Another month, another update!
February brought a new wave of growth and innovation to the Carbon Ecosystem, ushering in exciting developments that promise to shape the protocol’s trustless future.
Few things convey credibility as effectively as numerical data - At Carbon, we see that the Total Value Locked (TVL) on the chain has maintained a steady trend around the $4M mark since the year began.
A similar trend is observed for user growth as well, with the overall number of Carbon users consistently increasing, with a surge of approximately 10% in February!
These figures demonstrate the ongoing development and progress that the Carbon ecosystem has been making.
1.1. Grouped Tokens Live
The long anticipated Grouped Tokens module is now live on Carbon!
Grouped Tokens are a new DeFi primitive on Carbon that allow different tokens with the same value to be grouped together into one fungible token. This is done to enhance liquidity and provide a smoother user experience.
Learn more about Grouped Tokens here.
1.2. New Cycle of LP Rewards
Out with the old and in with the new!
A portion of block rewards on Carbon is allocated to selected liquidity pools (via governance) as incentives for liquidity provision to ensure liquid orderbooks on Demex, Carbon’s reference trading UI. In this new cycle of liquidity rewards, liquidity providers will be awarded with 25% of block rewards (until 12th May, 2023).
Learn more about the new cycle here: [CIP-42] Refreshing LP Rewards & Reallocation of Pool Weights.
For more information on LP Rewards, click here. Track on-chain pool liquidity on Carbonscan here.
1.3. Carbon x Eris: Co-incentivization of Activities
The Switcheo Development Fund (SDF) was established as a communal resource to support and finance partnerships and outreach initiatives.
In order for blockchain ecosystems to thrive, they cannot remain isolated from each other, and Carbon has been actively seeking to collaborate with various protocols to foster value exchange. This month, the protocol has teamed up with Eris protocol, a prominent provider of liquid staking services on the Terra network to co-incentivize on-chain activities.
Learn more about the partnership here.
1.4. Governance Proposals
Carbon is a community-driven DeFi protocol, where SWTH stakers are empowered to drive growth of the protocol.
A look at the proposals that were put up for voting this month:
- [CIP-38] Update Expired IBC Client for Terra chain
- [CIP-44] Update Expired IBC Client between Terra and Carbon for CW20 tokens
Set Rewards Weights
Grouped Tokens are now available for tracking on Carbonscan!
With this new feature, users can get a comprehensive breakdown of all assets belonging to a particular Group and easily monitor:
- Percentage of each asset
- Deposits (24h)
- Withdrawals (24h)
Take a look here!
New milestone unlocked - In February, Demex hit $1M in daily trading volume!
To celebrate, 3 participants who fulfilled the requirements will stand to win 2500 $SWTH each.
The giveaway ended on 1 March 2023. Winners will be announced shortly - Follow us on our socials here and here to keep up with the latest news.
3.1. USD Stablecoin Conversion is live on Demex!
As the title suggests, USD Stablecoin Conversion is now live on Demex.
The Carbon USD Grouped Token, $USD, consists of a basket of safe, USD-backed stablecoins from various networks. The list includes USDC (ETH), USDC (BSC), BUSD (ETH), BUSD (BSC), axlUSDC (Axelar) and axlUSDC (Osmosis).
This feature will help to greatly streamline liquidity amongst the various stablecoins, enabling traders to enjoy faster order-matching and less price spillage when trading.
With the new feature,
- All existing markets and pools will transition to new ones with grouped $USD as the quote token.
- New stablecoin deposits will be auto-converted into the grouped $USD.
- Existing stablecoin deposited will need to be manually converted on the Balances page.
3.2. Demex x StaFi: ATOM Earn-A-Thon
The ATOM Earn-A-Thon Competition was held from 9 February to 9 March, 9AM UTC.
To participate in the competition and unlock Bonus Tasks, users had to:
- Register by posting a tweet on Twitter with custom hashtag
- Complete Earn task by depositing or ensuring a minimum balance of 100 USD, and executing 3 trades on the ATOM-PERP market.
The competition is only applicable to the first 100 registered participants, with each eligible participant standing to win 15 grouped $USD.
By completing the Bonus Tasks, participants have the opportunity to earn prize rewards in grouped $USD, $SWTH and $FIS.
- Demex Bonus Task: Trade Any Perps to enjoy (i) 50 grouped $USD rewards for the top 5 winners, or (ii) up to 30 grouped $USD rebate for losers amongst the first 30 registered participants.
- StaFi Bonus Task A: Answer all of the questions in the video quiz correctly and be awarded with a total of 500 $SWTH and 10 $FIS.
- StaFi Bonus Task B: Lend rATOM on Nitron to get rewarded with 10 grouped $USD.
For more information about competition guidelines, rules and prizes, click here.
3.3. Demex on Mobile via Leap Wallet
Fancy trading on the go? With Leap Wallet now supported on Demex, users need only download the Leap Wallet app on their mobile device and be able to connect to Demex easily.
Download Leap Wallet on iOS here. Download Leap Wallet on Android here.
3.4. New markets and pools
This month, Demex saw the addition of the $rATOM/$ATOM spot market and amplified LP, which has been awarded with 4x reward weights as part of liquidity rewards.
That’s not all. Due to the increased interest in $BLUR, Demex promptly onboarded the token to its platform to meet the growing demand from the community. $BLUR perpetuals has also been enabled on Demex.
3.5. Demex x OmniFlix Quiz Quest Winners
Powered by OmniFlix, the first 100 participants who accurately answered all questions on the Demex quiz stood to win from a 70,000 $SWTH prize pool.
The quiz ended on 6 February. The winners have been announced, and rewards will be sent before 13 March 2023.
Demex has partnered up with various protocols and community members in the Cosmos ecosystem to ramp up discussions on everything DeFi-related.
Catch the replay here:
- Demex <> Coinhall: Ways to increase $LUNA yield on Demex and Nitron
- Demex <> Stafi Hub: Partnership
- Demex <> GMX: Bringing GMX and GLP assets to Cosmos
- Demex <> OmniFlix Network: Web 3 Communities and Interactive Video Quiz
- Demex <> Leap Cosmos Wallet: Partnership
- Demex <> GMX: Unlocking more yield with $GLP on Demex
Nitron is on a roll this month!
The rATOM lending pool has been incentivized with 10,000 $FIS tokens per week for a consecutive 5 weeks. This generates higher yield for lenders, who stand to earn from (i) Lending APY, (ii) FIS incentives and (iii) ATOM staking APY.
The $BLUR lending pool was also incentivized with $200 worth of SWTH over 15 days at launch.
Apart from the above, the following assets have also been enabled on Nitron for lending and borrowing, and as collateral to either (i) borrow other assets or (ii) mint $USC, Carbon's native stablecoin:
Nitron is set to become the leading money market within the Cosmos ecosystem and beyond, one asset at a time.
5. Switcheo Research
In this month’s updates, the team at Switcheo Research deep dives into Demex and how users can potentially enjoy more yield:
- 4 USC Yield Strategies to Earn over 20% APY on Demex
- Demex and StaFiHub Light Up the Cosmos Space
- Earn the highest yield on Arbitrum GLP with Demex
- Earn over 100% Delta Neutral APR with ATOM on Demex (Limited Time Incentives)
6. What’s Next?
With the introduction of Group Tokens and a surge in user adoption, the Carbon Ecosystem is poised to reach new heights of success, beckoning the question: What’s in store this March?
Community members will be happy to know that multi-pool linking and routing will be supported on-chain real soon, but that's not all!
The long-anticipated Demex Referral Program has just gone live:
The Demex Referral Program is designed to motivate traders to promote and advocate the use of the DEX by recommending Demex as their preferred trading platform to their friends and family.
P.S. From now till 21st March, there's a Top 10 Referrers Promotion ongoing, where the first 10 users who refer 10 qualified referrals will be invited to join the Ambassadors Club. Don't miss out!
For more information about the Referral Program, click here. To refer a friend to start trading on Demex, click here.
And with that, we've reached the end of this update - See you in the next one!
About Switcheo Labs
Switcheo Labs is an experimental think tank that combines the brightest minds with a cutting-edge software development lab. We focus on nurturing ecosystems that are forming the foundation of a new, decentralized world — one that thrives even without trust.
With this goal in mind, the team developed a blockchain solution where finance is truly censorship-resistant and decentralized — Carbon, a custom Layer 2 cross-chain protocol that acts as a building block for DeFi. A promising use case for Carbon is seen in Demex, a reference trading UI for Carbon and the world’s first fully decentralized derivatives platform.
Join us in rethinking trust by: