Buy crypto anonymously on the Incognito pDEX   

Introducing the new pDEX (pDEX v3)

#14

I don’t get the need of another token. What can PDEX do that can’t be done with PRV?

1 Like
#15

How will this run for the multipool paths? For example, someone will buy ETH for BTC using BTC-PRV and PRV-ETH pools. So will the user pay the fee with 25% discount for both pools or just BTC-PRV trade? I’m asking since you have used “selling token” in the explanation. According to it, it seems that the discount will exist on just BTC-PRV side.

I guess we can make it simple like this: if the trader selling BTC, he can pay X coins in BTC or 75% of X coins in PRV as trading fee. The fee then will be distributed evenly to pools of trading path (in your example, 50% of the fee will be paid for BTC-PRV pool and the other 50% will be paid for PRV-ETH pool regardless it’s in PRV or BTC)

One more thing about Parameters that can be voted. I think the multiplication param should also be voted. Since multiplication param is to fix liquidity depth problem, as the liquidity changes, the multiplication param may have to change. So it should be dynamic. Otherwise, in such cases, first the pool should be emptied and then a new pool should be created. If the dynamic multiplication param scheme is applied, to prevent the liquidity providers to manipulate the other pools, I think PDEX holders of “only” liquidity providers of the corresponding pool should be able to vote for changing the multiplication param.

Multiplication param can’t be changed since this will make the current rate of a pool change too. The rate of a pool should not be changed by any actions but trades. Also, a pair may have multiple pools with different multiplication params. Anyone can create pools with desired multiplication params as they want, LPs and traders will decide with which pools they want to interact. (Please have a look at the “Adding/Removing liquidity” section in the topic for more details)

2 Likes
#16

PRV is the native token of Incognito, it is used as fuel for any events in the network (e.g. paying fees for transfers, swaps, unshields or staking to become a validator) and it did have a fixed tokenomics since the network’s inception. And pDEX is an application in Incognito network, probably we will have more applications in the future so we should not change PRV’s tokenomics to cater a specific application because we don’t know whether we will change it again for the other applications.

Also, liquidity mining is a big part of yield in DeFi projects nowadays (besides trading fees), we can’t dismiss it as a way to attract LPs to invest capital to pDEX. So with PDEX token, we can achieve both goals: still have a liquidity mining program and don’t need to change PRV’s tokenomics. Of course, we also need some methods to make PDEX have utility (so value) to contribute to total APY for LPs.

4 Likes
#17

I like this. As I remember, Uniswap-style AMMs cut more fees as the path becomes longer since each pool cut its own trading fee. In our case, the fee won’t be affected by the length of the trade path. Right?

OK but this may cause deconcentration of the liquidity. Anyway, we will see what will happen after the new pDEX is effective.

1 Like
#18

Exactly!

OK but this may cause deconcentration of the liquidity. Anyway, we will see what will happen after the new pDEX is effective.

Yes, perhaps this may happen some time in the beginning but I believe the rational LPs and traders will only concentrate on the biggest/efficient pool eventually, a pool with an unreasonable multiplication param will unlikely be used by users.

5 Likes
#19

Hey @duc,

This is for future growth campaign but since related to pDEX, I want to write here. I think some PDEX token can be reserved for PancakeSwap or another DEX farming in BSC. A coin equal to PDEX token (e.g. wPDEX) can be minted in BSC. So we can hit three birds with one stone: awareness of Incognito, BSC bridge and new pDEX.

7 Likes
Introducing PRV in Ethereum and Binance Smart Chain
#20

Hey team,

For the governance with PDEX token, open-source https://commonwealth.im/ product may be used. DYDX uses it too: https://forums.dydx.community/. FYI

6 Likes
#21

All of this update looks really great!

I have 2 questions I was curious about.

  1. What will happen to the coins I currently have locked in provide? Will they be kicked back to the assets area of the DEX and I will have to re-add them in the 2 sided liquidity provision, or will they get paired up with the new provide?

  2. I recall reading a post on the forum from someone that privacy v2 was a prerequisite to adding ledger support, is this a planned part of v3 or is it something that is going to happen in a future update?

Great work guys!

2 Likes
#22

Hello @vtallen,

Let me answers your questions as below:

  1. When we launch pDEX v3, we will have to create new pools accordingly to the new protocol so liquidity in the current pDEX has to be removed and re-added to those new pools. This is the responsibility of the core team and Provide users won’t need to do anything. A detail of those pools’ information along with the liquidity of each will be published on the forum prior to the launch.

  2. We’re defining a development roadmap for the next quarter, one of the most desired initiatives is a web-based DEX + wallet web extension. It seems that ledger support is needed to securely interact with the wallet extension, this is worth being considered but we have not finalized yet, some interesting things else are also thoroughly explored. We will publish a roadmap for Q4 by the end of the month and hopefully, ledger support can be on the list, we’re not sure since this depends on our resources and priority.

9 Likes
#23

When we say “ledger support”… Does that refer to hardware wallets produced by the company Ledger? Or is that something else?

If the former, is there any reason focus would be on products from that specific company, or is that just being used as a proxy term for “hardware wallets” in general?

#24

Ledger support couldn’t come soon enough :slight_smile:

#25

I still believe if there’s any way to only have one token all the better.

Orion protocol has their version of “provide prv” as governace merged with liquidity staking. So long as you have prv in provide you are afforded votes of that many in each issue that arises. And you can distribute your votes among multiple choices for weighting. If you unstake your prv, all votes are repealed.

1 Like
#26

1 token prv keeps it simple. Ledger will be amazing. The team are awesome always super fast on support and exciting updates to come. Thanks crew :+1:t4:

2 Likes
#27

NFT :eyes:

#28

Hello @daniel will the launch of pDex v3 have any impact on the RPC calls?
Rpcs like authorizedsubmitkey, getbalancebyprivatekey to be specific? @sid

1 Like
#29

Sorry I missed your question. I’ve replied in another post: Will the launch of pDEX v3 have any Impact on Existing RPC Calls?

2 Likes
#30

Progress update:

Firstly, I apologize for not meeting the original release date as promised (aka the last week of Oct), the current status is:

  • pDEX on-chain protocol was deployed on testnet already.
  • Incognito app for pDEX was being pointed to testnet and tested by QC team. The testing (and bug fix) is expected to be done early next week and the new pDEX is ready to roll out then.

Secondly, besides these main things above, we’re working on some other side things that may help the release be better and smoother:

  • A new landing page with a comprehensive explanation for what the project focuses on.
  • A centralized documentation that allows new users to onboard easier.
  • A dashboard for basic pDEX’s metrics.
  • A series of topics for new pool (and its liquidity) structure, PDEX tokenomics, and app tutorial.

All four things above will be done this week.

Finally, I’m really excited about the launch and personally believe once we have the new pDEX, PRV will have one more utility (for paying trading fees) so people will have one more reason to buy and hold PRV. Apparently, you can challenge us by a question of why people want to trade on pDEX so need PRV for trading fees? Hopefully, the new landing page and topics above can help answer this by defining concrete benefit of every single entity (liquidity providers, limit order placers, and arbitrageurs) involving the pDEX.

12 Likes
#31

An idea for pDEX v3.5 :slight_smile: I’ve seen this in another DEX. LP fees are not just distributed to LPs by their liquidities but also by the age of their liquidities. So the early liquidity providers do not withdraw their liquidities in a hurry to avoid impermanent loss after they earn better rewards at initial high APRs.

4 Likes
#32

I would love for this to get grandfathered in as I’ve been providing liquidity for a while

1 Like
#33

Any update on pdexv3 release?

We r well in to November now…

2 Likes