Getting Started with AllianceBlock DEX on Mainnet
We have recently launched the AllianceBlock DEX on Energy Web Chain’s Mainnet! Launching on Energy Web enables us to release our in-house developed automated market maker (AMM), as well as get access to the institutions on EWC. You can read more information about our launch on Energy Web here, and our short-term roadmap for the DEX staged launch here. You can access the DEX here.
As we implement the first phase of our launch, it is important to involve our community in driving liquidity and volume to the DEX, as well as to report the occasional bug or error that you encounter. We believe in continuous and iterative improvement, and your feedback will go a long way!
In this article, we are providing some updates since we launched, and we will also be walking you through the DEX user interface, as well as how to use the platform for swapping, providing liquidity to pools, and withdrawing your position from the pool.
DEX Incentivization Program and Liquidity Pools on the DEX
We have previously shared the overview of the DEX Incentivization Program with Bonq, which you can read here. In phase one, you will be able to stake your LP tokens on AllianceBlock’s DeFi Terminal portal and earn double rewards in EWT and intermediate-BEUR tokens, which are swapped to BEUR once Bonq launches in Q4 2022.
As discussed in our short-term roadmap, the initial pools launching on EWC are the ALBT/EWT and EWT/USDC pools. We have already added the liquidity for the ALBT/EWT pool with initial liquidity of 75K EWT and 2M WALBT. We are optimizing a few things on the DEX before launching the EWT/USDC pool, as well as the staking campaign for phase one of the incentivization program. Stay tuned for updates on our official Telegram and Twitter channels.
A note on swapping unsupported tokens and creating new liquidity pools
Please also note that currently, while you can import tokens by inputting their contract address, you cannot swap between tokens other than those we officially supported at launch: AllianceBlock Token (ALBT), Energy Web Token (EWT) and USD Coin (USDC) (when the EWT/USDC pool is launched).
You also cannot create new liquidity pools with unsupported tokens. As we progress through our staged launch, we will be adding more tokens and launching new pools on the DEX.
DEX Mainnet Bug Bounty
Our Bug Bounty on Mainnet has officially launched, and anyone can participate! As you use the DEX and encounter the occasional bug or error, you are invited to submit feedback through the new Userback widget you can find on the website. Unlike previous bug bounty programs, you can immediately submit feedback, add screenshots or screen recordings, and other relevant info, all on the website, instead of emailing it to us.
To participate, follow these steps:
- Visit the public bug bounty list at this link
- Check if the bug has been reported already. If you can find the bug listed there, please don’t report it again.
- If it’s not yet in the list, click on the Userback widget on the right side of the page. You can report a bug, submit a feature request, or give general feedback through the widget.
- For bugs, please make sure to document the steps that lead to the issue, and how can we reproduce it quickly and easily
- You can also add screenshots or screen recordings to provide more context about the bug you’re submitting.
- Don’t forget to include your email (so that we can contact you)
- When you click ‘Submit’, you’re done! We’ll be updating the public bug bounty list regularly to include new bugs or feedback that has been submitted.
The bounty for the bugs and feedback we’ve received is categorized according to the severity of the bugs. If we are able to reproduce the bug you’ve sent and verify them, these are the rewards that you can receive:
- Informational — Feature requests or feedback
1–200 ALBT reward - Minor — These issues impact how you use the DEX
200–1,000 ALBT reward - Medium — These issues have a serious impact on how you use the DEX and how it performs or works
1,000–4,000 ALBT reward - Major — These issues have a serious impact on how you use the DEX, how it performs or works, or on the user’s funds
5,000–10,000 ALBT reward
We will be updating the public bug bounty list regularly, and if you’ve submitted a bug that hasn’t been submitted before and that we’re able to verify, you can also track its status there. If eligible, you will receive an email at the end of the program with information on how to claim the bounty reward (so don’t forget to provide an email that you can access and check).
Setting up your wallet
To get started, make sure that you have added Energy Web Chain (EWC) to your wallet. You can visit Chainlist.org to add EWC (and other networks) to your wallet. Chainlist is a list of EVM networks that make it easy for you to add networks to wallets like MetaMask just by connecting your wallet.
Once you’ve added EWC to your wallet, make sure to switch to the network before connecting your wallet to the DEX. If you encounter any problems, please send a message in our Telegram community.
Getting Tokens
You can get the AllianceBlock token $ALBT (ERC20) on Liquid, Bitfinex, Kucoin, Pangolin, Orion Protocol, Uniswap and PancakeSwap. Any withdrawals you make from a centralized exchange (CEX) will always be on the Ethereum network. From there, you can bridge your tokens over to EWC using the AllianceBlock Bridge at www.alliancebridge.io.
You can get the Energy Web Token $EWT on Kraken, Kucoin, Liquid, Bitmart, Hotbit, Gate.io, and P2PB2B. You can read more about Energy Web’s official listings here. Please be wary of rogue tokens using the same symbol by always checking the contract addresses of the official tokens.
Swapping
Swapping lets you trade one digital asset for another. On the DEX, this means you can exchange your tokens at the same value with another token.
The initial list of tokens we are officially supporting on the DEX on EWC are the following:
- Wrapped ALBT (wALBT) — 0x78B745b71cd53347335BEC9A2601703AcF689162
- Energy Web Token (EWT)
- Wrapped Energy Web Token (wEWT) — 0x6b3bd0478df0ec4984b168db0e12a539cc0c83cd
- Wrapped USD Coin (wUSDC) — 0xE34C65149EF234c95c46009a0A320Ddd8173e4Ce
To swap, select ‘Swap’ on the left sidebar. Select the token you want to swap on the left side and the token you want to trade for it on the right side.
A new screen will open when you click on the ‘Token’ dropdown. A list with the commonly swapped tokens will be shown. In case the token is not added yet to the list, you can enter the Token name or token contract address to add the token by clicking on ‘Manage token lists’.
Please note that in the first phase of our launch, you cannot add tokens manually, as we are whitelisting the creation of liquidity pools on the DEX. We will be announcing when we will be adding more pools, as well as when we are enabling this for everyone.
Be aware that anyone can create a token, including fake versions of existing tokens. Always verify the token addresses and proceed with caution. You will be asked to acknowledge this before you will be able to import a token.
If you swap the token for the first time you will be first asked to approve the spending of the token.
After you confirm this step you will be able to swap your tokens by clicking on swap and confirming this transaction in your wallet.
If you click on the Info button the page will unfold and you will get more information about:
- The ratio between the two tokens that you will be swapping;
- Transaction details for the swap, including the percentage of price impact, allowed slippage, and the minimum amount of the token you’ll be receiving;
- The liquidity provider fees you’ll be paying for the exchange; and
- The route by which the swapping will take place for the exchange.
Once successful, you will find the tokens in your wallet. You can also find and inspect the transaction on EWC’s blockchain explorer here.
Providing or adding liquidity
If you want to add liquidity to a pool, you have to choose your token pair first. The first pools launching on EWC are the ALBT/EWT and EWT/USDC pools. We have already launched the ALBT/EWT pool and will be adding liquidity for the EWT/USDC pool soon.
Please note that as part of our staged launch on EWC, only whitelisted wallets will be able to create new liquidity pools at the moment. However, you can add liquidity to existing pools already on the DEX.
Support for more tokens and the ability to create new liquidity pools will be added at a later stage. For more information, you can read the short-term roadmap here.
To add liquidity, click on the ‘Token’ dropdown on the left side. Similar to swapping, a popup will appear and you will be able to choose the tokens you want to add as a pair from the list. Alternatively, you can also provide the token contract address to import the tokens. Note that you cannot import tokens as of the moment.
In case you didn’t approve the tokens already, you will be asked to do so.
You can specify the amount of tokens you want to provide via the slider. As you adjust the value of one token, the value of the other token will automatically adjust.
After that, you can click on ‘Add Liquidity’ to add your token pair to the Liquidity Pool. You will have to confirm this transaction in your wallet and pay the transaction fees.
You will then receive the ABLP tokens in your wallet, indicating your position in the liquidity pool.
My pools
When you go to ‘My Pools’ you will see all the pools you provided liquidity for.
On the right side of the row, you can see the actions that you can perform for a specific pool. You can withdraw or add more liquidity, and see more information about the pool.
When you click on the dropdown menu you will see:
- The amount of tokens you’ve provided to the pool;
- Your share of the pool; and
- The amount of Liquidity Pool (ABLP) tokens you received.
Withdrawing liquidity
Withdrawing liquidity from the pool lets you get your tokens back in exchange for the LP token you’re received. Note that the number of tokens you receive may differ from the initial amount you’ve put into the pool.
You have to first decide how much liquidity you want to withdraw. You can use the slider to adjust the amount of tokens you’re withdrawing. After this, you have to click on ‘Sign’. You can then proceed by clicking on ‘Withdraw Liquidity’.
When you withdraw your liquidity, you will get your initial tokens back in exchange for the ABLP tokens that you have in your wallet. If you have removed all liquidity from the pool, the pool will disappear from the list after a few seconds.
What’s Next
We will be sharing more information about the DEX Incentivization Program, including allocations, tokenomics, and mechanics in a separate blog article. And once we’ve completed preparations and optimizations on the DEX, we’ll be launching the first phase with staking on DeFi Terminal for rewards. In addition, we’ll also be adding liquidity for the EWT/USDC pool on EWC.
Keep posted on our updates by subscribing to the AllianceBlock Announcement channel on Telegram here!
About AllianceBlock
AllianceBlock is bridging the gap between decentralized finance and traditional finance, by remedying issues that exist in both spheres and linking them more closely together. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
Building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to seamlessly access the DeFi space.
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