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· 4 min read
J.

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Welcome back to another Hashgreen's weekly update! Previously on Weekly Update #11 we talked about the design features that began to take shape for the AMM, hankering for the best outcome to our users and to the ecosystem. We also announced a few updates and a call for volunteer translators. If you are willing to help with the translation, please visit our Discord.

This week we will be taking you through two topics: the AMA we attended earlier this June and our thought and expectation for offer2 according to the feedback from the community.

Hashgreen at Chia in China's AMA

What Chia is trying to solve with its NFT standards

In the AMA held by Chia in China, we introduced our products and talked about offer features and Chia's NFT standards. Below are three factors we mentioned about Chia's NFT during the AMA, namely what Chia is trying to solve and realize with its NFT standards.

  • Autonomous offer trading: to trade without authorization from a third-party platform.

    Chia does not need you to authorize a third-party platform to operate for you. This could fundamentally prevent users from getting scammed.

  • Decentralized Identifier (DID): to verify the authenticity and to prove the ownership.

    Has it ever happened to you when you bought an NFT and later discovered that it was an impersonation scam? This is what Chia wants to solve with its NFT1 standard. DID is like a digital identification that confirms the authenticity. With such method, creators or project owners can have their NFTs connected with their DIDs, proving the ownership with the digital identity.

  • Royalty: to pay profit-sharing to the author of an NFT.

    How many percent of royalty payment should be given to the author of an NFT is what Chia's figuring out and this is going to be one of the core ideas for NFT1.

Chia's NFT is definitely a worthy path to take and a pull factor that attracts developers, investors, and users to come, especially when there's a variety of paths such as DEX, NFT, and DeFi that people have embarked on to develop or build Chia's infrastructure.

Regardless of which path you are going to take or have taken, we, Hashgreen, are always pouring ourselves into helping these projects, including NFTs. Most importantly, providing a steady and strong base for Chia's community is what we expect and choose to do to allow all tokens in Chia to be able to trade.

Committed and Uncommitted Offers

What we think offer2 can hold for us

Offer files (”offers”, “offer1 standard”) have been one of the biggest drivers for the community activities in Chia, as it provides a p2p way for people to trade trustlessly and securely. As one of the first adopters of offer1, we love it so much that we start to think what we ultimately want it to evolve into based on the feedback of many DEX users. We heard these feedback:

  • Why does my attempt to fulfill the offer fail?

    Ok, so this relates to how current offers are structured: they are not commitments on the chain to indicate token swap intentions, but merely a memorandum of understanding. The offer makers can withdraw their offers any second by spending the recorded coins in the offer, while you, the offer taker, have to check if the coin still exists beforehand.

    Can we make this process better? Yes! In fact, the offers should be on chain with two possible exit paths: either via settled swaps or clawback after some timeout. You can be assured that the offer is still 100% valid as long as you peek into the coins and you know for how much longer they will continue to remain valid.

  • Is there a limit price I can put? Partial fill?

    No limit price. No partial fills. Ouch.

    This is most of our experience with the current DEX on Chia, and we understand it so much more. We would call it lack of feature rather than a bug for offer1, as the logic for limit price and partial fills are very custom to fungible tokens. The logic for offer1 is perfect, for example, for NFTs as they need to be exchanged in whole. We think a good offer2 design should leave rooms to house some custom logic, including things like “allowing transactions to go through as long as prices are above this price” and “self re-instantiation if certain conditions are met”.

From an AMM building perspective, we think having an offer2 that satisfies the above criteria would allow an easier exchange of funds, thus increasing liquidity and capital efficiency in the Chia Blockchain. So, rest assured folks, while Hashgreen Labs continues to build on Chia!

· 3 min read
J.

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What's Been Done

AMM's Design Features Explained

Hi Chia holders! We at Hashgreen have some updates on the long awaited AMM! Over the past weeks, while we have implemented basic building blocks for the smart schemes, more importantly we are composing these blocks to ensure users have great experience trading and participating in our ecosystem.

  • A sustainable token and distribution scheme for the Hashgreen ecosystem:

    We want to bake our tokenomics directly into our AMM by highly incentivizing the first batch of supporters for their rapid adoption. On the other hand, we are considering allowing not only liquidity providers to earn (liquidity mining), but also protocol owners — each and every one who owns the Hashgreen token — to earn.

  • Fair pricing of token pairs:

    We all know there are huge Miner Extracted Values (MEVs) in the Ethereum ecosystem, and especially when it comes to trading, miners can easily manipulate the orders of contract interaction in their favor. Chia Blockchain does not have this problem, and we enforce a rule of single price per block to prevent market manipulation. Everyone who interacts with the AMM gets the same price and does not get front-run.

  • Name your slippage tolerance and commitment period:

    When you put orders in to buy from/sell to the AMM, on top of the assured fair prices, you can additionally specify a maximum slippage tolerance you are willing to accept, and until when the order is valid. These fully adjustable parameters will make interactions with AMM a very familiar experience compared to existing ones you have used before.

There are many more design features we are currently working out! If you have questions, feel free to shoot message at our Twitter or Discord!

What's Rolling

  • Language switch option is about to be released again in the near future! As we would like to support as many languages as possible, we are looking for volunteer translators! If you are interested in providing help, please head to our Discord server and write a message in #translators or DM @HG | Daisy and @HG | James to let us know.

  • Lately we've noticed that there's some impersonation scams in Chia's community and people have been affected by it. Thanks to the community's effort and your report, we were able to identify it and withdrew it from circulation in our DEX. Please be extra careful when you make any transaction, and make sure you have a full understanding of the background of the tokens you're going to trade. The effort in identifying and terminating scams is also attributed to the token listing mechanism in our DEX, where the data is reviewed after being imported from TAIL database API. We are currently working on adding warning messages in the DEX to help you and please keep careful watch for potential scams whenever you trade.