Milestone 1 Backpay proposal is now live
Your vote can make a huge difference. It's a backpay proposal, so your support is crucial for our continued development and success.
- Vote for the backpay proposal (#295) on Peakd.com
- Vote for the backpay proposal (#295) using HiveSigner
Thank you for your support! 🙏
1.0 Abstract
TeraBlock CrossDEX, a ground breaking decentralised exchange platform, to bridge the interoperability and liquidity gaps between the HIVE and EVM-compatible blockchains. This initiative aims to enhance HIVE's DeFi capabilities, attract new users, and increase Total Value Locked (TVL). Leveraging TeraBlock's proven Swidge Protocol, CrossDEX promises a seamless, user-friendly DeFi experience, setting a new standard in blockchain interoperability and liquidity solutions.
2.0 Executive Summary
2.1 Overview
The HIVE blockchain, known for its community-driven governance and feeless transactions, has yet to capitalise on its DeFi potential fully. This is mainly due to limited interoperability and liquidity with EVM-compatible chains, which are central to the DeFi ecosystem.
2.2 TeraBlock's Solution
We propose the HIVE CrossDEX, a user-friendly decentralised exchange platform, leveraging our Swidge Protocol to bridge the gap between HIVE and EVM-compatible blockchains. This initiative is going to address several critical challenges and transform the HIVE ecosystem
- Bridging the DeFi Infrastructure Gap
- Bridge Liquidity Gaps
- Simplify User Interaction
- Boosting On-Chain Trading Volumes
- Simplifying HIVE Token Acquisition
- Direct Fiat to Crypto Gateway
- Expanding User Base
- Foster Ecosystem Growth
2.3 Impact
CrossDEX is set to revolutionise the HIVE ecosystem by increasing liquidity, user engagement, and market competitiveness. It will offer features like EVM to HIVE bridges, one-click swaps, and liquidity pools, making HIVE more accessible and appealing.
2.4 Our Track Record
Our partnership with Splinterlands on HIVE has been a success, showcasing our capability with significant transaction volumes and user engagement. We've also collaborated with Genesis League Sports (GLS) to enhance the HIVE blockchain sports sector. These successes underline our expertise and readiness to develop CrossDEX using our proven Swidge technology.
2.5 Call to Action
We seek the HIVE community's support for this transformative project. With your backing, we can extend our success across the HIVE ecosystem, unlocking new growth opportunities and establishing HIVE as a DeFi leader.
3.0 TeraBlock Overview
TeraBlock stands at the forefront of the DeFi revolution, offering a gateway to decentralised, trustless and comprehensive financial services. We facilitate frictionless transactions from fiat to crypto across any blockchain, embodying the ease of Web2 with the transformative power of Web3. At the heart of TeraBlock's innovation is the Swidge Protocol, a one-click solution that automates the complexities of blockchain interactions, making them invisible to the end-user.
3.1 Company Vision and Mission
Our vision is to democratise access to DeFi by removing the barriers that prevent mainstream adoption. The future of finance is open, borderless, and inclusive, and we are committed to building the bridges that connect traditional finance (TradFi) with the decentralised finance (DeFi). Our mission is to create a platform where anyone can confidently and efficiently participate in the DeFi ecosystem, regardless of their technical expertise.
3.2 Swidge Protocol
The Swidge Protocol is TeraBlock's proprietary cross-chain technology, enabling users to swap assets across blockchains with a single click. It is designed to handle the underlying complexities of cross-chain transactions, including smart contract interactions, liquidity sourcing, and token conversions. Swidge protocol is not just a tool but a foundational technology that can be integrated with blockchains to expand its DeFi capabilities.
3.3 The TeraBlock Ecosystem
The TeraBlock ecosystem is a comprehensive suite of DeFi Infrastructure-as-a-Service (IaaS) that includes:
Liquidity Pools: Supporting EVM and non-EVM tokens across blockchains.
Cross-Chain Bridges: Facilitating the movement of assets between blockchains.
Swidge Protocol: Enabling fast, secure, and user-friendly one-click cross-chain swaps.
Fiat On-Ramp & Off-Ramp: Allowing users to enter and exit the crypto market directly with fiat currency.
4.0 The Need for CrossDEX on HIVE
The HIVE blockchain, known for its vibrant community and fast transaction times, stands on the cusp of a significant evolution. Despite its strengths, HIVE faces challenges that limit its potential in the burgeoning DeFi space. The introduction of CrossDEX, powered by TeraBlock's Swidge Protocol, is poised to catalyse a transformation that will unlock new possibilities for users and developers alike.
4.1 Addressing the TVL Challenge
Current Issue: HIVE needs to be listed among blockchains with significant DeFi TVL, indicating a lack of significant DeFi activity and liquidity.
CrossDEX Solution: Establish a measurable TVL for HIVE, enhancing its visibility and attractiveness in the DeFi market.
4.2 Amplifying DApp Ecosystem
Challenge: HIVE's DApps show potential but lack depth due to liquidity constraints.
CrossDEX Impact: Facilitate one-click liquidity inflows from leading blockchains, enriching HIVE's DApp environment and user engagement.
4.3 Simplifying Fiat On-Ramp
Problem: Acquiring HIVE tokens is complex, involving multiple platforms.
CrossDEX Approach: Introduce a direct fiat on-ramp and off-ramp, simplifying the process for new and existing users.
4.4 Enhancing User Experience
Barrier: Cross-blockchain transactions are complex and daunting.
CrossDEX Feature: Offer one-click transactions, making the user experience fluid and accessible, especially for blockchain newcomers.
4.5 Fragmented Liquidity
Current State: Liquidity on HIVE is dispersed, leading to inefficiencies.
CrossDEX Role: Enable smooth liquidity transfer between various blockchains, attracting a broader audience and larger liquidity providers.
4.6 Empowering Developers with CrossDEX SDK
Challenge for Developers: HIVE developers face challenges in user onboarding and integration due to the complexity of blockchain interactions and the need for extensive coding.
CrossDEX SDK Solution: The introduction of the CrossDEX SDK will revolutionize this process. It offers a streamlined, easy-to-integrate solution, enabling developers to focus on their core products while ensuring seamless user onboarding and interaction with just a few lines of code. This approach simplifies the development process and enhances the overall user experience, bolstering HIVE's position as a competitive DeFi platform.
4.7 Benefits of CrossDEX
Addressing these challenges is at the core of TeraBlock's mission. By introducing CrossDEX, a comprehensive solution that includes liquidity pools, cross-chain bridges, and a seamless user experience, TeraBlock aims for:
Ecosystem Synergy: Bridges the gap between HIVE and other major blockchains, fostering a more interconnected and robust DeFi ecosystem.
Innovation Showcase: Demonstrates HIVE's capacity for innovation, attracting developers and projects to build on its platform.
Community Empowerment: Empowering the HIVE community by providing more control and options for managing digital assets.
Strategic Partnerships: Opens avenues for strategic partnerships with other blockchain projects, enhancing HIVE's network effect and value proposition.
Economic Growth: Stimulates economic activity within the HIVE ecosystem, increasing demand and value for HIVE tokens.
Decentralisation: Reinforces the decentralised ethos of HIVE with governance and operations that reflect the community's voice and interests.
The integration of CrossDEX on HIVE is not just an enhancement; it's a necessity for the blockchain to thrive in the competitive DeFi market. It addresses critical gaps, reduces entry barriers, and lays down the infrastructure for HIVE to flourish as a leading DeFi ecosystem. With TeraBlock's proven technology and strategic vision, CrossDEX stands ready to usher in a new era for HIVE, its users, and its developers.
5.0 Proposed Integration with HIVE
The proposed integration of TeraBlock's CrossDEX with the HIVE Blockchain is a strategic initiative designed to enhance the utility, accessibility, and performance of the HIVE ecosystem. This section outlines the approach, components, and anticipated impact of the integration.
5.1 Core Components
The integration revolves around several core components, each serving a critical function in the CrossDEX ecosystem:
Cross-Chain Decentralised Bridges: These will serve as the conduits for liquidity to flow between HIVE and other EVM-compatible blockchains, expanding the reach and capabilities of HIVE's DeFi offerings.
Swidge Protocol: At the heart of CrossDEX, the Swidge Protocol enables one-click cross-chain swaps, dramatically simplifying the user experience and reducing the technical barriers to entry.
Fiat On-Ramp and Off-Ramp: These will provide direct pathways for converting fiat currencies to HIVE tokens and vice versa, bypassing intermediary exchanges and enhancing user convenience.
5.2 Anticipated Impact
The integration is expected to yield significant benefits:
Increased Liquidity: By connecting HIVE to a broader network of blockchains, we anticipate a substantial influx of liquidity, which is vital for the growth of HIVE's DeFi sector.
Enhanced User Base: The simplification of the transaction process and the direct fiat gateway are projected to attract a new cohort of crypto-novices and veterans.
DApp Development Stimulus: With more liquidity and a larger user base, developers will be incentivised to build and deploy innovative DApps on HIVE, further enriching the ecosystem.
Improved Market Competitiveness: The integration will position HIVE as a more competitive player in the DeFi space, capable of offering services comparable to leading blockchains.
5.3 Community Engagement and Governance
Recognising the decentralised nature of HIVE, we are committed to engaging with the community at every stage. We will seek feedback, provide regular updates, and ensure the integration aligns with the community's vision and governance protocols.
The proposed integration of TeraBlock's CrossDEX with HIVE is a forward-thinking move that promises to deliver tangible benefits to the HIVE ecosystem. It is a comprehensive solution to address current limitations and propel HIVE into a new DeFi innovation and growth era.
6.0 Features and Benefits of CrossDEX
The HIVE CrossDEX is engineered to be a cornerstone of DeFi activity on the HIVE blockchain. This section delves into the specific features of the CrossDEX and the corresponding benefits it's expected to bring to the HIVE ecosystem.
6.1 Features of TeraBlock CrossDEX
Liquidity Pools: CrossDEX will introduce liquidity pools to HIVE, allowing for decentralised trading of a wide range of assets.
Cross-Chain Bridges: The EVM to HIVE bridges will enable the free flow of assets between HIVE and other EVM-compatible blockchains, increasing the diversity and utility of assets on HIVE.
Swidge Protocol: The integration of the Swidge Protocol will facilitate one-click cross-chain swaps, bypassing the complexities of blockchain interactions and making them straightforward and user-friendly.
Fiat On-Ramp & Off-Ramp Services: Users can directly convert fiat currencies to HIVE tokens and vice versa, streamlining the process of entering and exiting the HIVE ecosystem.
6.2 Benefits to the HIVE Ecosystem
The HIVE CrossDEX is designed to address several critical challenges and transform the HIVE ecosystem
Bridging the DeFi Infrastructure Gap: Currently, HIVE faces the challenge of an undefined Total Value Locked (TVL) due to a need for robust DeFi infrastructure. CrossDEX will provide the tools and platforms to establish a definitive TVL, attracting more DeFi activities.
Bridge Liquidity Gaps: CrossDEX will significantly enhance liquidity within the HIVE ecosystem by connecting HIVE with other significant blockchains.
Simplify User Interaction: The integration of the Swidge Protocol will offer a user-friendly interface, making DeFi accessible to everyone.
Boosting On-Chain Trading Volumes: The integration of CrossDEX will significantly increase on-chain trading volumes by facilitating more accessible and efficient transactions.
Simplifying HIVE Token Acquisition: The complexities of purchasing HIVE tokens through centralised exchanges deter many potential users. CrossDEX will streamline this process, making it more accessible.
Direct Fiat to Crypto Gateway: The intricate process of converting fiat to crypto on HIVE will be simplified, providing a direct and user-friendly onramp and offramp.
Expanding User Base: By addressing these challenges, CrossDEX will retain and engage the existing community and attract new users and investors, expanding the HIVE ecosystem.
Foster Ecosystem Growth: With improved infrastructure, CrossDEX will stimulate the development of new DApps and attract more users and developers to HIVE.
6.3 Long-Term Vision
The long-term vision for TeraBlock CrossDEX on HIVE is to provide immediate benefits and lay the groundwork for sustained growth and innovation. We envision a thriving ecosystem where:
DeFi has become mainstream on HIVE, with various financial services available to all users.
Developers are empowered to create DApps that leverage the full potential of CrossDEX's features.
HIVE becomes a hub for cross-chain interactions, recognised for its ease of use and advanced DeFi capabilities.
The HIVE CrossDEX is set to be a transformative addition to the HIVE blockchain, bringing a suite of features that will catalyse the growth of its DeFi ecosystem. With a focus on user experience, diversity of assets, and direct fiat integration, CrossDEX is poised to elevate HIVE to new heights in the blockchain space.
7.0 Technical Roadmap and Budget
In response to the community feedback we've restructured the TeraBlock CrossDEX project into six clear milestones. This approach allows us to apply for the DHF grant for each milestone individually, showcasing our ability to enhance the HIVE blockchain's DeFi infrastructure.
Based on @deathwing's suggestion, we have adopted the backpay model for the HIVE CrossDEX DHF grant. The grant will be released in the upcoming DHF proposal once a particular milestone has been achieved and not upfront. This would demonstrate TeraBlock's commitment and allow the HIVE community to effectively assess our progress and contributions.
Implementing TeraBlock CrossDEX on the HIVE blockchain is a structured process that will unfold over six milestones and it requires a well-planned budget that covers all aspects of development, testing, deployment, and maintenance. Below is a detailed breakdown of each milestone.
Milestone 1: Swidge Protocol Integration
- Description: Implement a one-click swap feature for over 60 tokens from BSC and Ethereum to HIVE tokens.
- Duration: 4 weeks
- Development Costs: $28,080
- Outcome: Targeting 57% of the DeFi market, enabling users to effortlessly purchase and transfer Hive tokens from BSC and Ethereum to the HIVE blockchain.
Milestone 2: Web2 Onboarding & Wallet Management
- Description: Streamline user onboarding to HIVE with account abstraction and EVM wallet integration, including a comprehensive wallet manager.
- Duration: 6 weeks
- Development Costs: $59,280
- Outcome: Simplified onboarding via Gmail and other options, with EVM wallet connectivity for a complete overview of users' DeFi assets across HIVE and EVM blockchains for user portfolio management.
Milestone 3: Fiat Gateway Integration
- Description: Enable direct onboarding from 100+ fiat currencies to Hive tokens on the HIVE blockchain.
- Duration: 3 weeks
- Development Costs: $28,080
- Outcome: Integration to facilitate Hive token purchases with 140+ fiat currencies in 170 countries directly on the HIVE blockchain.
Milestone 4: Liquidity Pools & Staking
- Description: Introduce direct liquidity pools staking on the HIVE blockchain through user funds on the supported blockchains.
- Duration: 6 weeks
- Development Costs: $71,760
- Outcome: Users can stake liquidity on the HIVE blockchain, attracting liquidity from other blockchains and boosting HIVE's TVL.
Milestone 5: Expanding Blockchain Integrations
- Description: Add over ten new blockchain and supported EVM & non-EVM token integrations to the platform.
- Duration: 4 weeks
- Development Costs: $53,040
- Outcome: Broadening the user base by integrating more than ten new blockchains and supported tokens, enhancing HIVE's appeal and functionality.
Milestone 6: SDK Development for DApps
- Description: Develop an SDK for HIVE DApps to integrate CrossDEX user onboarding services seamlessly.
- Duration: 6 weeks
- Development Costs: $ 68,640
- Outcome: Empowering DApp developers with a simple SDK to streamline user onboarding, attracting more DApp founders and businesses to the HIVE platform.
We aim to demonstrate our capabilities through each milestone, ensuring a transparent and collaborative development process that aligns with the community's needs and expectations.
These milestones represent our commitment to making HIVE a leading blockchain in the DeFi space. These enhancements will significantly benefit the HIVE community, attracting new users and developers and fostering a more vibrant and robust ecosystem.
8.0 Splinterlands Case Study
8.1 Introduction
In the dynamic world of blockchain gaming, Splinterlands stands out as a flagship game on the HIVE blockchain. However, despite its popularity, Splinterlands faced significant challenges that hindered its full potential. TeraBlock, with its innovative DeFi solutions, stepped in to transform the gaming experience and set a new standard for blockchain interoperability and efficiency.
8.2 The Challenge: Bridging the Gap in Splinterlands
Splinterlands, a strategic card game built on the HIVE blockchain, encountered significant obstacles
Limited Interoperability: Players from other blockchains found participating challenging due to the lack of seamless cross-chain interaction.
Complex Asset Transfer: Transferring assets to and from the game was cumbersome and technically demanding.
Restricted Growth: These barriers limited the game's growth potential and its appeal to a broader audience.
8.3 TeraBlock's Solution: Cross-Chain Bridges and Swidge Protocol
TeraBlock introduced a two-fold solution:
Cross-Chain Bridges: TeraBlock developed specialised bridges connecting Splinterlands with major EVM-compatible chains. This integration facilitated a smooth flow of liquidity and assets, enhancing the game's accessibility and user experience.
Swidge Protocol: A revolutionary technology enabling one-click cross-chain transactions. This protocol automated the complexities of DeFi, allowing users to move assets between blockchains effortlessly.
8.4 Impact on Splinterlands
The implementation of TeraBlock's solutions led to remarkable outcomes:
Increased Transaction Volume: The game saw a surge of over $52.3 million in transactional volume.
Expanded User Base: The user-friendly interface attracted a broader audience, including non-HIVE blockchain users.
Enhanced Gaming Experience: Players enjoyed a seamless, integrated gaming experience without the hassle of complex blockchain interactions.
9.0 TeraBlock and GLS: Pioneering Seamless Cross-Chain Gaming Experiences on HIVE
TeraBlock has joined forces with Genesis League Sports (GLS), a visionary play-to-earn platform by the Splinterlands team hosted on the HIVE blockchain. This collaboration marks a significant leap in the blockchain sports sector, integrating specialised bridges and the Swidge protocol. This integration seamlessly connects the GLS ecosystem to leading blockchains like Binance Smart Chain, Ethereum, Polygon, and Avalanche, alongside HIVE.
The partnership revolutionises the flow of GLX and GLUSD tokens, the keystones of the GLS platform, across these diverse networks. This breakthrough not only amplifies liquidity and accessibility of assets but also transforms the gaming experience into a more fluid and user-friendly environment. Gamers and investors alike will enjoy a simplified, efficient process for moving assets within the expansive HIVE ecosystem, setting a new standard in cross-chain gaming experiences.
10.0 Conclusion
In conclusion, the introduction of TeraBlock CrossDEX to the HIVE blockchain represents a transformative step forward for the ecosystem. By addressing the current challenges and leveraging the unique strengths of HIVE, we aim to unlock a new horizon of DeFi capabilities and user experiences. Our proposal outlines a clear, actionable path to integrating a robust, user-friendly cross-chain DEX platform that will serve as a gateway to a more inclusive and diversified financial landscape.
The strategic importance of this initiative cannot be overstated. With the integration of Swidge Protocol, we are not only simplifying the process of cross-chain liquidity movement but also setting a new standard for DeFi interactions. Our vision is to create a seamless bridge between HIVE and other blockchains, increasing the utility, reach, and value of the HIVE token and its associated assets.
Our budget and funding requirements are structured to align with the HIVE blockchain's daily release model, ensuring a steady progression towards our goals. We have outlined a comprehensive plan that covers all aspects of development, security, testing, and quality assurance, with a keen eye on risk management through a contingency fund.
The projected outcomes of this project are substantial. We foresee a significant increase in the Total Value Locked within the HIVE ecosystem, a surge in user engagement, and a robust on-ramp and off-ramp mechanism to attract new users and investors. The CrossDEX will serve as a foundation for future innovations and will likely stimulate further development within the HIVE community.
In 182 days, with the support of the HIVE community and a daily funding mechanism, we are confident in our ability to deliver a product that not only meets but exceeds the expectations of HIVE users and stakeholders. We are committed to transparency, excellence, and the continuous growth of the HIVE ecosystem.
We look forward to the community's support and are excited about the potential to collaborate on this groundbreaking project. Together, we can shape the future of DeFi and establish HIVE as a leading blockchain in the space.
Shivam Tandon,
Founder & CEO - TeraBlock
Twitter | LinkedIn
Important Links
Milestone 1: EVM to Hive, One-click onboarding
Hive CrossDEX: Milestone 1
Hive CrossDEX: Try now!
https://hive.terablock.com/
Vote on the proposal
Vote for the backpay proposal (#295) on Peakd.com
Vote for the backpay proposal (#295) using HiveSigner
Presentation
Hive CrossDEX Deck
TeraBlock ⇔ Splinterlands
Splinterlands Swidge: Try now!
TeraBlock's Impact on Splinterlands and the HIVE Blockchain
TeraBlock and Splinterlands collaborate, take DeFi gaming to new heights: Cointelegraph
TeraBlock on Peakd
Splinterlands Partnership
Splinterlands Cross-Chain Bridge
Genesis League Sports Proposal
Social Links
Website | Twitter | LinkedIn | Telegram
HIVE CrossDEX Proposal Updates
Update 1
Dated: 23/11/23
In response to the community members feedback we've restructured the TeraBlock CrossDEX project into six clear milestones. This approach allows us to apply for the DHF grant for each milestone individually, showcasing our ability to enhance the HIVE blockchain's DeFi infrastructure.
Based on @deathwing's suggestion, we have adopted the backpay model for the HIVE CrossDEX DHF grant. The grant will be released in the upcoming DHF proposal once a particular milestone has been achieved and not upfront. This would demonstrate TeraBlock's commitment and allow the HIVE community to effectively assess our progress and contributions.
Update 2
Dated: 24/11/23
Development update
- We have started working on the Milestone 1 and we have deployed majority of our technology team to make this happen. Will keep everyone updated on the progress.
Update 3
Dated: 16/12/23
Milestone Completion
- Milestone 1 Completion: We are excited to share that we've completed the first milestone of Hive CrossDEX. This milestone is a significant step forward, enabling users to easily buy Hive tokens with 60+ cryptocurrencies from Ethereum and Binance Smart Chain and transfer them to their Hive blockchain wallet with a single approval. We've automated the complexities of DeFi transactions, making it more accessible and user-friendly.
Try it out - https://hive.terablock.com/ - Proposal Blog: We have published a detailed blog post outlining the completion of Milestone 1 for Hive CrossDEX. In our blog post, you can read the full details of our work and its impact on the Hive ecosystem.
https://peakd.com/hive/@terablock-hive/reimbursement-proposal-for-hive-crossdex-milestone-1
Update 4
Dated: 18/12/23
- Taking into account the feedback from @borislavzlatanov, @vaultec, @stoodkev, @hero-hive, and the community, we have decided to take an open-source approach. Project files will be released upon the successful completion of each milestone.
Update 5
Dated: 28/12/23
- Following significant input and endorsement from key members of the Hive DHF group, we have successfully made the milestone 1 backpay proposal live. We would greatly appreciate your support, which will help us remain steadfast in our commitment to the ongoing development and success of Hive CrossDEX.
Support Backpay Milestone 1 Proposal - Vote on Peakd.com | Vote using HiveSigner
HIVE CrossDEX Proposal Update
Dated: 23/11/23
In response to the community members feedback we've restructured the TeraBlock CrossDEX project into six clear milestones. This approach allows us to apply for the DHF grant for each milestone individually, showcasing our ability to enhance the HIVE blockchain's DeFi infrastructure.
Based on @deathwing's suggestion, we have adopted the backpay model for the HIVE CrossDEX DHF grant. The grant will be released in the upcoming DHF proposal once a particular milestone has been achieved and not upfront. This would demonstrate TeraBlock's commitment and allow the HIVE community to effectively assess our progress and contributions.
I think the community would be far more interested in supporting this proposal, or an iteration of it, if you were to consider going open source. This from the point of view of the community for a moment. Giving a bunch of money to a company that can unilaterally decide how things work and could disappear at any point (for any number of reasons) doesn't make very much sense.
Further, it didn't seem like what you are describing qualifies as a DEX. A DEX needs to be open source and run by multiple parties. Otherwise we have a centralized bridge. Not DeFi.
You can decide for yourself which route you want to go, of course. Centralized closed-source or decentralized open-source. Either way, I think the community will want to support you in this endeavor. Just that going the first route doesn't seem like something that is supposed to be funded by the DHF, but it can be funded by the service fees you charge.
Right exactly. @vsc.network is already building a fully decentralized Bitcoin wrapping bridge that is both trustless and fully open source. It seems quite suspect that they'd keep it closed source and not able to be audited.
That's a lot of money for something proprietary and for which you could pull the plug at any time, with no benefit left for the chain.
I believe your proposal would have more chances to be considered if it was open source.
How is a closed-source project more secure and/or efficient than an open source one?
Hey @borislavzlatanov, @vaultec6615, and @stoodkev723,
We appreciate you expressing your ideas and concerns. Seeing the community taking such an interest in our proposal is great. Here are our thoughts
Commitment to Decentralisation: Decentralisation is at the core of our mission. We're all about fostering collective efforts and contributions from the community. Your concerns about the centralised nature of the project are valid and something we take seriously.
Transition to TeraBlock DAO: We're transitioning to a DAO (Decentralized Autonomous Organization) by Q4 of next year. This move is a significant step towards ensuring our operations are more community-driven and transparent.
Collaboration with ICP and Partisia Blockchains: We are currently collaborating with ICP (Internet Computer Protocol) and Partisia Blockchains. These partnerships ensure that our entire ecosystem, including the HIVE CrossDEX, operates on-chain, enhancing transparency and security.
Open-Source Transition Plan: We understand the importance of open-source projects in the DeFi space. We plan to launch the HIVE CrossDEX as a closed-source system initially. This approach allows us to ensure stability and security from the outset. However, within a year, we intend to transition to an open-source model as we move towards a DAO structure as a company. This transition will allow for community auditing, contributions, and a greater sense of ownership among HIVE users.
Long-Term Benefits for the Chain: Our goal is to create lasting value for the HIVE chain. We can manage the early stages by initially launching as a closed source. However, transitioning to open-source ensures the community can maintain and develop the project even if our company changes course.
We're committed to making this a collaborative and community-driven project. Your feedback is crucial in shaping how we move forward, and we're open to further discussions and suggestions.
We look forward to more constructive conversations and building something great together.
Thank you for being open to taking in feedback, understanding the concerns and for the interest in collaboratively finding ways to make things work for both sides. Working with a truly decentralized network has its challenges, but I think groups that have decided to listen and adjust to address things have been extremely happy that they've done so. The community has criteria but it greatly rewards those willing to meet the criteria.
Hearing you will be transitioning to a DAO is awesome, kudos for that. Same with transitioning to open source.
From my perspective, anything the DHF pays for has to be delivered as open source. It has to be done with the purpose of supporting decentralization. Typically this includes enabling and supporting others in running nodes for the service, so that there are multiple parties doing it, and anyone can run a node. This gives us great security in both using the service and in its continuation. Since the community pays for it, there would also typically be no fees, or greatly reduced fees.
But there is a lot to be said for flexibility. There have been models where a group develops software, it begins to be used by the community (for a fee, etc.), and then the group makes a DHF proposal for making the software open source.
There can be other models as well.
Btw, I think you have a mistake in the other two people's usernames that you tagged.
Thank you for this detailed contribution. As far as I can judge, I'm pleased with Terablock's interest in the Hive Blockchain. As mentioned in the post, your product is already in daily operation in a prominent DApp on Hive, namely Splinterlands. I also view a successful and well-maintained bridge with the main tokens HIVE and HBD as highly valuable (assuming we're talking about the main tokens and not second-layer solutions like Hive Engine, etc.).
However, what surprises me is the need for an upfront grant from the Hive community. Your services, bridges, and swaps are not free, I assume that you'll be charging fees after implementation. Here, I see the risk being shifted onto the community.
As you've demonstrated with Splinterlands, you've been able to generate substantial revenue from fees. That should be motivation enough to include HIVE/HBD as tokens and as part of the blockchain.
Moreover, if this were an open-source protocol that could be maintained by the community post-development, I could understand better. For a closed-source system, this seems a bit too much to spend.
As a final point, I'm curious about how you plan to attract sufficient liquidity. As far as I understand, there's no way for users to participate in the pool. Or am I misunderstanding this? Can an external liquidity provider also participate? This would be very interesting if, by holding your tokens, one could support the protocol and potentially earn a share of the fees.
Hi mangowambo, @mangowambo
Thank you for your insightful and constructive feedback on our TeraBlock CrossDEX proposal for the HIVE blockchain. We appreciate your recognition of our efforts and contributions to the HIVE ecosystem, mainly through our successful integration with Splinterlands.
Your concerns regarding the upfront grant and the nature of our services are valid and deserve clarification.
Upfront Grant Justification
The request for an upfront grant from the HIVE community primarily covers the initial development costs, including technical staffing, security audits, infrastructure setup, and extensive testing. While it's true that our services generate revenue through fees post-implementation, the initial phase of integrating a complex system like CrossDEX requires significant resources. We aim to build a robust and secure standalone platform that benefits the entire HIVE ecosystem, and the grant would enable us to allocate the resources needed for this ambitious project without compromising quality or security.
Open-Source vs Closed-Source Protocol
Given their transparency and the opportunity for community-driven development and maintenance, we understand the community's preference for open-source protocols. Our approach with CrossDEX is to ensure the highest security and efficiency standards, which sometimes necessitates a closed-source system, especially in the early stages. However, we are open to exploring ways to involve the community more directly in the future through specific open-source components or community governance mechanisms.
Liquidity Attraction and Participation
Regarding liquidity, our plan involves creating attractive incentives for liquidity providers to participate in our pools. We aim to integrate mechanisms that allow and encourage external liquidity providers to contribute to the ecosystem. This approach will help ensure a healthy and sustainable liquidity environment, which is crucial for the success of any DeFi platform.
The integration of CrossDEX with HIVE will bring substantial long-term benefits to the ecosystem, including increased liquidity, enhanced user experience, and expanded DeFi capabilities. Our commitment to the HIVE community is unwavering, and we are dedicated to delivering a product that aligns with the community's needs and expectations.
We hope this addresses your concerns and are open to further discussions and suggestions from the community. Your input is invaluable to us, and we are committed to transparency and collaboration throughout this process.
Thank you once again for your engagement and support. 🙏
This is quite alarming to me. The idea that being open source helps guarantee security unless simply the knowledge of how it works is enough to break it, which is not good either way. I think you should at the very least publish a detailed process for how it is secure. It is quite suspect to require this kind of technology and the only safe assumption I can make is that this is 100% centralized and reliant on TeraBlock to operate truthfully. Considering there are decentralized alternatives being worked on already, I'm not sure why the community would support such a proposal and especially the amount this proposal is asking.
Thank you for your response. It feels somewhat rude and disappointing simultaneously. This reply appears entirely AI-generated, and I'm uncertain if you've personally read it. If someone is requesting over 250k USD from the DAO, I would expect them to engage in a real conversation.
How do you plan to address this? Where are the concrete answers? None of my concerns were answered. This is just one instance, and I'm hesitant to engage with Terablock if I'll continue receiving similar AI-generated responses.
Hey @mangowambo
I recognise your worries and appreciate your transparency. Let me elaborate on how artificial intelligence is used in our conversations company wide.
Using AI technologies does not imply that we are not contributing to the discussion. We utilise AI to assist us in organising our ideas and make sure we're concisely addressing every key subject matter. Similar to utilising a digital whiteboard during a brainstorming session, the technology assists us in better organising and presenting our thoughts.
Having said that, I want to reassure you that we carefully consider and approve each communication before sending it. It is our duty to make sure the data we disclose is true and accurately represents our goals and objectives.
Let me clarify the differences between what we've already built and what we're proposing with the CrossDEX on HIVE:
Existing Bridges: Currently, we have six custom-built bridges for SPS & DEC tokens, including BSC <> HIVE, ETH <> HIVE, and BSC <> ETH. We also have the Swidge Protocol for SPS & DEC tokens.
CrossDEX on HIVE
• Expanded Blockchain Support: We plan to add over 10 blockchains, including both EVM and non-EVM chains.
• Fiat Gateway: This will include both on-ramp and off-ramp functionalities.
• Extended Liquidity Pools: Beyond HBD & HIVE, we aim to list various EVM & non-EVM tokens.
• One-Click Swidge: Seamless switching between all supported blockchains.
• Standalone Platform: CrossDEX will have its own dedicated domain, distinct from our current interface.
• Web2 User-Friendly: Account abstraction for easy onboarding, automating complex Web3 processes to present a simple Web2 frontend.
• Diverse Wallet Connectivity: Users will be able to connect various EVM and non-EVM wallets to the DEX.
• Liquidity Staking Provision: A key addition is enabling users to provide liquidity in these pools, which is a major draw for DeFi enthusiasts and can significantly boost user engagement.
Building on Existing Foundations: Our work with Splinterlands and the upcoming GLS lays the groundwork for creating a DEX on HIVE. This move is strategic for attracting liquidity from leading chains and simplifying Web3 onboarding.
In essence, while our existing products have laid a solid foundation, the CrossDEX on HIVE is a significant leap forward, offering broader blockchain integration, enhanced liquidity options, and a more user-friendly experience, especially for those new to Web3.
Hope this clears things up!
HIVE CrossDEX Proposal Update
Dated: 24/11/23
Development update
We have started working on the Milestone 1 and we have deployed majority of our technology team to make this happen.
Will keep everyone updated on the progress.
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