Privacy apps ecosystem is one of three pillars the Incognito team is focusing on currently. This is not a completely new area, we have explored privacy apps in the past (those who stay with Incognito long enough, you probably heard about pUniswap and pKyber). Due to the skyrocketing fees of Ethereum, the attempts with pUniswap or pKyber didn’t work out, unfortunately.
Everything was changing too fast in the crypto space since then, many emerging platforms have been trying to solve Ethereum’s network congestion, we can name a few big ones as Binance Smart Chain (BSC), Polygon, Solana, etc. Therefore, we opted in to make another attempt by building bridges to faster and cheaper networks (Polygon and Solana coming) as well as integrating with dApps on bridged networks (e.g. BSC)
PancakeSwap, BSC’s largest DEX, just went Incognito to offer anonymity for trades against PancakeSwap’s huge liquidity.
What problem is pPancake solving?
Either Incognito or PancakeSwap users may benefit from this. While Incognito users can trade with non-existing or low liquidity coins in pDEX against PancakeSwap’s pools, PancakeSwap users can achieve anonymity when trading with their favorite coins or pools.
How it works?
Although the network like BSC tried to solve Ethereum’s congestion, it’s EVM compatible for sake of lower developer’s learning curve (e.g., programming language and dev toolset) and effortless dApps migration from Ethereum. The team benefits from this too by taking the same approach as we did prior with pUniswap. In other words, we can re-use pEthereum’s mechanism, BSC bridge’s smart contracts plus small customization for PancakeSwap’s broker contract.
For a closer look at the tech, check out our pEthereum smart contract breakdown and learn more about privacy mode for DeFi .
Next steps
Apart from pPancake, the team is also working on Polygon bridge then bringing more dApps to Incognito but the question is: what else?
Yes, we don’t just stop there, the team was internally discussing a novel approach to make incognito become a central privacy hub for not only coins but also dApps on smart contract supported platforms. A proposal will be published soon.
Thank you!