Chainflip (FLIP)

What Is Chainflip?

Chainflip is the next generation cross chain DEX that allows users to trustlessly swap any crypto from different blockchains without the need of special software/wallet, collateral, synthetic counterparty asset or wrapped/pegged token. Chainflip essentially brings the seamless and intuitive Uniswap swapping experience beyond just the Ethereum world.

Chainflip Unique Features

What problem are you solving?

The problem with most major DEXs is that they only support ERC-20 tokens or wrapped tokens, which means that a large volume of non-Ethereum native assets are left aside. Users are forced to use centralised exchanges when they want to switch from one blockchain to another.

Chainflip will become the go-to solution for cross-chain swaps.It’s permissionless, easy to use, and decentralised. We think it’ll actually be far superior to a centralised exchange. If you ever used Shapeshift back in 2017, you already know how good it’ll be.

Roadmap

Validator Network Testnet (Soundcheck):

The testnet validator network will be the first public release from the Chainflip Labs team. It is the first step on the road to establishing a solid and secure foundational layer, upon which the swapping functionality will be built. This phase will include an incentivised testnet program where users will be rewarded with $FLIP tokens for completing specific tasks and objectives.

Token Launch (Liquidity Bootstrapping Pool):

The Token Generation Event (TGE) for $FLIP tokens will occur alongside the launch of the validator network. The TGE will be in the form of a Liquidity Bootstrapping Pool (LBP) on Balancer. This will be the first time that community members will be able to purchase $FLIP tokens. In preparation for the LBP, users can familiarise themselves with the process by reading the following resources. Building Liquidity into Token Distribution. Oxen Service Node Airdrop Program participants will receive their $FLIP tokens as soon as possible after the conclusion of the LBP.

Validator Network (Sandstorm):

Alongside the TGE, we will be releasing the live validator network, also known as ‘Sandstorm’. Sandstorm will be fully functional and ready for public release before the TGE. Once the first auction is completed successfully, rewards from staking will start. At this point, the network layer will become entirely decentralised and autonomous. Sandstorm does not have any swapping functionality enabled.

AMM Beta:

Following Sandstorm, we will be releasing a beta version of the swapping functionality. The Uniswap V3 style automated market maker (AMM), will be known as “Ibiza”. This is the first time community members will be able to see the swapping interface, add liquidity to the AMM, and execute permissionless cross-chain swaps in a test environment. Ibiza sits ‘on top’ of the validator network, which is why this sequencing is necessary.

Product Launch (Berghain):

Following successful Ibiza testing, we will release the live swapping environment. The live release of the AMM will be referred to as ‘Berghain’ because the party will have well and truly started. The future goal is to support as many layer 1 chains as possible, however, it is difficult to determine the exact chains that will be immediately supported at product launch.

Chainflip Token Economy

Fees and burn

→ FLIP tokens are used for fees when swapping on the platform. Every swap results in buying and burning FLIP tokens. Every swap will result in automatic buying and burning of a small amount of FLIP tokens through the liquidity pool system, without the user needing any FLIP tokens themselves.

Vault collateral

→ FLIP is used as collateral for validators. Validators require large stakes, earn rewards from the block reward, and maintain the state chain for Chainflip and the requisite daemons for supported coins.

Governance

→ Users will be able to stake their unlocked FLIP tokens to participate in on-chain governance & dynamically select optimal values. The community approves changes in the project towards the best courses of action for token economies over time.

Detailed Token Metrics

Updating…

Token Distribution

Project: 44,44%

LBP Launch (IDO): 7,1%

Main Round: 13,33%

Series: 3,9%

Sapling Round: 7,37%

Seed Round: 8,57%

Pre-seed Round: 5,62%

Foundation sale: 9,67%

Token Release Schedule

Team Members and Advisors

Mechanism Capital, AU21 Capital, Blockchain Capital, Egirl capital, D64 Ventures, CMS Ventures