Vault Proposal: Firebird
Firebird is a next-gen aggregator that combines Fantom’s existing liquidity into a single, intuitive UI and currently serves around 10-15% of Fantom’s total volume at any given time.
Website: Firebird Finance
Analytics: Metabase
How Firebird Benefits Users on Fantom
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By combining many liquidity sources, those that swap tokens on Firebird benefit from minimal slippage even when swapping large amounts giving them the best rates possible
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Aggregation by design gives users some protection against sandwich/front running attacks. By allowing trades to use multiple different paths. I.e. a swap of 100,000 $USDC to $FTM will most likely be routed between multiple different DEXs and unless the attacker operates on every single pool, they will not benefit at all.
How Firebird Benefits Existing Projects on Fantom
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Firebird does not aim to compete with existing, flourishing DeFi projects. Instead, the integration process that allows an existing project to be used as part of Firebird can allow their liquidity to be used even if previously ineligible - especially in the case of very large swaps: 2 separate DEX projects could serve a single swap and each collect fees while the user gets the best possible rates - everyone wins!
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By having our native token and treasury exclusively on Fantom while serving 7 other chains, we help expose countless projects to a whole new wave of investment opportunities as well as increasing the adoption of Fantom as a whole.
Funding request
5,000 FTM per month to contribute to the infrastructure costs of Firebird on Fantom (which is currently around $10,000 per month)
How the funding will help users on Fantom
Users benefit the most when Firebird has as much liquidity integrated and tokens whitelisted as possible - ultimately allowing much more swapping power to draw from.
- This funding will go directly towards increased efforts to ‘integration’ and whitelist productivity, allowing us to ‘onboard’ projects faster which means even more swapping efficiency for existing and future users that are onboarded on to Fantom.
How the funding will help the Fantom network
Existing and new projects on Fantom benefit the most when they are quickly integrated to Firebird. The quicker this is completed, the quicker their liquidity is used and therefore their revenue increases.
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Since the funding will go towards increased integration productivity, this also massively benefits Fantom Projects as well as users.
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By alleviating some of the infrastructure costs, we will be able to expand on existing successful campaigns that allow us to further attract volume to Firebird and therefore Fantom, as well as Increased cadence of educational blogs focused on helping new users get up to speed on crypto and DeFi quickly with emphasis on Fantom.
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Having increased funding will also allow us to further prioritize Firebird’s optimisations on Fantom. This could ultimately draw more users to the network by having an even more efficient swapping experience when compared to other chains.
Roadmap
Having already been successfully running on Fantom for almost a year focusing entirely on optimizing for token swaps, we wanted to make sure we had a stable enough foothold before expanding into other aspects of aggregation. This funding will help accelerate the development of Firebird, allowing us to focus on the following features in 2023/2024 instead of worrying about infrastructure costs:
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Limit orders: The ability to utilize a powerful aggregator to optimize limit orders has been a much requested feature. Having additional funding will allow us to get to this request sooner.
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Nft aggregator: The same awesome tech that helped us succeed in token aggregation, but reimagined for NFTs
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Bridge aggregator: Never worry about liquidity again when it comes to moving large amounts of tokens between different chains
