Goodbye SmartSwap, Hello bStable
We’re changing our name to more accurately reflect our commitment to stablecoin swaps and savings pools.
SmartSwap, we hardly knew ya! Hello bStable
It’s nice to meet you… again. We are the bStable team! After first announcing SmartSwap and through the past few weeks of building, we realized that the name ‘SmartSwap’ didn’t accurately represent our future product. We wanted our name to reflect not only our stablecoin swaps, but also our multi-stablecoin savings pools. bStable not only represents both of those functions, but also conveys a sense of
New name, new logo, same vision
Our new logo is evocative of the state of stable equilibrium in which an objects tends to return to equilibrium in response to perturbation. It represents our algorithms ability to balance out any price differences between stablecoins and constantly give users the best possible price. It also represents the different multi-stablecoin pools that will let users earn interest when they provide liquidity to the bStable platform.
What else has changed?
While our product remains the same, we have been busy building and are looking forward to a November 2020 launch. We have been testing over three different multi-stablecoin pools over the past few days. We also have created communities on Telegram and Discord to open up discussion to the community. Please join us and share your thoughts! Feel free to continue reading below to get a recap of what we are building.
So, to recap, what is bStable?
bStable is an open-source, automated market maker (AMM) mechanism especially designed to enable token swaps between any stablecoin on Binance Smart Chain (BSC) at low fees and with minimal price slippage.
Combining an efficient, decentralized stablecoin swap platform on BSC with a multi-stablecoin “savings account,” bStable will allow users to add their funds to the protocol’s liquidity to earn passive income. Soon, getting from stablecoin to stablecoin on BSC will become as easy as possible.
Why are we building it on Binance Smart Chain?
We believe Ethereum’s fees are too high and we want to allow users of BSC to swap between stablecoins in seconds, at the best rates, and with minimum slippage. We also believe BSC represents the future of public chains and want to provide BSC users with the decentralized finance tools they need.
What makes bStable unique?
bStabke takes inspiration from the StableSwap mechanism, an automated market maker algorithm designed specifically for swapping between stablecoins built on the Ethereum blockchain by curve.fi. bStable tweaks StableSwap and adapts it for Binance Smart Chain, thus allowing for a faster and cheaper swap service with low gas fees and creating the perfect environment for efficient and large-scale DeFi stablecoin swaps.
One of StableSwap’s biggest advantages is lower slippage, which means lower overall transaction costs. In comparison with more traditional DeFi swap platforms like Uniswap, whose constant-product algorithm greatly lowers price as quantity sold increases, StableSwap’s algorithm ensures prices can remain as constant as possible for as long as possible. bStable is an improved version of StableSwap which not only takes into account that stablecoins are often equivalent, but as a market maker algorithm that prioritizes swaps at a constant price, it allows for a price differences between stablecoins.
bStable’s smart contract is wrapped into a BEP20 contract fully in line with the BEP20 contract standard on BSC. The bStable BEP20 contract is migrated from the ERC20 contract on Openzeppelin, which is recognized as a relatively safe framework for the development of Ethereum Solidity contracts. By strictly following the security protocols of the Openzeppelin framework and migrating the contracts from Ethereum to BSC, the bStable team is able to ensure that key functions are not leaked and that hacking attacks are prevented. bStable also uses the anti-reentry attack component of the Openzeppelin framework for some transaction-related functions in the swap contract and also uses the Openzeppelin ownership component to manage contract ownership. The Openzeppelin project itself also includes audit services. All bStable algorithms are run through SafeMath to ensure the accuracy and safety of contract algorithms. Finally, bStable uses a secure transfer method for transactions, which limits gas to 2,300.
Product
bStable’s product is divided into two parts. On the demand side, bStable offers an automated swap exchange with extremely low price slippage — a hundred times smaller than Uniswap on average — designed especially for swapping stablecoins. On the supply side, it offers multi-stablecoin savings pools which, according to simulations that take into account the prices and volumes for stablecoins during the past year and make the assumption that traders will be motivated to arbitrage between the smart contract and existing exchanges, can give users an estimated 300% APR. As of right now, bStable has three multi-stablecoin pools featuring over 5 different stablecoins in different set ups. Similarly to StableSwap, bStable will run without the need for middle-people to be responsible for trading operations, therefore erasing the need for orderbooks, exchange owners, or human market-makers.
bStable plans to launch features like decentralized, on-chain red packets and payments in the future. bStable’s red packets will be specifically developed for BSC and will make it easy and fun to share any BSC-based asset with groups of people. Similarly bStable’s payments will enable easy social payments on BSC without the need for third party payment tools.
The bStable token
bStable’s token will serve as an important governance tool for the bStable protocol, with holders being given the ability to vote on proposals to modify bStable. Some of these proposals might include having holders earn a percentage of the swap fees, or giving liquidity providers token rewards. Soon, the community will be able to farm bStable’s token using BUSD and BNB.
Stay tuned
Follow us on Medium and Twitter to be the first to hear about bStable when it launches. You’ll be able to start supplying liquidity and making efficient stablecoin swaps in seconds on BSC!
