MadFish’s Anastasia Kondaurova: QuipuSwap Solved the Absence of DEX on Tezos
Earlier this year, the Tezos Foundation talked with the MadFish Solutions founder Matvei Sivoraksha about the products they create for the Tezos ecosystem.
This May, we talked with MadFish Solutions’ blockchain dev Anastasia Kondaurova. She shared her thoughts on the development of Sol2Ligo, QuipuSwap, and Temple Wallet.
How did you come across cryptocurrencies in the first place?
It actually happened twice. The first time, it was technical during the test course on blockchain at Unit Factory. I enjoyed researching the technology. Immediately afterwards, I joined MadFish as a blockchain dev. The second time, it happened during the early days of the DeFi hype and was more practical. It turned out that blockchain had lots of useful financial tools. I got interested in how I could make a profit out of them.
We at MadFish spent some time actively participating in hackathons. At the Eastern European hackathon by Tezos we presented three projects, namely a wallet, a transpiler, and an AMM. We liked the ecosystem, and the Tezos Foundation liked our solutions. We received grants to further develop those projects.
What is MadFish’s role in the Tezos ecosystem? What projects are you involved in?
Our main products are the web wallet Temple, the decentralized exchange Quipuswap, the decentralized crypto-lending platform with the working title Lending protocol, and the solution for sending transactions with the fee paid in GSN tokens. The Tezos community is very close-knit. We often communicate with other teams and launch minor test projects that actually drive the entire ecosystem forward.
Quipu is an ancient mnemonic system utilized by the Inca and their predecessors. Why did you choose this name?
Mythology can find interesting use cases these days. In a sense, quipu is a “recording” technique utilizing knots. Exchange is always about calculations, so quipu knots is somehow similar to the blockchain and its nodes.
QuipuSwap was developed on the basis of Uniswap. But how is QuipuSwap better than Uniswap?
We never aimed to compete with Uniswap. MadFish just sought to solve the problem of the absence of DEXs on Tezos. Still, if we do compare them, QuipuSwap has the advantage of utilizing Liquid Proof-of-Stake (LPoS) present in Tezos. QuipuSwap receives and distributes rewards from bakers between liquidity providers.
How long did it take you to develop QuipuSwap? Who was involved?
It took us over a year to develop version one. It was I who had developed the main functionality of the exchange, while Sergei Paschenko focused on the frontend. Shortly before the launch, the entire MadFish team was involved in testing.
QuipuSwap uses the protocol Wrap by Bender Labs to exchange Ethereum (ETH) and ERC20 tokens. How does this protocol work?
The protocol is underpinned by an off-chain federation linking Ethereum to Tezos and controlling the process of wrapped tokens’ issuance. The user chooses the token they want to wrap as well as the recipient and the amount, then sends the tokens to an Ethereum smart contract. The federation has to confirm the transaction before the protocol issues new tokens to the recipient’s address. In order to bring the tokens back to their native network, the user has to send them to a Tezos contract that burns them. The transaction is then confirmed by the off-chain federation and the protocol sends the original ERC to the Ethereum address of the user.
Any plans for a governance token?
Yes, we’re actively discussing it. I cannot share any details yet, though.
How can users earn money by using QuipuSwap?
They can do that by successfully trading; getting baker rewards as a liquidity provider; use LP tokens in outside products; or get a 0.3% exchange fee they are entitled to as liquidity providers. The latter option is dubious, though, as impermanent loss is ruthless.
How are you going to further develop Temple Wallet? Do you plan to release a mobile app?
MadFish positioned Temple as a DeFi-focused wallet, and it became one of the most popular on Tezos. It’s just the beginning, though. Soon we are going to implement certain new functions while improving on the existing ones. The mobile app is underway. It’s too early to schedule a release date, however.
Could you share your thoughts on the progress in developing Sol2Ligo? What difficulties have you encountered?
At this moment in time, we don’t develop Sol2Ligo. It can translate simple Solidity contracts to Ligo but it finds itself out of its depth when it comes to complex systems.
There are lots of structures in Solidity missing from Ligo. For instance, before Edo, Tezos had no instruction to request the current block, while in Solidity it is commonplace. Tezos lacks the concept of delegated call, and Ligo does not allow for the repeat of the assembly operation. It also cannot get the remaining gas and the previous block’s hash. Before Florence, Ligo and Solidity even had different procedures for internal calls.
Solidity is an object-focused language while Ligo is functional. Solidity allows one to terminate the function flow to another contract’s call while Ligo doesn’t. They have different fundamental types: Ligo lacks the very concept of an array. On top of that, cycles and view functions are very peculiar in Solidity.
One has to take it all into account. And in most cases, it really is easier to write a contract from scratch rather than translate every single instruction.
Do you have any plans for the projects you developed during the hackathon?
There are a few projects in development at MadFish. We simply don’t have time and manpower to tweak the stuff from the hackathon. Nonetheless, all our solutions are open source. We would be happy if the community finalized those things and launched them as their own solutions.
Even more interesting and useful information in Tezos Ukraine’s social media channels. Join in!