In this article we will describe 3 topics:
- Current achievements of our Multi-Chain protocol;
- The scaling of our Multi-Chain Protocol;
- Liquidity providing and RBC token use case.
A. Current achievements of Multi-Chain protocol
Rubic’s Multi-Chain Swap feature was launched on August 31st, and after almost 3 months of work, we can see the following:
- Exponential growth of this feature, month to month: every month, the total trading volume grows by ~2.5x in comparison to the previous month;
- With the total trading volume exceeding $10M even with the current restrictions of $10,000 per trade, things are looking very optimistic. It is now the fastest-growing trend among on-chain swaps, bridges and multi-chain (cross-chain) swaps;
- The number of users’ requests for a refund has not exceeded 2% since the beginning of November.
Thus, the successful beginning of our Multi-Chain path is confirmed by the above-mentioned facts; and we can begin the next stage of development, which involves moving on to scaling. The goals of scaling are:
- Multiple increases in trading volume;
- Creation of a Liquidity-Providing mechanism;
- Improving the security of users’ funds.
B. The scaling of our Multi-Chain Protocol
A significant increase in trading volume can be achieved through:
- Increasing the limits for 1 swap, up to $20,000;
- Providing better exchange rates, including less slippage;
- Decreases in the cost of gas.
To achieve the listed goals, we have decided to:
- Increase the volume of our own liquidity in the Multi-Chain Protocol by at least 50%;
- Switch from pools in RBC to pools in stablecoins (USDC) starting from November 24th.
- Update the smart contract so that multiple DEXs can be used on each blockchain. Also, the audit of the smart contract will soon be completed.
C. Liquidity providing and RBC token use case
Due to more beneficial swap conditions (as mentioned above), we can increase the fee percentage which will be paid to users who provided liquidity. The final fee percentage will be determined depending on the growth rate of the trading volume; the current 0.3% rising to 0.6% — where 0.5% will be sent to Liquidity Providers, and 0.1% will be for Rubic’s development.
The mechanism for providing liquidity will be described later when the development is ready.
The RBC token will be required to provide liquidity and receive high APY.
We are also working on the most profitable RBC staking mechanisms: on one hand, we need to provide beneficial conditions for stakers, and on the other, we must not create strong pressure on the price of RBC.
Security and safety of funds is the foundation of our entire Multi-Chain Protocol. That is why we are as attentive as possible and extremely methodical, especially towards new Multi-Chain updates.
To achieve a high level of security, we are completing the audit of a smart contract and, step by step, we’re transferring the functionality of our Multi-Chain Protocol to a decentralized form.
- Internal Mechanism Update for Multi-Chain Protocol: November 2021
- New blockchain integrations and ecosystem grants: December 2021
- RBC staking: December 2021
- Beginning of the Liquidity Providing program: February 2022
Rubic is a Multi-Chain Swap Protocol which allows you to swap any of 9500+ tokens, on and between 8 blockchains in one click. Multi-Chain protocol includes on-chain & multi-chain swaps for Ethereum, BSC, Polygon, Avalanche, Moonriver, Harmony, Tron & xDai, fiat on-ramps, and more!
The aim of the project is to deliver a complete One-Stop, Full Circle decentralized trading platform. Rubic.exchange is a place where users can complete Multi-Chain swaps using different solutions to get the best rates from all leading trading protocols.