Curve Competitor Smoothy to Release 2.0, More Stablecoin Support and Lower Gas Fees

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

Babbitt Information (ID: bitcoin8btc)

, Author: Smoothy.finance, Compiler: Xi Yu, released with authorization.

According to market demand and user feedback in the last round of testing, Smoothy has officially launched version 2.0 after several months of development. The new version will offer a single-currency pool that can accommodate more than 20 different stablecoins (by comparison, Curve can support up to 4 stablecoins in a single pool). Smoothy has further reduced the gas fee through algorithm optimization, which now accounts for only about 10% of the gas fee of yPool on Curve.

Currently, Smoothy 2.0 has completed testing and review. The earliest mining event will start at 2AM UTC on March 9th. At that time, users will be able to enjoy the benefits of Smoothy, such as a single pool, low gas fees, low latency, and high LP rewards.

Review of Smoothy.finance

Smoothy is a novel stablecoin exchange protocol, which can support more than 20 stablecoins in one pool, and has the functions of low cost, low slippage exchange and LP earning maximum interest.

Features of Smoothy:

1. Significantly reduce gas costs through algorithm optimization

After algorithm optimization, compared with Curve's yPool and mStable, even if it is deployed on Ethereum, the gas fee required for stablecoin exchange on Smoothy is reduced by 90%. Lower gas fees without using Layer 2 and ensure composability.

2. A single pool supports multiple stablecoins with better liquidity

The difference is that Curve supports up to 4 stablecoins in one pool, while Smoothy can support more stablecoins in one pool, with the flexibility to add/remove any token. In theory, Smoothy could accommodate hundreds of different types of stablecoins (even algorithmic stablecoins) in a single pool. This means that Smoothy does not suffer from fragmented liquidity from multiple pools, allowing for better liquidity.

3. The highest LP reward

Referring to the bank's reserve system, we have designed a unique dynamic cash reserve algorithm, which can dynamically allocate most of the funds to potential interest-earning platforms, and the rest can meet daily exchange needs. In other words, in addition to governance token income, liquidity providers can also obtain exchange fees, interest income and lower gas fees.

4. Zero slippage exchange algorithm

Smoothy has developed the SmoothSwap algorithm, which can guarantee a 1:1 ratio swap in most cases if the percentage of tokens in the pool is below the soft weight. If not, the swap can still be done by charging a penalty as a delay.

Comparison between Smoothy and other protocols (Ethereum as an example):

About SMTY

SMTY is Smoothy's governance token:

1. Collateral for adding new stablecoins (or coins backed by the same asset) and increasing the weight of stablecoins (or coins backed by the same asset)

2. Governance voting on exchange fee (collected by LP, initial value 0.04%) and withdrawal fee (repurchase SMTY, initial value 0.04%)

3. Incentives to improve asset liquidity through liquidity mining

4. Others

Initial mining and airdrop for early supporters

Currently, Smoothy has been deployed on Ethereum. This is just the beginning, and it will be gradually deployed on other public chains, such as Fantom, BSC, Heco, etc.

The first round of mining will start at 2:00 AM UTC on March 9th and will last for about 21 days. At that time, users can experience all the product features of Smoothy.

Additionally, all addresses that interact with the Smoothy contract in some way will have the opportunity to receive an airdrop.

LPs that provide liquidity for Smoothy will receive exchange fees, penalty fees (when exchanged out of the soft range) and interest (currently, only stablecoins interested in yToken can generate interest after accumulating >= 10 million liquidity ).https://smoothy.finance/PeckShield-Audit-SmoothyV1-v1.0rc.pdf