Introduction:
Libra Exchange is a community-centric decentralised exchange and automated market maker (AMM) forked from Velodrome and Solidly, that will be launched in the Arbitrum (https://arbitrum.io/) ecosystem initially on April/May 2023. We aim to provide low-cost transactions with minimal slippage for both highly correlated and uncorrelated digital assets.
We have plans to go beyond being just an ordinary DEX, or just another Velodrome fork, and will be creating a robust financial ecosystem that consists of a launchpad, structured trading, etc, and would like to go omnichain, by making $LIBRA (ERC-20 token) and $veLIBRA (ERC-721) omnichain fungible tokens (OFT) on LayerZero. This will allow our users and various defi protocols to earn yield, vote for emissions, do governance voting, and receive bribes in Libra Exchange’s affiliated projects on other chains in the future.
All developments mentioned above will be launched in phases.
Libra Exchange will fulfil the following objectives:
● Serve users well as the de-facto liquidity layer for networks we have presence in, providing them a decentralised exchange for low-cost transactions with minimal slippage
● Create a sustainable incentivization and emission system to ensure sufficient incentives for later entrants
● Provide protocols launching on networks we have presence in, with the features to enable them to bootstrap and sustain liquidity effectively
● Provide a one-stop defi solution for retail traders and various defi protocols to earn yield, and bootstrap liquidity respectively.
Vision:
Libra Exchange believes in creating an equitable relationship with partners that shares the same mission.
Collaboration details:
Synapse Protocol has proven itself to be one of the best performing bridge, based on defillama's TVL rankings. Our team is very impressed by Synapse Protocol’s achievement, and would hope to have Synapse Protocol as our launch partner.
We are also keen to help Synapse Protocol to bootstrap $SYN liquidity (SYN-WETH) on Arbitrum via Libra Exchange. This will provide an avenue for $SYN holders to yield farm on Arbitrum, and chains that we have presence in, after OFT has been implemented.
We are also keen to have Synapse as our bridge partner, given that it takes 7 days to withdraw assets out from Arbitrum via the official Arbitrum Bridge. In fact, Libra Exchange has mentioned, and advertised Synapse Protocol in our docs (https://docs.librax.io/additional-resources/getting-started-in-arbitrum), for beginners who are new to Arbitrum network.
Lastly, we hope to explore more collaboration opportunities with Synapse Protocol across different chains in the future.
Incentivisation:
2% of $LIBRA initial token supply will be allocated in the form of $veLIBRA (locked for 4 years) to Synapse Protocol. Synapse Protocol can use it’s allocated $veLIBRA to vote for $LIBRA emissions to $SYN liquidity pools (SYN-WETH), and to earn trading fees from these liquidity pools. Additionally, Synapse Protocol team may choose to receive bribes, and to vote for other liquidity pools. Rewards and trading fees earned will be compounded into more $veLIBRA, creating an exponential effect to early $veLIBRA accumulation. As that position grows, it will direct additional emissions to $SYN pools, generate fee rewards and bribe revenue that can also be compounded into additional $veLIBRA for Synapse Protocol.
While the initial focus of this pilot will be to maximally compound rewards, once the $veLIBRA position reaches Synapse Protocol's targets, Synapse Protocol can begin to repurpose fees, bribes, and emissions for other purposes. The goal being to reach a state where Synapse Protocol can bribe, and sustain liquidity without needing additional $SYN emissions
There will be NO minimum TVL obligations for Synapse Protocol, and $SYN liquidity pools.
Team:
The team behind Libra Exchange has years of experience in their respective domains, and has deep blockchain knowledge. Read more about the team here: https://libraexchange.medium.com/a-closer-look-at-the-people-behind-libra-exchange-64199bdd4c09
Security:
Security is the top priority for the team, especially when we witnessed the unfortunate hack on a top DeFi protocol just weeks ago. Libra Exchange has underwent an automated smart contract audit with Salus. The automated scan was done at the highest sensitivity, and the Libra team is informed of all high risks, and all fixes has been acknowledged and worked on. Full manual audits with top firms will commence after public sale.
Link to report: https://github.com/LibraExchange/contracts/tree/master/audits
Salus (https://salusec.io/en/audit) is a Binance Labs portfolio and a trusted security partner in Binance and BSC ecosystem.
Links:
Website: https://librax.io (https://docs.librax.io/libra-exchange/introduction)
Gitbook: https://docs.librax.io (https://docs.librax.io/libra-exchange/introduction)
Twitter: https://twitter.com/LibraExchange
Medium: https://libraexchange.medium.com (https://libraexchange.medium.com/)
Discord: http://discord.gg/NAssSMAUuC
