Project Highlights
RunicSwap is a decentralized exchange (DEX) built on the Internet Computer (ICP) blockchain, facilitating the trading of Runes alongside other assets like Bitcoin. Using decentralized liquidity pools, RunicSwap empowers traders with a secure, transparent, and efficient platform for DeFi activities. The project addresses the need for decentralized trading and liquidity provision for Runes holders, Bitcoin users, and future token integrations. Target users include DeFi enthusiasts, traders, and developers looking to list tokens in a decentralized ecosystem.
Web3 Advantages
RunicSwap is inherently decentralized, eliminating intermediaries and providing direct access to trading pairs. Unlike Web2 exchanges, RunicSwap ensures user control over funds and leverages blockchain transparency for fair and tamper-proof trading. The integration of Bitcoin wallets via ic-siwb
and decentralized technology positions RunicSwap as a robust Web3 alternative to centralized exchanges.
How It’s Built
RunicSwap is developed using Rust for canister smart contracts on the ICP blockchain. It leverages:
- Rune Indexer: Developed by Omnity Network, this tool (available here) is used for efficient indexing of Runes-related data.
- ic-siwb: Provides user authentication, enabling support for major Bitcoin wallets.
- Backend Canisters: Built in Rust to handle core DEX functionality, including trading and liquidity pool management.
Current Supported Trading Pair:
- Bitcoin and Runes.
Future Pairs:
- Next: ckBTC integration.
- Planned: Ethereum (ETH) and Solana (SOL).
Internet Computer Superpowers
ICP’s unique features are pivotal to RunicSwap’s capabilities:
- Direct Bitcoin Integration: ICP canister technology allows direct Bitcoin blockchain transactions without the need for bridges or wrapped assets.
- Cross-Chain Compatibility: Chain Fusion technology supports seamless future integration of assets like Ethereum and Solana.
- Secure User Authentication: The use of
ic-siwb
ensures secure and seamless login experiences for different popular Bitcoin wallet.
Go-To-Market Strategy
RunicSwap plans to attract users through:
- Incentives: Liquidity mining rewards, referral programs, and trading competitions to encourage adoption.
- Community Engagement: Collaborating with ICP ecosystem projects, Runes communities, and other blockchain initiatives.
Monetization
RunicSwap aims to maintain a decentralized and community-driven approach. Monetization strategies include:
- Transaction Fees: A small percentage of trades will be collected to sustain the platform.
Status of the Project
Current Progress:
The first Minimum Viable Product (MVP) of RunicSwap is complete, including the core backend functionality and initial support for the Bitcoin and Runes trading pair. The project is now awaiting Testnet4 support for the Rune Indexer to deploy the platform for test users and gather initial feedback.
GitHub Repositories:
Future Plans
- Integrate ckBTC as the next trading pair.
- Expand support for Ethereum (ETH) and Solana (SOL) using Chain Fusion technology.