Free TON

Free TON DEX Implementation Stage 3

Contest dates

● Submission period: 8 weeks after approving this proposal in the governance interface;

● Voting period: 2 weeks after the submission period
Short description

FreeTON DEX Implementation contest - 3d finalizing stage with the milestone: “Complex automated market maker mechanics, additional necessary improvements”.
Stages

● Set of DEX smart contracts (exchange, order book, liquidity pools, etc) with mandatory DeBot interface and optional UI (Stage 1)

● Complex liquidity pool mechanics (pool explorers, pool factories for LP dexes, cross margin and complex FOK IOC order for order-based dexes, etc) (Stage 2)

● Finalization of the product (Stage 3)
Motivation

The goal of this contest is to prove the ability of Free TON blockchain to perform fast and cheap non-custodial exchange operations such as exchange of tokens, loans, IOUs or other types of liabilities.

The Free TON DEX, or FreeDEX for short, should be general purpose and let the users/governance create an arbitrary number of order books and/or liquidity pools, manage the order and transactions fees, support different types of referral programs and of course yielding mechanics for the participation in the dex marketing and development.

Furthermore the primary differentiator of FreeDex should be support for staking through TON depool contracts and voting using TON SMV contracts, support for TIP-3 tokens or its extensions and self-governed structure of the DEX. FreeDex can be either OB (order-book) dex, LP (liquidity provision) dex, any combination of those or any other possible type.
General requirements

The implementation of Stage 3 should include a set of open source smart contracts, as well as the de-bot source code and / or the source code of the web interface / mobile application for the FreeTON network, which will allow :

● Contracts and methods for maintaining liquidity and users (yield farming, remuneration for market making and other ways of maintaining)

● Ready-made full-featured user interface for interacting with DEX, viewing information about pools / orders

● Unloaded, ready for real use, deployed project on the FreeTON mainnet - main.ton.dev
Your application must include:

● Basic economic model and description of the movement of money in the system;

● General technical architecture of the stage solution, including all the listed functions from the section of hard evaluation criteria;

● Detailed technical description of the proposed implementation with justification of the chosen approach: smart contracts, interfaces;

● Deployed implementation in the FreeTON developer network with the ability to test functionality, as well as a rolled-up implementation in the FreeTON main network
Fair play

As per Procedural remarks on contests.
Evaluation criteria and conditions for winning

General requirementscriteria

When evaluating a proposal, priority will be given to applications that will take into account the following functional, technological and technical features when describing their solutions:

  1. TIP-3 tokens or their extensions as proof of investment
  2. System efficiently utilizes storage space and minimises execution and transaction fees
  3. The system effectively uses the capabilities of the FreeTON network such as a tick timer, messaging function, sharding
  4. If there is an off-chain part: maximize the use of decentralized resources to ensure system independence
  5. Modularity and documentation of the code, ease of support, openness of developers to changes and additions
    Hard criteria
  • Ability to create new pairs, exchange, view information about rates, composition of pools, existing pools, exchange statistics through the user interface

  • Support for de-bot interface and / or web and mobile interface for real use

  • Description and use of mechanisms for maintaining liquidity / order book / users in the system

  • The product must be deployed on the FreeTON mainnet
    Soft criteria

  • Using one of the solutions implemented in phase 1 and / or 2

  • Mainly everyday English to make technical documentation easier to understand. Additional languages will be a plus.

  • Completeness and readiness of the product for real use in the main network

  • Additional interfaces, de-bots, mobile apps, SDK and public APIs will be a plus
    Artifacts

● Source code of smart contracts in the public repository;

● Source code of DeBots/interfaces in the public repository;

● Smart contracts deployed on the testnet;

● Smart contracts deployed on the main network;

● Link to web interface / mobile application for testing

● DeBot addresses in test and main network

● Link to github/gitlab with executable code and thorough README on how to deploy and run;

● open-source license;
Place

Reward, TON

1 - 160 000

2 - 120 000

3 - 80 000

4 - 40 000

5 - 20 000
Procedural remarks to jurors

As per Procedural remarks on contests.

Jury rewards

As per Procedural remarks on contests.

Governance rewards

As per Procedural remarks on contests.

Procedural reminders to all contestants

As per Procedural remarks on contests.

Recommendations for jurors on the voting process:

  1. DeFi SG hosts some of the most complex contests both from the technical and business points of view. DeFi SG created its own comprehensive contest framework that allows it to launch contests with well-defined and clear requirements.
  2. During the recent DeFi SG weekly call there was a discussion about the contest submission evaluation process. It was proposed to start using detailed requirements and criteria for contests as a template for evaluation of contest submissions. Some of the DeFi SG participants are convinced that using this approach will make the evaluation process more solid, comprehensive and transparent both for the contestants and other DeFi SG participants.
  3. Linking the detailed requirements to the evaluation process is a logical evolution of the scoring system since it allows trace and validate requirements defined in a contest (according to best-practice of requirements engineering discipline).
  4. In practice when we have 2 sets of criteria (Hard and Soft), it is proposed to score the submissions by each criteria using a spreadsheet either in a binary manner (yes/no) or using a 0-10 scale. Consequently a unified score from each jury will be calculated as an average from all the scores.
  5. Moreover if the contest criteria have different weights these parameters can be defined in the contest terms. In this case the calculation of the total score must be done using these weights.

For example, for DEX Stage 3 contest a system like this is possible:

Hard criteria:

Criteria Weight Score
Ability to create new pairs, exchange, view information about rates, composition of pools, existing pools, exchange statistics through the user interface 15%
Support for de-bot interface and / or web and mobile interface for real use 15%
Description and use of mechanisms for maintaining liquidity / order book / users in the system 15%
The product must be deployed on the FreeTON mainnet 15%

Soft criteria:

Criteria Weight Score
Using one of the solutions implemented in phase 1 and / or 2 10%
Mainly everyday English to make technical documentation easier to understand. Additional languages will be a plus. 10%
Completeness and readiness of the product for real use in the main network 10%
Additional interfaces, de-bots, mobile apps, SDK and public APIs will be a plus 10%
  1. In case there are non-formal criteria like “good economy of the solution” these criteria along with a defined weight can be included into the list.
3 Likes