DEX HurricaneSwap: more than just ecological first chain | project is introduced

As a cryptocurrency investor, what factors do you consider when choosing a trading platform?

Top of the list is definitely security. Due to features such as blockchain, theft and being attacked have become the norm in the industry. Platforms that have been audited by well-known security agencies and endorsed by well-known developers will be preferred. Second, transaction experience. Low gas fees and fast transfer are advantages of transaction experience. Last but not least, good ecological construction. A well-built trading platform can attract more projects and investors to participate in it.

Recently, DEX has launched Layer 2 version. While the market is optimistic about the development of Layer 2, maybe we need to look at the projects ignored by the market sentiment, such as cross-chain DEX.

Hurricane Wap is a DEX coming soon to the mainnet, and it's the first multi-chain DEX for Avalanche. Of course, Hurricane WAp has all the features of a good trading platform, including high security, high performance, low fees, and ease of use.

Why do we need a Hurricanwap when there's already so much DEX?

In this nesting doll like DeFi market, a variety of gameplay is endless. However, careful users will surely find that complex gameplay is almost always limited to a single public chain. Then, is there a DEX that can aggregate dozens of mainstream public chains and complete liquidity mining, lending, trading and other operations?

Hurricane WAp is such a DEX. Hurricane WAp officially calls itself a multichain DEX, but apparently that's not quite the right name. DeFi aggregator might be more in line with Hurricane WAp's definition.

Hurricane WAp's ability to perform complex cross-chain operations depends on two things: the Roke Protocol and Avalanche public chain itself.

Roke Protocol

If the cross chain is differentiated according to the degree of difficulty, the simplest is the single coin cross chain, then the single coin multi-chain cross, then the multi-currency cross chain, the most difficult is the multi-currency multi-chain cross. Roke Protocol adopted by Hurricane WAp can support asset transactions on dozens of heterogeneous blockchains simultaneously, which is one of the best cross-chain transaction solutions in the market.

This article will illustrate why Roke Protocol is one of the best cross-chain trading solutions available, using the example of how LP tokens on binance Smart Chain (BSC) use Hurricane Wap for cross-chain transactions.

First, the user needs to get the BNB-USDT LP tokens by first injecting BNB and USDT into the BNB-USDT liquidity pool on the BSC. When users want to cross the chain, Hurricane WAp can seamlessly connect to the trading pool through a repeater, which is called a Station based on the Roke Protocol.

As can be seen from the figure below, Hurricane Deployment can be deployed on different public chains according to different cross-chain requirements. For example, if the cross-chain is from BSC, there will be BSC Station. From Heco, we have Heco Station. The Roke Protocol aggregates the flow of Station from different sources into Hurricane Wap.

Cross-chain schematic diagram of BSC Station of Roke Protocol

After confirming that the user has sufficient assets on the BSC, the user's original chain assets will be locked and cast aBNB and aUSDT on the Avalanche chain, while also creating the ABNB-AusDT Avalanche liquidity pool. Finally, users can get abNB-Ausdt LP tokens on Avalanche chain.

When the user wants to withdraw the liquidity and return to the BSC, after a series of verification by the node federation, the BSC Station will unlock the LP token and send it to the user's wallet address.

Schematic diagram of the user retrieving LP tokens

Not only can BSC users directly cross-chain LP tokens to Avalanche, but public chains such as Heco and OKChain can also easily cross-chain to Avalanche through Roke Protocol. This means that there is no need for complex cross-chain operations between public chains such as BSC, Heco and OKChain, and hurricane WAp can be used as a cross-chain transit station. Hurricane WAP solves the problem of non-interoperability by providing interoperability between different chain assets, enabling seamless transfer of assets across the chain.

LP token cross-chain is just one of hurricane WAp's functions. Hurricane WAp can also be used for cross-chain lending, cross-chain synthetic assets and cross-chain derivatives, which is one of the reasons hurricane wap is called DeFi aggregator.

The innovative three-chain mechanism provides the possibility of multi-chain intercrossing

HurricaneSwap chose Avalanche to build it because Avalanche main network is composed of three chains Exchange (X) chain, Platform (P) chain and Contract (C) chain, each of which has different functions. The main network will validate all three chains.

The three chains are functionally distinguished. The X-chain is mainly responsible for transacting related functions, such as trading tokens. P chain is responsible for processing platform governance business, adding verifiers and pledging tokens are completed in P chain; The C chain is responsible for smart contracts and EVM compatible contracts. Contracts for creating DApp, NFT and so on are completed in the C chain. P chain and C chain adopt Snowman consensus protocol, which has high TPS and complete order.

The three-chain design brings tremendous growth potential for Avalanche, which currently has more than 680,000 contract addresses and trades more than $50 million a day. According to official disclosures, Avalanche now has more transactions than users. Currently, x-Chain has 460,000 contractual addresses, while C-Chain has 130,000 contractual addresses. This is an opportunity for Hurricane Wap to convert x-chain users to C-chain users.

How to solve the problem of token spread in multi-chain

In the early stage of Hurricane WAp's development, it was bound to face problems of insufficient token liquidity and transaction depth. Once the price difference among various platforms was too large, users' usage experience would decline. To this end, HurricaneAlliance (verifier alliance) was established by hurricane wap to monitor the price gap between hurricane wap trading pairs and other on-chain trading pairs. When the verifier alliance found the price gap and exceeded the threshold, The verifier Alliance will close the price gap between Hurricane WAp trading pairs with a single coin across the chain.

When the price of hurricane wap's token is lower than that of other chains, HurricaneAlliance will buy the token on hurricane wap and sell it across chains to the chain with the higher price, and vice versa. Please refer to the following figure for the specific operation process of HurricaneAlliance:

HurricaneAlliance nodes need to pledge a certain number of Hurricane Tokens (HCT) in order to prevent HurricaneAlliance from doing evil. TVL changes dynamically. If the node cannot pledge enough HCT within the specified time, it will automatically withdraw from HurricaneAlliance in the next cycle (168 hours). HurricaneAlliance nodes need to wait 7 days to unlock the pledged HCT.

Distribution of tokens

HCT is hurricane WAP's native token, which is an important part of hurricane WAP's normal operation. At the same time, HCT can participate in Hurricane WAP's governance and receive dividends. HTC issued a total of 2 billion units, and the specific distribution is as follows:

Mobile mining: 1.2 billion (60%);

Private placement: 300 million (15%);

Team: 200 million (10%);

HurricaneAlliance: 200 million (10%);

Growth Fund: 80 million (4%);

ID0:20 million (1%).

The private placement was completed in three rounds, and a total of 3.3 million DOLLARS was obtained. In the first round of seed round, the unit price of 0.005 USD /HTC raised 300,000 USD; The second round raised $1.6 million at $0.01 /HTC; Round 3 raised $1.4 million at $0.0175 /HTC. ID0 is expected to raise $600,000 at $0.03 per unit.

The tokens held by early investors and teams will be unlocked in increments over time, according to official disclosures.

Investment institutions

Hurricane WAp has received multi-million dollar investments from AVATAR Fund (Avalanche Asia Star Fund), LD Capital, MXC Labs and Redline Capital.

The AVATAR Fund is an independent Avalanche Ecosystem Fund with $20 million earmarked for Avalanche's growth in Asia and currently invests in DeFi, NFT, games and industry infrastructure. Hurricane WAp is the first and only trading platform for AVATAR Fund investments.

Team information

Founder: Symington W. Smit

Symington W. Smith is the founder of Hurricane Wap, vice Chairman of the Thai General Chamber of Commerce in Beijing and director of Marketing at Venture capital Capital Anpini Ventures. Symington W. Smit received his bachelor's degree from Peking University and his master's degree from King's College London.

Symington W. Smith is a Winner of the Young American Hero Award, a Fellow of the Royal Asian Society, a Fellow of the Royal Society of Arts, and a Young Peace Ambassador.

Co-founder: James Lindesay

James Lindesay, co-founder of HurricaneSwap and a 2017 graduate of Peking University, is an early cryptocurrency investor, trader and technology analyst. James Lindesay is also the founder of Tokeneyes Capital.

Roke Protocol First author: Hunter Cheung

Hunter Cheung is the first author of the Roke Protocol and graduated from the University of Waterloo with a bachelor's degree in physics.

Chief Consultant: Ted Yin

Ted Yin is the lead protocol architect and co-founder of Avalanche, whose "HotStuff" algorithm was modified by Facebook for the stablecoin Diem (Libra). Ted Yin received his B.S. from Shanghai Jiao Tong University and his M.S. and Ph.D. degrees in computer Science from Cornell University.

DeFi has struggled to attract new users by copying other successful projects on the public chain. Innovation is the first driving force leading development, and hurricane WAP is also the inevitable result of cross-chain technology innovation and development.

Since Hurricane Wap is not yet online on the main net, it is unclear whether hurricane Wap will bring fresh gameplay to the DeFi market. However, hurricane WAp's design idea of connecting liquidity mining, lending, derivatives trading and other functions from the Swap level through the aggregation of many public chains may also provide a new development idea for future projects.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia