Announcements

Approaching the Mainnet launch

TL;DR

Hey Starknet, It’s me Fibrous, and I am coming!

It has been an incredible journey. We commenced the design of Fibrous in March 2022, announced it in August of the same year, and submitted our first prototype, Fibrous v1, for your testing in September 2022.

We learned a great deal from Fibrous v1, which prompted us to make radical changes and develop Fibrous v2. The new version offers significantly better pricing, faster processing, and a much more user-friendly application.

We are proud to announce that Fibrous is now ready for Mainnet deployment. Before we officially make the Mainnet announcement, and deployment we would greatly appreciate it if you could read this article. It contains critical information that will interest Cairo enthusiasts, Starknet fans, StarkRock owners, and of course WEN people. 👀

Firstly, it is important to note that Fibrous has sought to become the premier aggregator and liquidity hub of DeFi on Starknet from the outset. It was the first AMM aggregator for Starknet to be announced, and we had a functional algorithm in place immediately following the announcement. However, we have always prioritized enhancing the user experience and refrained from rushing the product to market before ensuring that Fibrous provides a superior user experience.

During this period, we came to the realization that our decision to prioritize user experience was the correct one, as evidenced by the numerous enhancements made to Fibrous. Our algorithm has been optimized to provide more competitive pricing on a daily basis, making it faster and more suitable for use on Starknet.

We are optimistic that Fibrous will establish itself as a prominent DeFi application on Starknet, as each swap you initiate will make effective use of all available liquidity on the network, and some of your trades may even generate revenue. We remain steadfast in our commitment to the continuous development of Fibrous without interruption.

What is Fibrous?

First and foremost, we would like to provide a brief overview of how Fibrous functions:

Fibrous is not a typical Automated Market Maker (AMM). Rather, it scans the AMMs available on Fibrous Starknet, divides your liquidity across these AMMs, and locates the optimal price and route for your swap transfers. Essentially, utilizing Fibrous is equivalent to accessing all AMMs on Starknet simultaneously. Therefore, you need not select between various AMMs, as Fibrous promptly calculates the most favorable price and route, and executes the transaction with a single click, for you.

Why Fibrous?

The primary benefit of utilizing Fibrous is the ability to exchange your funds at the most favorable price point. While using a single AMM provides a price based solely on the liquidity of that particular AMM, Fibrous employs all available liquidity on Starknet.
Another significant advantage of Fibrous is its ability to facilitate price discovery. Upon entering the amount you wish to swap, Fibrous displays the value of your token in all AMMs and calculates the potential profit you can earn after optimization. In summary, Fibrous ensures that you will execute trades at the best possible price.
Recently, we announced the introduction of the “Batch Swap” feature, which provides another benefit. With this feature, you can exchange multiple tokens for any token simultaneously on Fibrous, saving you time while still ensuring that all tokens are traded at the most advantageous price.

We will continue to add more to the “Why Fibrous” question as we make further improvements.

We have outlined our roadmap in a previous blog post where you can find details on upcoming innovations and enhancements.

When Fibrous?

The Fibrous algorithm is fully developed and ready for use. However, we are currently making minor adjustments and striving for Fibrous to be the first application written with Starknet Cairo 1.0. ✨🐺

Therefore, we are utilizing Cairo 1.0 for the development of Fibrous contracts. Once the final touches are completed, we will announce its release on the Mainnet. We are in the final stages and the wait will be minimal, really.

Fee structure of Fibrous

After comprehending the operating principle of Fibrous, let us examine the commission fees.

To engage in trading on Fibrous, a minor fee is required. Nevertheless, the fee will not be uniform for each token. For swaps between stablecoins, a 0.02% fee will be imposed by Fibrous, while for other tokens, it will be 0.15%.

The fee will be deducted from the token swapped automatically, and you will not be charged extra gas fees.

We understand and share your perspective on fees, as they can be a nuisance at times. It would undoubtedly be preferable to use Fibrous without any charges. However, please continue reading as we have some more encouraging news to share with you. 👀

Why Fees?

If you have tried Fibrous on the testnet, you must have noticed its remarkable speed. This is because Fibrous keeps the liquidity information in other AMMs off-chain and performs all calculations for you off-chain as well. Thus, we can quickly calculate the best route for your swap. This approach is typical of most liquidity aggregators in the DeFi space, and Fibrous incurs expenses for these calculations. We must, therefore, charge a fee to cover these expenses and to fund our development and improvement of Fibrous.

But here’s the good news: using Fibrous is not like paying fees on CEX or DEX exchanges. As an AMM aggregator, Fibrous serves to swap your funds at the best price possible, and positive slippages can occur on AMMs as well as negative ones. If the Fibrous algorithm finds a positive slippage, it will actually pay you.

If you have experience with DeFi, you may have encountered situations where positive slippages occur due to changes in liquidity in AMM pools or during trades between certain tokens.

For instance, let’s say you want to convert 100 USDC to 105 DAI. If Fibrous finds a route that enables this conversion with a positive slippage, it will pay you.

During our tests, we observed that positive slippages occurred frequently. Instead of keeping these gains for ourselves without your knowledge, we believe it is more appropriate and ethical to charge a small fee and pass on the all positive slippages to you. Yes, sometimes, we’ll also pay for your swaps on Fibrous. 🤯

Perhaps you’re still not convinced about paying fees. In that case, we have another option for you: owning a StarkRock NFT. The StarkRock collection comprises 444 unique rocks, and owning one of them exempts you from any service fees charged by Fibrous, 0% life time. You will only need to pay the standard Starknet transaction gas fees.

Have we not yet convinced you? We are confident that you will with this:

We believe you understand our vision about this, and we hope you will be excited to join us on this journey. 😇

In summary, the launch of Fibrous’ Mainnet is rapidly approaching. Our team has prioritized user experience and ease of use throughout the development process, and we have taken great care to ensure that our platform is not prematurely released with limited functionality. We are now confident that Fibrous is ready to showcase its full potential. We remain committed to enhancing our platform and expanding its capabilities, and we are dedicated to establishing Fibrous as the premier DeFi hub for Starknet. Stay tuned for our Mainnet announcement, which will include exciting new features and enhancements later on.

Additional note:

We will be launching a Fibrous Discord channel, and the announcement will be made alongside the Mainnet launch.

We are eagerly anticipating the opportunity to connect with you.

Let Fibrous Go!

Get in touch with us

Website: fibrous.finance
Twitter: Fibrous
Mail: support@fibrous.finance

It is worth noting that Fibrous does not currently have a Discord or Telegram channel. We will open our Discord channel with the Mainnet. Please wait for official announcements.