This summer, we have seen users leave Ethereum in droves due to congestion problems. Many of them headed for other EVM chains, while some explored completely different alternatives. A steady stream of new users every day has become the new normal in Tezos, both for NFT platforms and for the growing DeFi ecosystem.
The SEXP team has been relentlessly working to ship our next product -- Synth Swap. Our first product, SEXP Binary Options, passed a security audit and we are expecting to launch on mainnet shortly after our public sale.
Some of you might be wondering: WEN SALE?! We expect the sale to happen in the second half of September. Before the sale, we are going to have an interactive testnet demo of Synth Swap, which is nice for several reasons. It gives people the chance to try the product and see for themselves how convenient it is to trade without worrying about price slippage or limited volume in less popular pairs. Another benefit is that a good product is a great marketing tool. While a product doesn't work as a marketing strategy by itself, coupled with the active and energetic SEXP community, it's a great boost to everyone's promotional efforts.
We are also working on a referral program for the public sale, to complement our strategy. The referral program is explained in its own article, but the gist is that both the SEXP ambassadors and the contributors they refer get more tokens based on the value of their contribution.
Contributing to the public sale is going to be possible on Tezos and several other chains. We hope to bring a significant number of new users to Tezos DeFi as a result.
Enough about the sale. Coming back to the product side of things, we have made several improvements to SEXP Binary Options. We switched to a new indexer API, and the app is now much faster than before. Still, the product can be a little complex for new users.
When designing Synth Swap, we have been especially careful to keep the user experience as simple as possible. Traders need not worry about slippage settings, front-running robots, transactions failing due to congestion, low volume or any of the other common problems that people run into on Uniswap. With SEXP Synth Swap, you simply choose which assets to trade and click "Swap", that's it.
So, is Synth Swap just for traders? Hell no. You can easily stake your SEXP and mint synths. Trading fees are then split among the minters based on how much they minted. Make sure to keep your collateral ratio above the required limits however!
Users of DeFi projects on Ethereum have been suffering from high gas fees for a while now and SEXP Synth Swap is a perfect solution to their problems. Decentralized, secure and with affordable fees. Our tests suggest that minting and burning synths on Tezos with the Granada protocol costs only about 0.04$ in gas fees. Trading is even more economical and costs less than 0.01$.
Did we have to make any compromises to get these results? No, Tezos is just more scalable due it's Proof-of-Stake nature. In fact, while Ethereum developers are trying hard to migrate Ethereum to a Proof-of-Stake system, Tezos already has one and it's been working great since the 2018 launch. The protocol upgrades that further reduce costs and ensure that Tezos always has the technological edge are just the cherry on top.
The future of SEXP and Tezos is bright, and there is much more to come. We would be delighted to have you along for the ride.