Libra Exchange is a community-centric decentralised exchange and automated market maker (AMM) forked from Velodrome and Solidly, that will be launched in the Arbitrum (https://arbitrum.io/) ecosystem initially on April/May 2023. We aim to provide low-cost transactions with minimal slippage for both highly correlated and uncorrelated digital assets.
We have plans to go beyond being just an ordinary DEX, or just another Velodrome fork, and will be creating a robust financial ecosystem that consists of a launchpad, structured trading solutions, etc, and would like to go omnichain, by making $LIBRA (ERC-20 token) and $veLIBRA (ERC-721) omnichain fungible tokens (OFT) on LayerZero. This will allow our users and various defi protocols to earn yield, vote for emissions, do governance voting, and receive bribes in Libra Exchange’s affiliated projects on other chains in the future.
All developments mentioned above will be launched in phases.
Libra Exchange will fulfil the following objectives:
● Serve users well as the de-facto liquidity layer for networks we have presence in, providing them a decentralised exchange for low-cost transactions with minimal slippage
● Create a sustainable incentivization and emission system to ensure sufficient incentives for later entrants
● Provide protocols launching on networks we have presence in, with the features to enable them to bootstrap and sustain liquidity effectively
● Provide a one-stop defi solution for retail traders and various defi protocols to earn yield, and bootstrap liquidity respectively.
Libra Exchange believes in creating an equitable relationship with partners that shares the same mission.
Magic Internet Money ($MIM) has proven itself to be one of the top pioneer decentralised stablecoin, and is present on at least 9 different chains. Our team is very impressed by Abracadabra Money’s achievement, and would hope to have Abracadabra Money as our launch partner.
We are also keen to help Abracadabra Money to bootstrap $MIM and $SPELL liquidity (MIM-USDC, SPELL-WETH, etc) on Arbitrum via Libra Exchange. This will provide an avenue for $MIM and $SPELL holders to yield farm on Arbitrum, and chains that we have presence in, after OFT has been implemented, which we hope will also help Abracadabra Money to boost $MIM adoption.
Lastly, we hope to explore more collaboration opportunities with Abracadabra Money (such as degen box and leveraged farm) across different chains in the future.
To have Abracadabra Money as our launch partner, we will be allocating our vote escrowed NFT, $veLIBRA (locked for 4 years) to Abracadabra Money. Abracadabra Money can use it’s allocated $veLIBRA to vote for $LIBRA emissions to $MIM and $SPELL liquidity pools, and to earn trading fees from these liquidity pools. Additionally, Abracadabra Money team may choose to receive bribes, and to vote for other liquidity pools. Rewards and trading fees earned will be compounded into more $veLIBRA, creating an exponential effect to early $veLIBRA accumulation. As that position grows, it will direct additional emissions to $MIM and $SPELL pools, generate fee rewards and bribe revenue that can also be compounded into additional $veLIBRA for Abracadabra Money.
While the initial focus of this pilot will be to maximally compound rewards, once the $veLIBRA position reaches Abracadabra Money’s targets, Abracadabra Money can begin to repurpose fees, bribes, and emissions for other purposes. The goal being to reach a state where Abracadabra Money can bribe, and sustain liquidity without needing additional $SPELL emissions
There will be NO minimum TVL obligations for Abracadabra Money, $MIM and $SPELL liquidity pools.
The team behind Libra Exchange has years of experience in their respective domains, and has deep blockchain knowledge. Read more about the team here: A closer look at the people behind Libra Exchange | by Libra Exchange | Feb, 2023 | Medium
Security is the top priority for the team, especially when we witnessed the unfortunate hack on a top DeFi protocol just weeks ago. Libra Exchange has underwent an automated smart contract audit with Salus. The automated scan was done at the highest sensitivity, and the Libra team is informed of all high risks, and all fixes has been acknowledged and worked on. Full manual audits with top firms will commence after public sale.
Link to report: contracts/audits at master · LibraExchange/contracts · GitHub
Salus (Salus) is a Binance Labs portfolio and a trusted security partner in Binance and BSC ecosystem.
Website: https://librax.io (Introduction - Libra Exchange)
Gitbook: https://docs.librax.io (Introduction - Libra Exchange)
Medium: https://libraexchange.medium.com (https://libraexchange.medium.com/)
Discord: ♎ Libra Exchange