What is OneSwap?
OneSwap is a fully decentralized Smart Contract-based trading protocol, which introduces limit orders on the basis of DEX's permission-less token listing and automated market making, and improves user experiences via its own OneSwap Wallet. As a universal on-chain one-stop trading service platform, OneSwap can be deployed on any blockchain that supports smart contracts.
What are the features of OneSwap?
Permission-free token listing
OneSwap supports trading between tokens that meet the ERC20 standard. No listing fee nor permission needed for creating a market.
Automated market making (AMM)
Automated market making (AMM) can calculate the buying and selling price according to the formula, so as to provide continuous quotation for the market. Essentially, AMM is automatic agent and can be realized through smart contracts without human intervention. OneSwap applies the "constant product market maker formula" algorithm in AMM, which characterized in the firm liquidity provision to the market no matter how large the order book is or how small the liquidity pool is.
Order Book Mode
OneSwap supports on-chain order book. Users can place buy and sell orders at a fixed price. All pending orders are stored in the order book of the blockchain, and the system will conduct transaction matching and settlement in terms of the buying and selling orders. In this way, high security and transparency can be guaranteed. However, all operations like order placing, cancellation, etc. need to be confirmed on the chain, and the transaction speed is affected by the public chain network and the transaction fee paid.
OneSwap Incentives and Governance
To facilitate on-chain governance, OneSwap deployed on Ethereum will issue an ERC20 governance token called ONES which enables ownership transfer and a blacklist mechanism. Its total amount is constant at 100 million. Among them, 50% is used as a community fund to support OneSwap ecological construction, and the rest 50% is owned by the OneSwap team. Community funds will be applied for on-chain governance.
The transaction fees generated from swap and transaction on OneSwap are divided into two parts: 60% that directly goes to the liquidity provider, and 40% to repurchase and burn ONES. ONES is a deflationary token in that it is repurchased and burned automatically by the token repurchase contract.
OneSwap users can inject liquidity into OneSwap's trading pair capital pool with their idle digital assets and earn transaction fees as liquidity providers. Each fund pool in OneSwap has a corresponding equity token, and users who inject liquidity into the pool will receive the corresponding equity token as proof of equity to withdraw funds.
Users can initiate proposals and vote on the proposals in the community as a way of on-chain governance. Those with a sufficient number of ONES (more than 1% of the total tokens) can initiate proposals, and any user holding ONES can vote for or against a proposal. The voting lasts for three days, with one token for one vote. After the voting, the proposals receiving more positive votes than the negative are passed.
What is OneSwap Wallet？
To make itself more accessible, OneSwap has its own wallet. Through OneSwap Wallet, users can quickly access OneSwap without relying on any third-party tools. OneSwap Wallet is a perfectly decentralized wallet. It will neither store your mnemonic phrase, private key nor control your assets， which is aims to provide you with the most simple and easy-to-use service while ensuring security.
How to obtain ONES？
The first batch of ONES can be obtained through Tx Fee Mining and Liquidity Mining, and later ONES can be purchased in OneSwap.
Which tokens can can participate in Tx Fee Mining and Liquidity Mining?
The capital pool (trading pair) composed of any two tokens on the Token Whitelist is a valid trading pair. Fulfilling a transaction or adding liquidity into these capital pools can participate in Tx Fee Mining and Liquidity Mining.