Introduction:
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 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 $veLIBRA (ERC-721) omnichain fungible tokens (OFT) on LayerZero. Please refer to Stargate Finance Commonwealth (Commonwealth). This will allow our users and various defi protocols to earn yield, vote for emissions, do governance voting, and receive bribes in Libra Exchange’s affiliated projects on other chains in the future.
All developments mentioned above will be launched in phases.
Libra Exchange will fulfil the following objectives:
â—Ź Serve users well as the de-facto liquidity layer for networks we have presence in, providing them a decentralised exchange for low-cost transactions with minimal slippage
â—Ź Create a sustainable incentivization and emission system to ensure sufficient incentives for later entrants
â—Ź Provide protocols launching on networks we have presence in, with the features to enable them to bootstrap and sustain liquidity effectively
â—Ź Provide a one-stop defi solution for retail traders and various defi protocols to earn yield, and bootstrap liquidity respectively.
Vision:
Libra Exchange believes in creating an equitable relationship with partners that shares the same mission.
Collaboration details:
TrueUSD ($TUSD) has proven itself to be one of the top stablecoin, with its market cap growing by more than 2.5 times YTD, and is present on at least 9 different chains. Our team is very impressed by TrueFi’s achievement, and would hope to have TrueFi as our launch partner.
We are also keen to help TrueFi to bootstrap $TUSD and $TRU liquidity (TUSD-USDC, TRU-WETH, etc) on Arbitrum via Libra Exchange. This will provide an avenue for $TUSD and $TRU holders to yield farm on Arbitrum, and chains that we have presence in, after OFT has been implemented. We hope that this will also help TrueFi to boost $TUSD adoption.
Lastly, we also hope to explore more collaboration opportunities with TrueFi across different chains in the future.
Incentivisation:
To have TrueFi as our launch partner, we will be allocating our vote escrowed NFT, $veLIBRA (locked for 4 years) to TrueFi. TrueFi can use it’s allocated $veLIBRA to vote for $LIBRA emissions to $TUSD and $TRU liquidity pools, and to earn trading fees from these liquidity pools. Additionally, TrueFi 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 $TUSD and $TRU pools, generate fee rewards and bribe revenue that can also be compounded into additional $veLIBRA for TrueFi.
While the initial focus of this pilot will be to maximally compound rewards, once the $veLIBRA position reaches TrueFi’s targets, TrueFi can begin to repurpose fees, bribes, and emissions for other purposes. The goal being to reach a state where TrueFi can bribe, and sustain liquidity without needing additional $TRU emissions
There will be NO minimum TVL obligations for TrueFi, $TUSD and $TRU liquidity pools.
Team:
The team behind Libra Exchange has years of experience in their respective domains, and has deep blockchain knowledge. Read more about the team on our Medium Page.
Security:
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 can be found in our GIthub.
Salus is a Binance Labs portfolio and a trusted security partner in Binance and BSC ecosystem.