Smoothy is launching on Binance Smart Chain (BSC): initial mining and airdrop is about to start
Smoothy will launch on BSC March 30th 2am UTC time and will hold an initial mining and airdrop event. Users on BSC will be able to enjoy Smoothy’s benefits such as a single pool supporting multiple assets, low slippage, and high LP rewards.
Initial mining and airdrop
The ongoing initial mining activity on Ethereum (originally expected to end on March 30) will be extended for three weeks and the number SMTY rewards will be doubled from the current total 0.5–1% to 1%-2%. In the next three weeks, LPs that provide liquidity on Ethereum and BSC will receive conversion fees, slippage fees, deposit interest income and SMTY rewards (this part will be gradually issued after the public offering). In addition, all wallet addresses that participate in exchange transactions on BSC during initial mining have the opportunity to receive airdrops. The more interactions, the greater the chance of airdrops.
In order to encourage everyone to provide liquidity on BSC, we will give out an additional 0.1% of the total SMTY reward to provide liquidity LP on BSC in the first 7 days.
At present, the BSC version of Smoothy supports 6 kinds of stablecoins, and the ETH version supports 8 kinds of stablecoins. You can choose to deposit any one or several of the supported stablecoins to provide liquidity. In the future, Smoothy will support more stablecoins.
How to use Smoothy on BSC?
Switch to the BSC network to use the BSC version of Smoothy. For more information on how to add BSC network in MetaMask visit:
Providing liquidity on Smoothy is easy and simple, see the tutorial below:
Common questions about Smoothy
https://smoothy-finance.medium.com/summary-of-common-questions-for-smoothy-889f006fc64f
Revisiting Smoothy.finance
Smoothy is a novel stablecoin swapping protocol that is capable of supporting 20+ stablecoins in a single pool with low-cost low-slippage swapping and maximum interest earning for LPs. It is not a fork of any existing protocol.
Features of Smoothy:
1 Reduce the gas fee significantly by algorithm optimization
Even deployed on Ethereum, the gas fee required by stablecoin swap on Smoothy is reduced by 90% compared to Curve’s yPool and mStable after the algorithm optimization. It achieves a lower gas fee without using layer2 and ensures composability.
2 Single pool supporting multiple stablecoins with better liquidity
Unlike Curve, which supports up to 4 stablecoins in one pool, Smoothy can support multiple stablecoins in one single pool, and can flexibly add/remove any token. Theoretically, Smoothy can accommodate hundreds of different types of stablecoins in one pool (even algorithm stablecoin). This means that Smoothy will not suffer from the fragmented liquidity of multiple pools, enabling better liquidity.
3 Maximum LP reward
With reference to the bank’s reserve system, we designed a unique Dynamic Cash Reserve Algorithm, which dynamically allocates the majority of funds in the underlying interest-earning platform and the rest is reserved to meet daily swap needs. In other words, in addition to governance token earnings, liquidity providers can gain swap fees together with interest earning and lower gas fees.
4 zero-slippage swapping algorithm
Smoothy developed a SmoothSwap algorithm that can guarantee 1:1 ratio swap most of the time if the percentage of the token in the pool is lower than soft weights; if not, a swap is still allowed by imposing a penalty fee as slippage.
Comparison between Smoothy and other protocols (Take Ethereum as an example)
Auditing
Auditing was conducted by Peckshield. Meanwhile, we are inviting more auditing firms to conduct more auditing to ensure the security of the project.
https://smoothy.finance/PeckShield-Audit-SmoothyV1-v1.0rc.pdf
Please note that Smoothy is heavily audited and tested, but it is still experimental and may have security risks.
