Post
Topic
Board Announcements (Altcoins)
Re: [ANN] [DMCH]Block-DAG+CryptoNote+RingCT+Bulletproofs+Dandelion+Smart contract
by
qwe1
on 19/12/2020, 17:26:36 UTC
We have completed the development of DMSwap. DMSwap is a business demonstration of DMCH DEX on Ethereum; DMSwap is also a DEX project relatively independent of DMCH. Therefore, we need to discuss the operation of DMSwap carefully.
First of all, DMSwap is a fork of Uniswap, so no extra security audit work is required.
Secondly, to avoid a large number of DMCH exchanges for DMCHE at DMSwap, which will affect the stability of the DMCH mainnet, we have formulated the following plan for community members who hold DMCH and want to participate in DMSwap:
1.  One DMCHE is worth the same as one native DMCH at any given moment. Users can convert back and forth between DMCH and DMCHE at any time. Nevertheless, similar to wBTC, the first phase of DMCHE issued on Ethereum is 30 million.
2. The project team, as a LP,  will set up DMCHE/ETH trading pair in DMSwap at the initial price of 1ETH=500DMCHE.
3. After DMSwap is online, DMCH and DMCHE will not adopt self-service exchange to avoid unexpected problems. Instead, trusted community members (Solensson and SolFly) designated by the project team will help community members exchange DMCH/ETH for LP-token:
* Members holding DMCH voluntarily transfer the amount of ETH and DMCH they want to exchange to Solensson or SolFly at the price of 1ETH=500DMCHE. For example, if Bob wants to exchange 10,000 DMCH, he needs to transfer 10,000 DMCH and 20 ETH to Solensson or SolFly.
* The received ETH and DMCH will be converted into ETH and DMCHE by the project team and added to the LP pool for LP-Token.
* The project team will stake LP-Token of ETH and DMCHE to mine DMS. Furthermore, the DMS is settled every day.
* The LP-Token will be returned to the community members in 20 to 30 days. Please note we will adjust the number of  days according to the operation of DMSwap. Users can remove the DMCHE/ETH Liquidity with the received LP-Token at DMSWAP and get back DMCHE and ETH.
4. We plan to launch the DMSwap testnet on December 20th and start deploying the smart contract on the mainnet at the same time. Testnet is for people to get familiar with DMSwap. It is expected that DMS mining will be officially launched in January 2021. During this period, community members can contact Solensson or SolFly for exchange.
5. To reduce the workload of Solensson and SolFly, registration requests of less than 30,000 DMCH and 60 ETH are not accepted (No refund for successful registration). Centralized exchanges are welcome to participate and assist in "exchange work" for their users.
The trading pairs that can mine DMS are DMCHE/ETH and DMS/UDSC for now. New trading pairs will be added per voting result after the smart/strategic pool/ machine gun pool, and other functions are launched.
Please note that exchange is not mandatory. We hope to provide community members with an opportunity to participate in DMSwap. Please make your own choice. If you do not have DMCH, you can directly use ETH to buy DMCHE on DMSwap to become a LP and get LP-Token.
Finally, if you do not understand how Uniswap works, you probably have no ideas how DMSwap works. Please use google to do your own research and try the DMSwap testnet.