Iceswap

Cross-chain DEX which rewards trust. We want to help users to identify legit projects before investing and reward them for reporting scams project. Project track: DeFi

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Project Track :DeFi (Both Dev. hackathon and designation).

Icetoken litepaper: https://nonstop-wrinkle-c82.notion.site/Litepaper-d6357c41f01d46a08ea4074ec09c0fad

Inspiration

Scenario: There are currently a series of DEX lawsuits happening in the US, because a lot of people is being scammed by non legit projects. Before doing any sort of investment and to avoid any rug pull, users are recommended to do extensive research in the project and team that they want to invest in. For new investors, there is a lack of knowledge on how to access if a project is legit and sources where to get this information is unknown, and still it requires a lot of work going to third-party websites, in order to find relevant information of the project. Several new users invest in dubious projects because of phishing, a centralized research place may help reduce links confusion. For non-technical users, users need to spend a lot of time learning about blockchain, which they do not want to do. Besides difficulties in understanding the technical jargon. [Some of the most prominent sources of information for crypto research are also the most likely to be misinformation spewing echo chambers. E.g. protocol/token specific subreddits, discords, or telegram channels. This further increases the difficulty of making educated decisions. ]

What it does

Iceswap is a cross-chain DEX which aims to help with identifying legit projects to invest in. We want to inform users about it and help diminish different kinds of project scams such as website phishing, rug pulls or honey pot. Each project receives a reputation score based on ice swap “security check”. The project is deployed on the Polygon network. Iceswap USP is: “Rewarding trust! Users are being rewarded for notifying or reporting projects which are not trustworthy, so Iceswap aims to increase trust among the community. Iceswap offers the same level of openness, transparency and decentralization as other public blockchains.

The scoring method, will be guided by the pre-investment research required by the investors. At a later stage, we plan to include a very detailed overview of each project. Initially, our scoring method are based on 4 several parameters such as:

  • If a token project has been reported as a scam, rug pull or honey pot.
  • If a token project has a healthy transaction volume. -If a token project has a healthy liquidity.
  • If a project has been audited.

At a later stage, will also include:

  • appropriate locked amount of locked liquidity
  • Quality of the developer team and founders. Previously successful founders with no scam history are rated higher than an unheard of non-vetted team.
  • If a token project has a healthy and engaged online presence.
  • If a token project has a fair token distribution among founders and company employees.
  • Recent publications or news
  • Whitepaper checks

As for the features set, please find below a list of the planned features: Swap: Users can swap across currencies, future: implement in different chains. Bridge: Users can bridge across chains. Wrapped token Whitelisted projects - Security check: Users can see an overall project score based in project health, trust and performance. We are using third party integrations to achieve this and reducing the overall pre-investment research time. Withdraw: Third party integration to facilitate withdraw to a bank account. Token: Iceswap has its native token called ICE token. Scam reports and research incentive mechanism to foment the collective knowledge of legit projects. Users receive a reward when they report a valid flaw, or scam project. The same way, they will be punished if reporting a project as a scam, but it turns out to be a legitimate project. It has a deflationary model: a fixed number of tokens are created. Limited supply is expected to naturally create demand.

-----Token details------ Name: ICE Deployed: Mainnet - Polygon Total Supply: 10,000,000,000 Rate: 1:1 MATIC

How we built it

The app is built in React, node.js, nexjs, infura, Run V3 library, Remix for the smart contracts open Zeppelin, We used some features from Moralis for the exchange Metamask as web3 provider

Challenges we ran into

  • To find a concise source of audited projects, we will need to combine several methods in order to achieve that.
  • To build the scoring method, we are creating a token report by combining several APIs. Until now we are gathering the following data. We had issues because some projects are not published everywhere. We are still in the process of generating the trust score based on this initial data. The information gathered from the tokens can be found here: https://docs.google.com/spreadsheets/d/19UFTb32xvpeIJC5_M1BvxZ4z0KZDDz81g7_7Gvi20BQ/edit?usp=sharing

Accomplishments that we're proud of

We released the ICE token in mainnet and provided some liquidity for it. In the best case we wanted to directly perform a transaction with the real token. We pre-define an initial scoring method based on other websites which focus on identifying scams. For the sake of the Hackathon, we reduced it to 4 different types of prove:

  • Information about the "Fundamental Crypto Asset Score" - Project health.
  • Information about the supply, distribution and transaction volume.
  • Information about the report as honeypot.
  • Information if listed as an audited project.

We plan to keep including more parameters in the scores.

What we learned

The problem statement. We learned new tools to facilitate web3 apps development. Several DEX focused on Liquidity as USP, we are trying something different aiming to the legitimacy of projects.

What's next for Iceswap

-----Future features----- Liquidity feature Report feature, users are able to report projects in exchange of a ICE token Earn rewards:We want to divide the reports types into categories Integration with further protocols Integration of the renjs-v3 library into the ice swap app, for time concerns we just left the bridge as standalone app for now" Include more parameters and databases in the score system.

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