admin and Create Pool
Historically, creators/minters of assets on Asset Hub have had to use polkadot.js to create new assets and set up new pools. In v2, dotswap.org will be extended to support all major methods:
- assets.create - a user can create a new assetID
- assets.setMetadata - a user can set the name, symbol and decimals of an assetID
- assets.setTeam - a user can set the issuer, freezer, admin an assetID
- assets.mint - if an issuer, the user can mint some amount of an assetID to any beneficiary
- assets.burn - if an admin, the user can burn some amount of an assetID
- assetConversion.createPool - the user can create a pool for assets where there is no existing pool, and the user has at least some of that asset
For each of the above operations, a dedicated modal will be provided for seamless interaction. While this advanced feature is not for everyone, it is a significant feature of Asset Hub to be able to create new assets, pools and have them be fee-paying.
Requested Funding / Budget
We request 77,903 DOT (est $468.2K based on EMA7 $6.01) for Dotswap v1.x + v2.x through OpenGov with utility.batch in 3 payments: (see preimage)
- 26,672.21 DOT for dotswap.org for v1/v1.1 (delivered June/July 2024), upon enactment
- 25,199.67 DOT for dotswap.org v1.2/v2 (delivered Sept 2024), at block 22,773,146 around Oct 1, 2024
- 26,032.61 DOT for dotswap.org v2.1/v2.2 (delivered Nov/Dec 2024), at block 24,097,948 around Jan 1, 2025
Full proposal
Key Benefits of Dotswap.org
With OpenGov support of this development plan, Dotswap.org will:
- Provide a place for everyone (non-advanced traders) to swap/transfer/create their assets across the ecosystem, starting with Asset Hub and the Relay Chain but to Ethereum (via Snowbridge) and major parachains and then others
- Begin to set up a user-friendly destination for lightweight trading for major assets (DOT/USDT/USDC), parachain assets (e.g. MYTH), and user-generated assets
Comments (23)
Requested
Proposal Failed
Summary
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Aye
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Aye (46)0.0 DOT
Support0.0 DOT
Nay (23)0.0 DOT
Thank you! https://assethub-polkadot.subscan.io/extrinsic/6484292-2 Since you're the first: https://assethub-polkadot.subscan.io/extrinsic/6484294-2 We'll see about the 4 minutes + notification, thanks! Context for people joining interested in Dotswap.org testing -- see: https://github.com/colorfulnotion/dotswap/blob/main/README.md
@sourabhniyogi
Hello Colorfulnation, great work on the new product. I conducted the 2nd part of the test yesterday with Dragana. She was nice and very attentive to the feedback. So here are some of the feedback that I gave her.
The Good:
The Bad:
There should be a link to the Pool page on the left. To get to pools you have to click swap, and on the top, there is a pools tab. That Pools tab is very easy to miss.
When providing liquidity. Generally, you are supposed to get an LP token. When I spoke with Dragana, she said, it is the same with DotSwap.io. But, I don't know where to find or see this token.
Token creation made easy. I know I wrote that this is good, but, I will also add it as bad because I think it is a double-edged sword. The problem I have with this feature (I know this can also be done with Polkadot.js, not just DotSwap) is that pretty much anyone anywhere can mint tokens without any diligence. My concern is that it can create network congestion or at worse scam on the DOT network. Would there be a way to get rid of those tokens from the asset hub if it turns out to be a bad actor? So this is more on the ethics side, which should be resolved at OpenGov, not necessarily on the DotSwap side.
Wishlist:
First of all, that looks awesome, and it was a very intuitive experience!
(1) Moved 5 DOT from Polkadot to AssetHub
https://assethub-polkadot.subscan.io/xcm_message/polkadot-cfdc40a4d6c689b4280bb5145f6e2671e63cded2
(2) Swapped 1 DOT in all the possible assets (DED, PINK, USDC, USDT)
https://assethub-polkadot.subscan.io/extrinsic/6485653-2
https://assethub-polkadot.subscan.io/extrinsic/6485649-2
https://assethub-polkadot.subscan.io/extrinsic/6485639-2
https://assethub-polkadot.subscan.io/extrinsic/6485632-2
(3) And added Liquidity ...
https://assethub-polkadot.subscan.io/extrinsic/6485691-2
Feedback: Clean, simple, intuitive ... I would look forward to an advanced view, where there are statistical insights on the usage, pools, earnings, and so on, but would abstract it into an advanced view to not mix up for the normal users since it needs to remain clean and simple.
How to create new pools?
My address:
14MVAs6jPc7bPW33fC7eTwz4Zf1pD3KWW4tQtrHWUd9w1Phx
@14MVAs6jPc7bPW33fC7eTwz4Zf1pD3KWW4tQtrHWUd9w1Phx
On v2 we will:
We will try to abstract some of these features in an advanced view [We intentionally "buried" pools a bit since < 1% are LP providers], thank you for your feedback.
And thank you for your feedback and positivity!
https://assethub-polkadot.subscan.io/extrinsic/6487585-2