QuipuSwap and Temple Updates: Exchange Simplified and Cheapened
Last week, the Madfish Solutions team updated the decentralized QuipuSwap exchange and Temple Wallet. The novelties include an updated interface, new token exchange mechanics, a deadline to protect against gas overspending, and swap optimization.
This post is about the new features in QuipuSwap and Temple, including how to use them.
The New Interface of QuipuSwap
The most noticeable change is the new interface and logo. The old version of QuipuSwap immediately opened the token exchange, whereas the new one has a dashboard with news, exchange statistics, and a list of the most popular trading pairs. You can also switch the day and night themes using the button in the upper right corner.
Buttons for switching to exchange tabs, managing liquidity, and voting for a baker are on the left-hand side of the screen. Below is the More button with a list of useful resources, the price of the QUIPU token, and links to Madfish Solutions social networks.
If the new interface does not seem familiar to you yet, you can enable the old version by pressing the Old Version button in the lower-left corner.
New Exchange Functions at QuipuSwap
The main innovation is token-to-token pools and the exchange within them. Earlier, QuipuSwap could only create pools paired with tez. For example, when exchanging kUSD for PLENTY, the route of kUSD → tez (tez/kUSD pool) → PLENTY (tez/PLENTY pool) was used. Now users can create pools with any Tezos tokens and exchange assets within them.
The advantages of token-to-token pools include:
- it costs less to exchange a token for a token because there is one operation performed rather than two;
- the cost of creating a pool has dropped from approximately 7.7 tez to 0.2 tez;
- projects with multiple tokens will be able to use pools to reward liquidity providers with farming.
The second innovation is the multi-hop swap. The exchange rate on DEX depends on the liquidity of pools and exchanging kUSD for uUSD and then for PLENTY may be more profitable than directly exchanging kUSD for PLENTY.
With multi-hop swap, QuipuSwap finds the most profitable exchange routes so that the user gets as many tokens as possible. This can be useful if the pool does not have enough liquidity for a transaction.
The multi-hop swap works automatically and does not need to be enabled separately. The swap route is displayed on the right side of the interface.
The third new feature is the transaction deadline. This is its self-destruction clock: if it fails to get into the block before a certain time, it will be cancelled and the funds will be returned to the wallet.
The deadline is useful for controlling transaction fees during the heavy load periods on the Tezos network.
The Temple Wallet Update
Temple now supports exchange routing across different DEXs. Once you select the tokens, the wallet will check the pools of decentralized exchanges on Tezos and build the most profitable route.
For example, when exchanging tez for QUIPU, it may turn out that it is most profitable not to use the tez/QUIPU pool, but to exchange tez for kUSD on QuipuSwap, then kUSD for PLENTY on Plenty, and finally, PLENTY for QUIPU on Plenty.
The exchange route is shown at the bottom of the screen. The icon at the top is the DEX logo, the two icons at the bottom are for the pool. Temple adds at most three pools to the route to avoid slippage issues.
You have to pay a 0.5% transaction fee per swap for routing. At the time of publication, Temple is using QuipuSwap and Plenty pools, as well as Liquidity Baking pool (tez/tzBTC) and Youves Flat Curve Function Market Maker (wUSDC/uUSD and other asset pairs with the same value).
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