The WASM dex that was supposedly launched in Q2 2023 is still nowhere to be seen. Even so, that is not entirely their own work. They are only forking and doing the UI part.
Do you guys think that a project that is only doing this little work deserve to earn $50k of rewards month?
The inflation is hurting the holders so, it is not a wise thing to do if we let them keep earning for doing nothing. I’d rather see those $50k getting burnt.
I would like to hear the opinion of other community members and would appreciate it if a vote can be initiated.
Thank you for your valuable opinion. We are continuing our development and are committed to contributing to Astar Network and the Polkadot Ecosystem.
Here are some of our 2023 progress highlights:
Release of AMM v3.
Integration with various wallets on Polkadot.
Development of new features through collaborations with Parachains like OAK Network.
Development of WASM.
We’d like to elaborate a bit on WASM development, as there are some misunderstandings:
Currently, we are continuing the development of WASM Dex with AMM v3 model in mind and anticipating the use of XVM.
Previously, we launched a WASM Dex with AMM v2 model on testnet under a new brand named “ApolloSwap”.
However, considering the shift to the v3 model and the utilization of XVM, we decided to discontinue ApolloSwap brand and plan to release under the single brand of ArthSwap.
In this development, given that the ink! development environment is still evolving, we have also been working on developing the framework in collaboration with the Astar team.
Please understand that on Astar Network, PSP22 tokens cannot be used yet. Therefore, even if we officially release WASM DEX right now, there will be no tokens available for trading.
Apart from WASM, we recently announced our future development roadmap and ArthSwap’s growth strategy. You can check the details from the following link:
We will continue to strive towards being a DEX that remains continuously used by users of Astar Network and the Polkadot Ecosystem. Thank you for your continued support.
Regarding rewards, while a part is used as development expenses, most of it is reserved for future development. Currently, we are returning all Trading Volume Fees to users, resulting in zero revenue. Nevertheless, we can develop dApps in the long term, aligned with the Polkadot and Astar roadmaps, thanks to the unique dAppStaking mechanism. This is really the advantage of Astar Network and we are so grateful for it.
If we have given the impression to our community members that we are not working, we sincerely apologize for that. Traditionally, we only published finished code on GitHub after audits, but moving forward, we will frequently push the latest updates (the number of commits, history, improvements, etc).
We will continue building according to the Polkadot, Astar, and our own development roadmaps. We are committed to exceeding your expectations with our achievements and contributions to AstarNetwork.
Hi!
While I understand the concerns about ArthSwap’s performance and the distribution of dApp staking rewards, I believe delisting the biggest dApp in our ecosystem isn’t the most constructive approach. The issue of disproportionate rewards is being addressed in the upcoming dAppStaking V3, which should provide a more balanced solution.
Additionally, I’ve been in direct communication with the team regarding the WASM Dex. They’ve committed to its launch following after the delivery of the Asset Chain Extension, anticipated in January.
It’s crucial to recognize the broader implications of our decisions. Delisting a significant dApp could have unintended consequences on our ecosystem’s stability and reputation. I agree that transparency and consistent development are key, but I also believe in fostering an environment that encourages improvement and growth.
From one perspective, we all desire to see projects with active development and tangible results in dApp staking. On the other hand, ArthSwap provides a functional DeFi solution with liquidity. If there are other platforms that enable SDN to ASTR swaps, which aren’t possible on CEX, I’d be interested to know about them.
Given that ArthSwap’s development was completed earlier, and it might not be as active now, a question arises: Is it fair to delist a project from dApp staking that has already completed its development but is currently less active? Should we only support projects that demonstrate continuous improvement, or should we also include those that have achieved certain milestones, created a finished product, and still have an ongoing user base?
I would suggest for keeping ArthSwap in dApp staking until we establish clear rules for eligibility. Additionally, with the upcoming dAppStaking v3, there will be opportunities to adjust rewards for different dApps.
I think what we can catch from this proposal is actually not delisting a certain app having no or little development but encouraging the projects to be more active in different means, including the development itself.
If we visit Arthswap’s GitHub repository, we only observe a total of two commits pushed in 2023, which can be seen as an indicator of less active development. On top of it, no Apolloswap (WASM version of Arthswap) update and unfortunately the official X account for Apolloswap stopped from tweeting after one in March and the other one in April. And I am not sure how the social media places are being managed. If the development got delayed or progressed, then ArthSwap should have shared the progress occasionally. Having no news since then actually made me concerned, probably so do other community members.
Arthswap would need to take more responsibility as one of the earliest dApps on Astar. Sharing the development only once the audit is finished is rather unrealistic, as it could take more than what the team expected. Once sharing updates gets prolonged, then often people tend to get more reluctant to share with unfinished work, because already quite of time has been spent. Therefore, sharing the progress is in this case is the key, then all the community members can know what Arthswap try to develop and deliver the value to Astar Network.
I think opening more transparent discussion for dApp development might be necessary to align to get to the direction together we are heading.
Please feel free to interact with this thread.
and let me know if anything should be elaborated.
I certainly don’t think their work is worth the reward, but that doesn’t mean they’re not active at all.
I think there is a problem with the dappstaking mechanism in the first place, and I think V3 will eliminate some of these problems.
Wow!!! @moonme has a huge point… thanks for bringing that concern and values to the table. Community needs to get to know what’s going on in our ecosystem when it comes to dApp Staking rewards - The Team could think transparently to give this information to user.
@ArthSwap is lacking of communication to the community. We do not know what is going on in terms of development and how the roadmap is going. Besides twitter posts about listing tokens, there is no contact with the community.
Getting more than $1M in rewards is something community needs to be aware to check if the development fits what you guys are delivering.
@moonme had a point. What can I expect is actually the same, being the biggest DeFi dApp and enjoying reward from early dApp portal opens is good. However yet we didn’t hear any “community engagement” for this year.
Compared to new dApp, or even smaller veteran dApps (in terms of staked ASTR) like Sio2, Algem, Bluez, they still trying to engage the community.
For the delisting, I’m still abstain since dApp Staking v3 with tiers system will be deployed and passive team will automatically lowered their tier. I would like to see the results first.
I completely disagree with this. This is very political.
How is Arthswap a significant dApp when there is only 2 activity on Github in one year?
dApp staking = build2earn
But for Arthswap, sit down resting 2 earn.
It is about fairness and the attitude of the builders. We do not want things to be political, but it has to be fair. There are other dApps that work hard but can’t get much rewards because a huge chunk is taken by Arthswap.
If that $1 million is given to some other projects, we could’ve gotten more dApps on Astar. More things to play means more users and transactions. No doubt that dApp staking is flawed. So, it boils down to the attitude of the builders. If you get rewards, you must want to be responsible to build more.
Arthswap had their chances. They could’ve built something else. They could’ve used the rewards to pay the salary of the devs to build a perp dex, a CVI or any kind of DeFi products, but they didn’t.
It has been almost two years and they have proven themselves to be not worthy. So, how can the community trust them for the next 2 years?
Whatever roadmap they have now seems more like a scam to me.
I can’t believe that ArthSwap has done the work worth $1 million either. I think the activities on TGE and SNS (X, Discord) are terrible as well.
However, it is commendable that it maintains the highest liquidity on Astar’s DEX and continues to provide services consistently.
The reward issue, I believe, will be resolved by dApp Staking v3, but we still need to discuss the rewards received so far. The main reason this proposal was submitted is because of the lack of communication with the Astar community by ArthSwap.
I think they should communicate more transparently, and if possible, they should present the allocation of the rewards they have received so far.
There is. Please check Starswap. And speaking about Starswap, which is listed on dApp staking as well, though they are only earning very little rewards, their dex comes with staking and NFT governance. Apart from that, they released the first AI product on Astar, https://starai.network/. All these were done during the bear market.
Compare the output of Starswap and Arthswap and we know which one deserves more rewards. I am not here to cause jealousy between dApps, but it is about fairness.
Based on community’s opinions, we think the summary is as follows.
•“ArthSwap has a roadmap, but they’re not developing anything.”
•“This is evident because there’s no activity on GitHub.”
•“Since there’s no development, they should be delisted from dAppStaking.”
We want everyone to understand one thing:
we are continuing our development.
It has been carried out in a private repository, which is why it has been invisible to everyone.
We plan to make it public as soon as possible , but for now, we will share the current status as the evidence.
To reiterate, we have been focusing on WASM development for a while, in line with Astar’s direction at that time.
However, we haven’t been able to release the app yet because PSP22 tokens are still not supported.
Moreover, considering the need to utilize XVM, we are currently progressing with development in anticipation of this.
As stated in the recently published roadmap, we are committed to becoming a Dex on Polkadot and will continue to focus on WASM development, including XCM.
We apologize for the difficulty in tracking our progress, as WASM DEX has not yet been released and our GitHub repository has been private. Additionally, we have received feedback about a lack of communication. We will reflect on this and work on improving our communication.
I think that everyone’s opinion is probably correct, and that opinions change depending on how you look at it.
It is an objective fact that ArthSwap lacked integrity with the community, and there is little transparency in development. (I have not purchased ARSW, so I will not discuss this topic)
However, it is true that it has played a role as DeFi infrastructure at Astar, and that cannot be denied. Infrastructure needs development, but maintenance is even more important.
Expressing support for a project should be done democratically. If you think about it from a DeFi perspective, TVL is easy to understand. If there is a DeFi that users do not support, users should not use that DeFi. DeFi players are very strict, so there is no need to encourage them in this regard, and the current situation is the result.
However, the situation is a little different when it comes to dApp Staking, which is considered to reflect community direction. As you all know, there are lazy votes being cast by uninterested Stakers. This causes many problems.
This is a point that will be addressed with dApp Staking v3 and is expected to be achieved in the coming months. If you can’t wait, we suggest updating the Staking contract like Astar Farm did in the past.
This option is not as heavy-handed as Delist, allows users to express their support democratically, and gives ArthSwap a chance to start over.
If we compare the advancement of DEXs on Astar EVM and Moonbeam, there is a huge difference. On Moonbeam, Stellaswap and Beamswap have deployed Uniswap V3 for a long time. They implemented the cross chain swap and probably new features I am not aware. Furthermore they are on Moonbeam and Moonriver too. Where is the version of Arthswap on Shiden? It’s just the facts, other teams work/develop better/faster than Arthswap team. Maybe it’s time for the Arthswap team to wake up (especially with the income they receive!). I think it would be good to have more transparency and more feedback about your development. I could also the same reproach to Starlay Team.
When you say PSP22 tokens are still not supported. Please could you elaborate? What is missing and why it can not be supported from technically speaking?
Personally, as a dApp developer, I can’t understand how a team can receive so many rewards without ever releasing a product or communicating and why all your repositories are private… you are developing under the GPLv3 License, right?
I don’t think delisting Arthswap is the solution and I hope dAppStaking V3 can improve this problem.
At least I hope the @ArthSwap team will hear the community’s discontent and improve their communication and will build more and more efficiently.
We have read all of the community’s opinions and are grateful for the valuable feedback.
Firstly, as we’ve mentioned before, we are continuing our development. We would like our community to know about it.
However, the fact that this has not been transparent to the community, leading to distrust, is a huge issue on our part. Considering this, we will be changing ArthSwap’s community management policy as follows:
To share our development status, we will make GitHub insights visible, except for certain repositories such as the interface.
To address your concerns and questions, we will conduct AMA regularly.
To incorporate everyone’s opinions, we will introduce a governance system using ARSW tokens.
Your continued support means a lot to us. Thank you.
