Excalibur Exchange is a Fantom-based DEX, built with a focus on sustainability, capital efficiency and supporting new projects. Sustainability has always been an issue in the DeFi space, as capital follows incentives, and incentives need to be properly configured to encourage longevity of capital; this is a big focus for Excalibur, and we do this via dynamic incentivization for long term staking and yield-generating governance token separated from liquidity rewards, amongst others. Excalibur also features highly variable swap fees and variety of other mechanisms to support new projects on Fantom.
At Excalibur, we’ve been a big fan of the Terra ecosystem and UST. After all, decentralized finance needs decentralized money. However, UST has lagged behind in the Fantom ecosystem, and we see potential for UST to gain market share in Fantom and establish its dominance in the stablecoin sector.
We would like to be mutually-beneficial partner with Terra, working closely to create heavy integration of UST at Excalibur. Integrations would have the goal of making UST the native stablecoin of the exchange and more broadly push forward UST adoption on Fantom - not dissimilar to what Pangolin has done in the Avalanche ecosystem.
- UST will be integrated natively throughout the platform - key integrations include featured LPs, preferred stablecoin presented for swaps, and denomination of dividends
- UST-pairs will feature liquidity pools with the highest incentives to attract the deepest liquidity. Specifically, UST/USDC and UST/FTM pools will be the highest incentivized pools at launch, and we will introduce additional pairs over time. Just to put a number to this, 30% of all EXC rewards for liquidity providers will be directed at LPs featuring UST.
- UST pools will be targeted to maintain the lowest swap fees in comparison to other stablecoins present on the exchange, making UST the lowest friction trading option. Our adjustable swap fee model allows for swap fees as low as 0.01%.
- Excalibur features a two token model, EXC for liquidity rewards and GRAIL, a yield generating governance token. GRAIL dividends will be distributed in UST and FTM.
- To grow the Terra ecosystem on Fantom, Excalibur will create a UST/LUNA (or liquid staked LUNA) pool with liquidity incentives from Excalibur. This pool will be launched coinciding with the start of LUNA incentive distributions and will be incentivized
- If Terra native dApps look to extend their liquidity and tokens across to Fantom, Excalibur can support these efforts.
- Links to leading bridges that support cross-chain transfer of UST & LUNA will be strategically placed on the site to simplify cross chain migrations.
- Excalibur will work with its Fantom-based launchpad partners to promote UST as a preferred stablecoin pairing option for newly listed projects.
- Given relatively low UST liquidity on Fantom, Terra community will ensure that there is sufficient liquidity on Fantom - this will allow for better user experience and ease of UST access. Some course of actions we can explore include: ensuring sufficient bridge capacity for Excalibur’s launch in the beginning of March, or ensuring there is enough liquidity in LP pools on other Fantom exchanges
- $255k of LUNA/UST incentives over 3 months. It will be transferred one week after the launch to a multisig made up of public launch partners of Excalibur. Those incentives will then be directed to time-locked stakers in the UST/FTM and UST/USDC pools encouraging deep predictable liquidity for UST.
- Commits to establishing performance metrics for supporting continued LUNA/UST liquidity incentives for pools featuring UST, including additional stable and non-correlated pools
- Co-marketing of Excalibur within the Terra ecosystem, including AMAs and introduction to Terra dApps that would like to establish a greater cross chain presence on Fantom to support collaboration
The Excalibur team is creating an ecosystem that incentives the worthy and believe their time vaults, low dynamic swap fees and alliances with Fantom Launchpads will light the fuse to make UST the dominant stablecoin on Fantom.
Please do check out our live beta deployed on the Fantom testnet, in advance of our initial liquidity event (https://beta.excalibur.exchange). Our entire code base and complete audit by Paladin are also available to review on Github.
Let me know any thoughts you guys have down below, looking forward to reading your comments and answering some questions people might have. We invite all LUNAtics to join our community.