Infinity Swap to Build a Bridge Between the Internet Computer & Ethereum

Daniel James
Daniel James
Infinity Swap to Build a Bridge Between the Internet Computer & Ethereum
Table of Contents
Table of Contents

Infinity Swap is a revolutionary new platform enabling users to create, stake, and swap tokens on the Internet Computer (IC). The founders are leading the cryptocurrency revolution by developing the global DeFi ecosystem on Dfinity and beyond.

The team is composed of developers and branding experts, and the founders have backgrounds in computer science from Cambridge and Oxford, with experience developing blockchain for over four years. One of the founding members has collaborated with key members of the Ethereum Foundation and was invited to take part in an ETH 2.0 workshop by Vitalik Buterin. Both founders have met and ideated with the lead of several DeFi projects, including Sablier, Transak, and so on.

They pride themselves on being a community-focused, community-driven protocol and are intent on engaging their users in order to build a platform with a truly shared vision. Based on initial surveys, Infinity Swap discovered that staking was the most desirable feature, with launching a token coming close behind. Additionally, they have some truly innovative features that are currently being constructed that they believe will take the community by storm.

What Infinity Swap are Aiming to do:

  • Bring DeFi projects and coins to the platform.
  • Be a crypto platform for passive investing.
  • Enrich the Internet Computer ecosystem.
  • Give exposure to desired coins within the ecosystem.
  • Allow early democratized access.

Some of the Novel Features of the First Release:

  • User-driven token launches with upvotes for popular tokens.
  • Smart reminders via web-push to notify community members of token launches.
  • Smart yield-farming strategies to ensure coins deposited on the Internet Computer are profitable.
  • A Metamask style widget to enable both developers and users to Interact with contracts and view transaction history in the browser.
  • Launch your own token.
  • Stake tokens that are launched.
  • Stake tokens into pools.
  • Set an alert for when the token is launching.
  • Share token launch information via Telegram and Twitter.
  • A bridge between Ethereum and the Internet Computer which will enable Infinity Swap to create markets on the Internet Computer to both stake and swap.

The Ethereum Bridge

The Ethereum bridge is of fundamental significance to the Internet Computer ecosystem, and here at Dfinity Community, we are delighted to break the incredibly exciting news that Infinity Swap will be making this become a reality.

Most canisters (advanced smart contracts on the IC) cannot hold ICP, the native token for Dfinity. There is currently no means of exchange between a newly minted token and ICP.

Consequently, to resolve this issue, Infinity Swap is creating a bridge to Ethereum and creating their own pegged ICP and ETH tokens, which will enable people to swap between freshly minted and base tokens.

In the case of those who might be unaware of the enormity of this development, there can be few meaningful swaps on the Internet Computer as one cannot tap into the vast pools of liquidity that are otherwise available in DeFi.

This will be hugely significant for the Internet Computer as the broader crypto community will suddenly have easy access to ICP tokens. This will be of enormous benefit as funds flow into the ecosystem from Ethereum as users will be able to deposit Ethereum and receive a pegged Ethereum token on the Internet Computer.

How it works:

A user opens their wallet provider to transfer Ethereum to the Infinity Swap bridge contract. The bridge contract then creates a parallel token from Ethereum on the Internet Computer. Once the bridge contract is completed, the parallel token can be used to buy or sell other tokens that have been launched on the Internet Computer. Newly acquired IC-based tokens can also be placed into pools to generate interest.

A Technical Overview:

Infinity Swap state that they share a similar architecture to Uniswap, which was written in Solidity.  However, most of the tech has been ported to Motoko, the smart contract language used within Dfinity. The system has three different subsystems:

1. A new token standard based on ERC20 enables transfers between IC addresses.

2. A liquidity pool and factory, enabling users to create new pools and generate income from tokens deposited into the pools.

3. A bridge contract with the aforementioned pegged token.

Infinity Swap envisages their users creating pools and liquidity for the ICP-ETH pairing in addition to tokens from many other projects that will emerge from the Dfinity ecosystem. Finally, a gateway application similar to Metamask will allow other developers to interact with their token standard.

Why build on the Internet Computer?

The Infinity Swap team were extremely impressed by the strong leadership shown by DFINTY, which has enabled them to build perhaps the most sophisticated blockchain project in the space with features that are unique to its own ecosystem.

Infinity Swap nod to the incredibly talented team at DFINITY, specifically naming Jens Groth, who invented a commonly used arithmetic circuit for SNARKS, as well as Andreas Rossberg. He has recently won widespread acclaim for co-designing the Web Assembly Virtual Machine at Google, a technology that will become the base layer for all future web applications.

Additionally, the use of sophisticated key generation algorithms to create true randomness on the blockchain, achieving an impressive 100X throughput compared to Ethereum, as well as subnets with their own keys are innovations as well as perhaps most importantly, the solution of cross-chain scalability and communication- something that other blockchains have always struggled with is what truly impressed the Infinity Swap team and made them decide that this was definitely the right space for their project.

Infinity Swap Timeline

  • End July: Front-end interface to go live (beta).
  • Early August: Create and Transfer Tokens.
  • End August: Stake and Swap ICP.
  • Early September: Use Ethereum bridge contracts.
  • Early October: Improved staking for ICP.
Killer features will be released in late 2021 that are currently in stealth mode.

Token Sale Details

  • There will be an airdrop plus an ICO.
  • Infinity Swap will accept Ethereum, ICP, and potentially Bitcoin and USDT as well as possibly accepting fiat currencies in the future pending KYC and regulatory constraints.
  • Investments from private institutions will be considered by the team as long as the private community is not prevented from also investing.

More details will be released later on.

This all certainly sounds extremely promising for those involved with ICP and the Internet Computer!

For now, you can stay updated by signing up to the Infinity Swap newsletter, joining the Telegram group, and following them on Twitter. It would also be beneficial to fill in the community survey.

Here at the Dfinity Community, we wish Infinity Swap the best of luck in what we know will be an enormously successful project!

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