Time to MILK Some Liquidity Pools: How SpaceSwap Makes It Possible

The SpaceSwap project aims to become the first and only one-stop-station for major DeFi protocols. It will provide users with a fair and profitable earnings sharing system, topped by MilkyWay (MILK)  coin rewards and MilkShake (SHAKE), to boost your earnings. With a week left before the fantastic release, the SpaceSwap team is setting up the final details of its DeFi protocol. Let’s find out how it works.

Uniswap Protocol – the first step on the way to perfection

The integration of the Uniswap DeFi protocol is just the departure point for SpaceSwap’s launch – later on, it will add new protocols.

Why does Uniswap serve as the foundation of the platform at its initial stages? Currently, this is the most widely used open-source DeFi protocol. It’s not only about the liquidity pool that exceeds $1 billion. Uniswap boasts a wide range of use cases – improved protocols have proven to be viable and efficient.

How will it work?

spaceswap

First, SpaceSwap will provide the same liquidity pools as Uniswap with unique features serving as the cherry on top of the milkshake. Liquidity providers will be able to migrate their tokens from Uniswap pools to the new protocol in a couple of clicks.

Since the list of available pools is the same, users owning Uniswap LP tokens can choose the corresponding liquidity pool and stake deposited tokens there. Essentially, they can leave their liquidity in Uniswap and store the received derivative tokens in SpaceSwap pools.

The list of eligible pools and tokens will be chosen by users through their voting rights (i.e. owners of MILK governance tokens) – it’s the community that will decide on the platform’s development and the MILK weight in pools. So far, SpaceSwap plans to support lending pools with DeFi and CeFi stablescoins and broaden the array of protocols supported. MILK/WETH liquidity pool will provide maximum rewards to early users, so it’s highly recommended to deposit MILK into Uniswap.

Here’s the mechanism for MILK reward distribution :

During the generation of the first 100,000 blocks, MILK coin rewards will be increased ten-fold (1,000 MILK) to be distributed among early adopters. With the generation of the next block, these coins will be unlocked and sent to liquidity providers in the amount corresponding with their deposit. Afterward, each block will generate 100 MILK coins.

SHAKE stablecoin, in its turn, is pegged to MILK at a ratio of 1:1000. Thus, one SHAKE coin always equals 1,000 MILK, with these coins being inter-exchangeable. We’ll discuss SHAKE coin’s value later.

Liquidity migration on the way

When the first 100,000 blocks get minted, the liquidity tokens will be moved into SpaceSwap contracts. Here’s how it will be organized:

  • Users stake their Uniswap LP tokens on SpaceSwap
  • After mining of block 100,000, they will be redeemed on Uniswap with respective tokens
  • New liquidity pools will be initialized from the used tokens

These pools will work the same way as Uniswap ones do, with a few additional features including higher rewards for MILK-SHAKE pool users and the distribution of fees among SHAKE coin owners.

When the transition of tokens is finished, the protocol will be activated instantly. Stakers won’t have to transit their tokens manually and will continue getting MILK token rewards for providing their liquidity.

Sharing is caring

In line with Uniswap’s tokenomics, SpaceSwap will incentivize liquidity providers  from exchange fees. Additionally, Users will get reward in MILK tokens and distributed over all active users, according to their stake (%) in the pool.

SHAKE coin owners are eligible for an additional reward. Out of 0.3% standard pools reward, SpaceSwap takes 0.05% to buy out MILK from the market – these coins will be distributed among SHAKE holders.

They can further increase earnings by storing assets in the MILK-SHAKE pool: it boasts higher APY rates than other pools. During the reward distribution, SpaceSwap will take only 3% of the MILK tokens for the team and for operational expenses.

Please note that the above-mentioned tokenomics model will be applied to the Uniswap protocol only! As SpaceSwap progresses through the roadmap to Q4 2020 and Q1 2021, new DeFi protocols will be added, with tokenomics tailored accordingly.

Smart contracts and Audits

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SpaceSwap strives to make fully transparent and failure-proof smart contracts with a focus on user security. The team has performed beta testing of the platform to make sure everything runs smoothly in the testnet.

SpaceSwap’s contracts will be audited by a range of industry-leading crypto security companies. Currently, the team is negotiating an audit with Kaspersky Smart Contract Audit, Hacken, OpenLaw, Mintable and other audit companies. All contracts created by the SpaceSwap team have undergone initial testing. More audits and testing will be done in the near future.

The contracts present in GitHub are considered ready for testing: https://github.com/spaceswap

While SpaceSwap contracts are being audited, read the terms & conditions first before you deposit your LP tokens. Solidity developers are welcome to read the code – it’s easy to understand. If you find any code errors, please contact the SpaceSwap team with your questions and concerns – we would appreciate that!

Be the first to explore the DeFi universe with SpaceSwap!

SpaceSwap is going to become a one-stop-station for major DeFi protocols, which means new passive income opportunities and even more tokens in your wallet. Jump on the bandwagon and become one of the early adopters! The first investors will enjoy premium features and more MILK tokens!

Check out the countdown to SpaceSwap’s official launch at: https://spaceswap.app/. Once it’s live, you can start depositing your LP tokens. Always assess the risk before putting LP tokens at stake – do not invest more than you can afford to lose!

Get ready to MILK some DeFi pools – the countdown to blast-off has started: https://spaceswap.app/ !

Want to know the nuts and bolts of the SpaceSwap rocket? Check out our Github page.

Be among the first to have MILK dropping into your wallet. Read Medium to find out more details.

Time to MILK this cash cow and SHAKE the DeFi industry! Join our Telegram chat to find out how you can earn more with SpaceSwap.

We’re already loading the rocket with MILK! Are you with us? Subscribe to and read our Twitter posts – discover how to milk fat profits from this cow!

 

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