All the pieces are now in place to create an ultra low cost version of UniSwap. One that only consumes ETH gas fees upon entry & exit. Has zero slippage regardless of trade size. Where swaps cost only $0.001 USD
If you are a front end / full stack developer reach out and join the community on this Discord: https://discord.gg/uFZbVRU
Steps For Entering
- User deposits ETH / via MetaMask in the smart contract.
2. Those ETH are swapped for wrapped pUSD tokens, on Uniswap.
3. Those wrapped pUSD tokens are moved through the gateway to PegNet version pUSD.
4. The app converts the PegNet version pUSD into what ever tokens the user wants. The user can stay in the applications doing swaps for only $0.001
Steps For Exiting
1. When a user triggers a withdraw, all of the user’s pAssets on PegNet are converted into pUSD.
2. The resulting pUSD is moved through the gateway over to Ethereum version pUSD.
3. The ETH-pUSD are swapped into ETH on Uniswap
4. The ETH is returned back to the user.
Alternative version: If pUSD increases in value above $1.00 USD due to demand, then swap for PEG instead of pUSD, and burn PEG into pAssets.
All the other steps the same.
Only pay ETH gas fees when entering and exiting your swap positions.
Convert between tokens at a cost of $0.001 while in PegNet.
Convert with zero slippage regardless of the size of the trade while on PegNet.
The limitation to the system is it can only support major cryptos (over $500 Million in market cap) major fiats, and Gold + Silver, not smaller market cap tokens, due to its need for non manipulatable oracles. See list here of supported tokens: https://pegnetmarketcap.com/
Users can swap value in many of the same tokens on PegNet as on UniSwap at a fraction of the cost. All these steps can be put in the back end of a smart contract application which is trustless. The user interface can be a 1 click experience to enter, 1 click to swap, 1 click to exit.
Congrats now you have a scalable solution for UniSwap for the major cryptos, fiats, Gold + Silver, with a fraction of the gas fees ($0.001).