Smoothy V2 is coming: Initial mining and airdrop about to start
Based on the market needs and the feedback from users in the last test round, Smoothy has launched version 2.0 after several months of development. The new version will offer a single pool that can accommodate 20+ different stablecoins (in contrast with Curve, which can support up to 4 stablecoins in one pool). Smoothy further reduces the GAS fee by algorithm optimization, where now it only takes about 10% of the gas fee of yPool on Curve.
Currently, Smoothy 2.0 has finished testing and auditing. The initial mining event is about to start on March 9th 2am UTC time. Till then, users will be able to enjoy the Smoothy’s benefits such as single pool, low gas fee, low slippage, and high LP rewards.
Smoothy is a novel stablecoin swapping protocol that is capable of supporting 20+ stable coins in a single pool with low-cost low-slippage swapping and maximum interest earning for LPs.
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 fee.
4 Zero-slippage swapping algorithm
Smoothy develops 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)
SMTY is the governance token of Smoothy:
- Collateral for adding new stablecoins （or same-assets backed coin) and for increasing soft weight of a stablecoin（or same-assets backed coin)
- Governance voting for swap fee (collected by LPs with initial value 0.04%) and withdraw fee (buyback SMTY with initial value 0.04%)
- The incentive of the bootstrapping of asset liquidity via liquidity mining
Initial mining and airdrop of early supporters
Currently, Smoothy was deployed on Ethereum. This is just the beginning, it will be deployed on other public chains step by step, for example, Fantom, BSC, Heco, and so on.
The first round of mining will start on March 9rd 2am UTC time, and it will last for about 21 days. Users can experience all product features of Smoothy by then. Moreover, all addresses that interacted with the Smoothy contract in some way will have the chance to get airdrop.
The LPs that provide liquidity for Smoothy will get swap fee, penalty fee (while swapping out of soft range), and interests (for now only stablecoin has interest in yToken will be able to generate interest after accumulating >=10m liquidity).
50% of SMTY will be used for community incentives including liquidity mining, of which 0.5–1% will be used for the initial mining event. The rewards will be distributed after public sale, please refer to details of the announcement later.
Auditing was conducted by Peckshield. Meanwhile, we are inviting more auditing firms to conduct more auditing to ensure the security of the project.
Please note that Smoothy is heavily audited and tested, but it is still experimental and may have security risks.