[Project Announcement] Kipswap, the first DEX for Klaytn

Hello, Klaytn users and developers! My name is Max, my company Kompose develops various solutions for the Klaytn network since Q3 2019 and we won the Horizon Hackaton prize this year.

kipswap-preview

Today I’m glad to announce that our humble Decentralized Exchange for Klaytn has reached a stable state and is ready to be released to the public! Our Kipswap.com DEX is based upon open-source software and on-chain contracts. We took major infrastructure components from 0x.org, especially their Solidity contract base. The DEX is a completely decentralized app built using the best Klaytn technology and tools. All trades are happening on-chain, KCT tokens will be swapped directly between corresponding wallets.

Kipswap (formerly Kompose Trade, during the alpha test) was the first 3rd party BApp to integrate the Kaikas Wallet extension - shortly a couple of days after public release and announcement. Currently, we support the following wallets:

  1. Kaikas on Chrome, Firefox
  2. Jetstream on Chrome (free transactions)
  3. Ledger Nano S hardware wallet (Desktop, also Chrome on Android)

This is the first Klaytn project to support Ledger hardware wallets, basically, we held the release of Kipswap until the integration with the hardware wallet will be 100% completed and tested. While we’re working on the official approval from Ledger’s team, you can install the “unsigned” version using any Chrome browser. Even on an Android phone.

The platform has listed 23 KCT tokens :rocket:, sourced from both the approved tokens and the Kaikas wallet. KCT tokens enabled for trades on the Kipswap platform: KUSD, KDAI, WKLAY, SIX, PXL, HINT, ATT, ISR, TEMCO, BOX, PIB, XYZ, CLBK, MNR, BNS, BPT, BOLTT, WIKEN, SSX, DTA, ABL, BFCK, ZRX. If you’re a token author, please reach to me to ensure the integration is correct and works as expected.

Out of all tokens, we want to highlight special ones. This is NOT a trading or legal advice. KUSD is our own stablecoin representing USD on Klaytn, for any amount minted there is always a 1:1 pegged value of fiat in the custody. KDAI is a bridged token from Ethereum, thanks to Ozys Everydai. It is a decentralized stablecoin running on Ethereum, but available on Klaytn as KCT. Because KDAI is not backed by the exact fiat amount, its price may have fluctuations, but generally, it should be very close to $1. WETH is a special KCT token that wraps KLAY. You can wrap and un-wrap any amount of KLAY any time on-chain, the whole purpose of WKLAY is to make KLAY swappable with other KCT assets. Thus, our platform allows anyone to quickly exchange between KUSD, KDAI, and KLAY.

Not implemented yet :drooling_face::

  1. Automatic Market Maker — AMM ensures that there is always some liquidity at reasonable prices. Should be placing KLAY buy/sell orders to track its price, as well as for other tokens;

  2. Automatic Limit Order Matching — right now placing a limit order just creates an entry in the orderbook, it’s not an obligation, but rather a request that needs to be fulfilled. Such requests can be fulfilled by placing a Market Buy/Sell order. But with automatic off-chain matcher orders with a negative spread will be matched automatically (the bot will submit filling transactions on-chain).

  3. TradingView charts and price stats.

  4. Even more wallet integrations! We want to have the ability to use exchange on mobile using a software wallet.

I hope you liked this release and will enjoy using our platform. Let me know our questions, concerns, any feedback is welcome.

Regards,
Max @ Kompose, Inc

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A short demo of using Kipswap interface with an Android device and Ledger

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