Ad Infinitum
It has been said that change is the only constant in life. For Archly this is ingrained into our ethos. This is evident in the fact that we have a very fluid roadmap. Hence, this article. As we have always done since the beginning of Archly, we have pivoted in order to help effectively execute on our vision while accounting for the needs of today.
This time it is in the form of splitting DEX v2 into two releases, DEX v2 and DEX v3. We’ll dive into details of DEX v2 shortly. Before getting started, let’s discuss what was pushed into DEX v3. These features are cross-chain voting, expansion of pool types (such as concentrated liquidity pool), and a unified distribution of Arc emissions across all chains (expansion of ve(3,3) mechanics to the chain level). The rationale for the exclusion of these features is simple. They need more time to reason, design, and code up and does not empower us to change at the constant speed of the world (i.e. rapid deployments of new versions of the DEX and deployments of DEX to new chains). They do still fit into the overarching vision for Archly, so we will come back to them when the time is right.
DEX v2
Without further ado, let us dive into DEX v2. What made the cut:
- Arc v2
- Custom pool level fees
- Controls to fine tune emissions
- Flat-rate whitelisting fee
- Reduced emissions
Arc v2
Arc v2 is very similar to Arc v1. The only changes that were made were to enable more minters and the ability to pause/unpause transfers. The later feature is pretty clear and hopefully never need to be utilized. The most impactful change was to allow multiple trusted minters of Arc. This lets Arc become a truly cross-chain token. Now we do not have to maintain large levels of Arc pools on every chain to facilitate cross-chain transfers. With this we can now burn Arc on the source chain and mint it on the destination chain which effectively gives us one pool of Arc across all chains. This upgrade also allows us to now transfer veArc between chains (coming soon). Since the amount of Arc staked in the ERC20 transfer handler on the Rainbow Road is no longer a limiting factor, we can support the movement of any size veArc across chains. With the power to move Arc and veArc across chains while using the existing supply of Arc, our scale out to new chains becomes easier and simpler as well. When a new chain is added to the Archly ecosystem, Arc and veArc can move over to the new chain to take advantage of incentives being provided or support the growing of liquidity on the chain. So no need for high emissions when scaling out to new chains. The last benefit is that we can quickly iterate over versions of DEX. This means we can start working to a point where the DEX can be continuously updated will keeping the core contracts completely immutable and without upgrade proxies!
However, this upgrade does come at a cost. We will have to undergo a conversion of Arc v1 to Arc v2. The silver lining is that we will likely never have to go through another token migration again. This is a huge benefit within itself, but we have to get through the process first.
Arc v1 to Arc v2 Conversion
When you visit Archly DEX now, you will find a Convert link at the top of the page. You will just need to click this link, wait for your Arc and veArc to be updated, click the Convert to V2 button, and then confirm the transactions. That’s it. After that, all of your Arc and veArc will be available to be used on DEX v2. The only task remaining is to migrate liquidity from DEX v1 to DEX v2. For this, you can go to DEX v1 by clicking the V1 link at the top of the page, click the Pools link at the top of the page, click the Manage button, remove your liquidity, go to DEX v2 by clicking the V2 link at the top of the page, click the Pools link at the top of the page, click the Add Liquidity button, and deposit your liquidity in DEX v2. All whitelisted tokens from DEX v1 have been whitelisted in DEX v2. So you can create pools to bribe for your favorite pairings right out of the box!
Emissions
The new inital weekly emissions have be reduced from 20,000,000 (20M) Arc down to 50,000 (50K) Arc. The target weekly emissions have also been reduced from 2% to 1%. That’s not all, we now have a way to control the target emission rates. So once on-chain voting is released, all veArc holders will be able to create proposals to increase or decrease these values to tune our emissions schedule in the best interest of the Archly ecosystem. Weekly Arc emissions are still determined by the amount of Arc locked up in veArc keeping the same ve(3,3) mechanics to control weekly emission intact.
Fees
The whitelisting fee is now a flat-rate ($50 in Arc that all gets burned), which brings it in line with the fee model of the Rainbow Road. This means going forward, the price to whitelist on DEX and the Rainbow Road will remain consistent. This is not the only change to fees. DEX v2 brings with it custom pool level fees. This allow a different fee to be set at the pool level bringing even more fine-tuned fees for any pool.
What’s next?
With this set of upgrades out of the way, where does our “Roadmap” stand?
- Enable burn and mint mode for the ERC20 Transfer Handler
- Rainbow Road Service Layer
- DEX v3
- Rainbow Road Chain??? Maybe. ;)
No matter what is ahead of us, we will continue to adjust and proceed forward, ad infinitum!
It is still early.
Do you want to join us on our journey? Then follow us on X (formerly known as Twitter), join our Telegram or Discord groups, or dive into our docs to find out more.
