Fast and Fibrous. v2 is rising.

TL;DR

• Fibrous v2 is moving to StarkNet Testnet very soon (really). Following the Cairo 1.0 update, we will rewrite our Router contracts, address any potential errors we encounter on the Testnet, and migrate to the Mainnet.
• We overhauled our algorithm in the first version and the v2 algorithm now performs significantly better with more features.
• Many more ideas and developments await Fibrous in the future.

What a year it has been!

2022 has not been a particularly good year for cryptocurrency investors. However, it has taught us all the importance of decentralized finance (DeFi) and the drawbacks of centralized finance (CeFi). We have witnessed the collapse of centralized exchanges and other centralized financial applications. But do not worry; decentralized alternatives are improving day by day and Fibrous is pleased to be a part of this improvement. The new version of Fibrous will soon allow you to trade coins in a decentralized manner, putting all the liquidity on StarkNet at your disposal. Yes. Soon.

Before we discuss our new version, we would like to address our silence. The Fibrous team has been diligently researching and generating ideas to improve Fibrous for months.

The Fibrous project was initiated in April 2022. Initially, we conducted a thorough analysis of other aggregators that are already on the Ethereum mainnet, examining their features and deficiencies. Our goal in designing Fibrous was to address and rectify these deficiencies.

As both developers and traders, we desired to include all the features we wanted in a DEX Aggregator application to Fibrous. However, the most crucial feature for an aggregator is, of course, providing the best possible price. To this end, we began developing a price algorithm for Fibrous and, in September 2022, we presented our brand new algorithm for testing. Without overemphasizing features such as UI/UX.

While the first version of Fibrous was appealing, it was not without flaws. Although Fibrous endeavors to swap our own tokens on the StarkNet testnet in the most optimal way, we have come up with a superior idea.

To understand the improvements we have made, it is necessary to briefly discuss the operating principle of Fibrous.

Essentially, Fibrous scans all AMMs on StarkNet and divides the assets you wish to swap into various routes. It swaps many AMMs and token pools on these routes, constantly striving to offer you the best price.

The first version of Fibrous only performed this routing once for the asset you wanted to swap. We considered the potential benefits of dividing the tokens obtained in each route into the route again and again and began working on implementing this new idea.

We tested our new algorithm, which also divides routes into various routes, on the same AMMs and compared it to the old algorithm. We obtained significantly better results between 28 and 47% (depending on the tokens). We also were not satisfied with that. The first version was only compatible with Uniswap v2-like AMMs. However, the new algorithm is also adapted for concentrated liquidity pools like Uniswap v3.

We are confident that the new algorithm currently utilized in Fibrous v2 is significantly superior and will truly be the aggregator algorithm that provides the best price on StarkNet. Therefore, we believe that using Fibrous is the most profitable way to swap your assets on StarkNet. This is because Fibrous has become capable of swapping all types of AMMs by scanning all the liquidity on StarkNet, rather than just from a single AMM.

In addition to the new algorithm, we also decided to completely revamp the UI in v1. Both the website and the dApp screen of Fibrous have undergone a redesign. We have created a brand new router and believe that we have made it much simpler and more useful based on the feedback we received from you in the first version. We will make v2 available very soon. If you have any deficiencies or changes in mind for the design, we will make new arrangements until the Mainnet based on your feedback.

Of course, the new version does not end there. We are considering introducing many new features to the mainnet and would like to list the features that we have planned.

Cross Rollup and Mainnet Bridging

We thought it might be useful to transfer the assets you swapped in Fibrous to another blockchain (e.g. Arbitrum). We are working on a system where you can automatically send the assets you swap on the StarkNet mainnet to any wallet on the network of your choice. To this end, we are in communication with bridge applications.

Multi token inputs

Imagine you have DAI and USDC in your wallet and want to swap them for ETH. Thanks to StarkNet’s Account Abstraction feature, we will easily be able to add this capability to Fibrous. This will allow you to swap any number of different tokens for any amount of tokens you desire.

Back-up mode for permissionless swaps

To ensure rapid transaction speeds, Fibrous performs route calculations off-chain and exchanges the assets for you on-chain, sending them to your wallet. However, if the off-chain Fibrous API is down, you may not be able to use Fibrous. In this case, you will be able to activate “back-up mode” and allow Fibrous to calculate on-chain according to your preferences, making swapping from Fibrous completely permissionless.

Limit Order

A limit order is a financial tool that allows you to offer an asset for sale at a predetermined price. To provide an example, if the price of 1 Ether is 1250 DAI, you can use the Limit Order feature to trade 1 Ether for 2000 DAI. In the future, you will be able to sell tokens on Fibrous at the price you desire, thanks to the prices determined by smart contracts. This will enable you to execute orders such as Stop-Loss over Fibrous.

Gassless transactions and more

Despite the fact that trading on StarkNet is exceptionally inexpensive due to StarkNet and STARK proof; free is better than cheap. Fibrous intends to develop a “Swap Engine” in the future, enabling completely free swaps and safeguarding your swaps from front-running in the event that MEV occurs if Sequencers are decentralized on StarkNet. We appreciate AMMs, but we value profitable swaps more. This is why we plan to swap from Fibrous order-book based DEXs in the future and want to add this feature to Fibrous.

Cool, but WEN?

Fibrous v2 is considered ready. Of course, we have shared many features with you and will add them to Fibrous one by one over time. We will be releasing Fibrous v2 to the StarkNet Goerli Testnet very soon, and this version will be the final version before the Mainnet. The reason we are waiting for the Mainnet is because we will be rewriting our contracts for Cairo 1.0. Therefore, after the Cairo 1.0 and Regenesis updates, all projects currently on StarkNet Mainnet Alpha will add their contracts again. We anticipate that Regenesis will be safe for bringing Fibrous to the Mainnet and want to add as many features to Fibrous as possible during this time.

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.