Makiswap: A Bento Box for your Crypto Cravings
Introduction
When we crave food, we go for restaurants that serve it all: variety, ambience, and a friendly face that makes us comfortable staying there. When we trade crypto, we expect the same service from our platforms. Crypto shouldn’t be intimidating.
Platforms like Uniswap and Pancakeswap, centered on Unicorn and Pancake designs, respectively, make trading much less intimidating from crypto’s robotic reputation. As magical or delicious as they sound, they are actually built with highly advanced algorithms that can perform complicated tasks. New platforms are popping up, following the trend of providing a friendly face in front, with complex architecture behind it.
Makiswap
Introducing Makiswap, an Automated Market Maker DEX and Yield Farming platform themed after the Japanese food favourite. Makiswap was conceived and developed by the Unilayer team to be a foundational piece in the Huobi Eco Chain (HECO) ecosystem. This will be another product of the well experienced Unilayer team. The platform is set to seamlessly integrate other Unilayer DeFi tools as well to HECO, offering a whole suite of DeFi to this new and upcoming network.
Going into their website, Makiswap doesn’t look like an overly-technical platform. Their tagline: “Everybody can be a chef with MAKI!” is right on the front of their homepage. It alludes to the belief that anybody can trade easily, and cryptocurrencies shouldn’t be intimidating.
The $LAYER
Makiswap is powered by Unilayer [$LAYER], a DeFi multi-chain solution. Built on top of Ethereum, Unilayer handles smart contract transactions and provides a whole suite of tools for traders. The platform operates on Uniswap as code logic, and succors users on liquidity operations.
To hype up the arrival of this new platform, Unilayer is bringing the Makiswap Snapshot airdrop, where they will release an NFT titled “World Tuna Day” on 2 May 2021, 5PM ET. Users will be able to claim the NFT at 1ETH, while 42 holders of the first edition “Unilayer Dragon” have the privilege of claiming the NFT for free. Meanwhile, holders of at least 500 LAYER tokens can claim the airdrop at a rate of 1 LAYER = 0.25 MAKI, with a total of 5,005,574 MAKI to be claimed.
The Huobi Eco Chain, or HECO for short, is a relatively new player in the Layer 1 blockchain networks space, just launching last December 2020. Its parent company, Huobi Global, is already a trusted exchange platform with millions of users across 100 countries, giving HECO potential as an integrated multi-chain project. HECO is a public chain where developers can build on for seamless compatibility between chains, and allows for yield farming capabilities.
Ecosystem
Makiswap features a simple, friendly design that makes the user feel comfortable trading. Under the cute cartoony interface, however, is a complex series of algorithms that allows Makiswap to perform any DEX transaction with enough liquidity.
TRADE: As a trading platform, Makiswap is fully decentralized and permissionless. Virtually any token can be easily added into its pools, as long as liquidity is added into the Makiswap platform.
TOKEN SWAP: It’s process takes a page from Uniswap, so users already familiar with the latter won’t have a hard time adjusting to Makiswap’s interface. This will bring tons of liquidity to the HECO ecosystem. Liquidity providers will get 0.2% as transaction fees.
LIQUIDITY: Speaking of liquidity, anyone can be a LP as long as they add HT/TOKEN into the liquidity pool. LP Rewards are an attractive way of earning passive income through the platform. But always beware of Impermanent Losses.
YIELD FARMING: Farming in real life may not be as lucrative, but farming in Makiswap provides benefits for users such as:
Each block: 16 MAKI
Blocks a day: 30,000
Total MAKI a day: 480,000
UNILAYER TOOLS INTEGRATION: The team behind Makiswap aimed to have all Unilayer tools in one platform to improve HECO, and to make trading simpler for novice and experienced traders alike. By integrating Unilayer’s advanced trading tools onto Makiswap, the platform becomes an investment buffet for traders.
Unilayer Trading Tools (to be added later on)
Trading tools make investments easier to transact and manage; hence, Makiswap hosts a multitude of advanced tools available at a trader’s fingertips. All these tools are powered by Unilayer, in aims to provide a robust trading experience for all users:
Limit Orders: A user can determine the highest or lowest price they are willing to trade, and the limit order algorithm will perform the exchange if the token’s last price is better than or equal to the limit order. This give traders more flexibility with entries and exits.
Stop-Limit Orders: Stop orders initiate new positions by allowing the user to set a specified price at which only then will the trade commence. Investors often use this feature to protect profits or limit losses by ensuring an agreeable value is set for their exchanges.
Real-time Analytics: Investing is a rapid-fire game, and this is especially true for the 24hr market for crypto. Makiswap uses already-trusted sources to present accurate real-time analytics. Unilayer and HECO’s principal, Huobi Global, are trusted sources for information and use advanced tools to measure data.
Order Books: Asset auctions are made more fun with Makiswap’s cute interface; but to keep everything organized, order books are used. Order books show the outstanding trade orders for an asset, including bid and ask prices.
NFTs: When Unilayer airdropped Makiswap NFTs for $LAYER holders, users knew the platform could be used to crypto’s upcoming trend: NFTs. Indeed, NFTs provide digital artists with an avenue to add value into their works, which is why NFTs have become so popular. Though news broke out that the NFT bubble had burst last week, loyal users continue to support this asset type as it still thrives in its own crypto space.
Tokenomics
There are two ways to get $MAKI besides private sales: (1) Though the aforementioned Unilayer Airdrop, or (2) Though the DAOmaker Strong Holder Offering (SHO). Their Seed SHO aims to fundraise $100k, with $5k community round, at a price of $0.06/MAKI. Adding to the previous Private Rounds and Seed Round, MAKI is set to raise a total of $1,688,000.
Similar to other AMM platforms, there is no max supply for $MAKI, but DAO will have control over emission rate, to which the community may make changes as the token progresses. Token Allocation are as follows:
SEED ROUND ($0.02/MAKI): 4.25%
PRIVATE ROUND ($0.075/MAKI): 9.15%
PRIVATE ROUND 2 ($0.06/MAKI): 1.22%
SEED SHO ($0.06/MAKI): 0.76%
AIRDROP: 2.28%
LIQUIDITY PROVISION: 2.28%
BLOCK REWARD: 80.04%
*81.25% FARMS
*9.38% BURNS
*9.38% TEAM
With an average block time of 3 seconds per block on HECO, block rewards can effectively go up to 158,766,240 MAKI per year excluding burns. As for Token Swaps, a fee of 0.2% is required, where 0.17% goes to shared liquidity pools, and 0.03% is distributed to the Makiswap Treasury.
The Competition
UNISWAP: Uniswap is a decentralized exchange protocol for cryptocurrency trade. The platform makes use of smart contracts to transact tokens on the Ethereum blockchain. It is one of the most widely used applications for crypto trading, and is where Makiswap was based on as code logic.
PANCAKESWAP: Delicious as it sounds, Pancakeswap is the leading decentralized exchange platform on the Binance Smart Chain Network. It is widely used for passive earning as the platform’s rewards program incentivizes its usage with tokens.
Both Uniswap and Pancakeswap have been long-established in their blockchains as the leading DEX for token transactions native to their respective blockchains. MakiSwap aims to be the
Partnerships and Recognition
What brought attention to Makiswap in recent news was their feat of raising USD 1.4M from big-time investors. An early backer, Inclusion Capital, had been following the project since development, and led the oversubscribed round. Investors pooled in with Seed and Private Funding that led to Makiswap gaining traction within the crypto space.
Among their partners is Exnetwork Capital, a blockchain focused incubator and investment fund, and DAOmaker, the governance-tech giant with a reputation for funding projects with data-supported potential. Other participants include LD Capital, Kenetic Capital, NGC Ventures, Polygon Network, Xend Finance, AU21 Capital, and Momentum 6.
Conclusion
Makiswap made its way to the crypto bucket list with its well-earned hype, and data-driven prospects. Bridging together fun with finance proves being stoic isn’t a requirement for financial education and freedom. It is built by an experienced team and plans to be a staple of a fledging new blockchain network in HECO.
The plan and roadmap is there as well as the backers. Only time will tell how big Makiswap can get. Whether you believe Makiswap will make its place as an integral part of the DeFi landscape, or stay just as a niche, we can all agree that the platform’s launch is something to look forward to. Either way, let this maki roll.
