The Afraswap and Aryacoin Team is glad to announce that the complete Afraswap launch on mainnet was completed successfully on 15th December 2021.
The launch marks the start of the innovation the Afraswap project aims to bring to the world of Decentralized Finance , which is educate and allow existing and new users towards being more financially independent by taking the advantages of the features offered by the Blockchain Technology and swiftly move towards decentralization with utmost security and safety.
Afraswap’s main goal is to let the users how to navigate the decentralized world securely due to this all our applications are focused towards security and ease of use.
AfraSwap Aggregation Protocol
As a first step towards this goal Afraswap launched with the standard AMM features that rest of the Dex’s offer but along with that any swap on Afraswap’s Interface goes through an Aggregator Router instead of a standard Dex Router , which allows the users to always get the best price of their trades securely without the need to search for best prices across different swaps.
This approach also allows the users to just do single approval to just the aggregator router which prevents users to approve their token’s allowance to many different AMM Routers. This allows users to be safe from phishing attacks run by malicious actors to gain user’s approvals for their tokens.
This attack vector has been widely exploited due to the fact that users dont understand the severity of their actions on the blockchain. But Afraswap provides a safe way to navigate this issue by removing the need for approvals to multiple AMM Routers, instead Afraswap’s Aggregator Router handles this for the users so that the users dont have to.
No Migration Code in MasterChef contract
Another step the team took to increase transparency and security for the users was to remove the controversial Migrator code from the contracts. This code is often used by malicious actors which are usually the creators and mantainers of a project to steal the funds staked by the users. This is referred to as a Rugg Pull and has happened alot of times recently with big projects causing the users to loose millions of dollars in funds but the code is still used in projects like PancakeSwap and many more.
To prevent this and any wrongdoings and to increase transparency the Afraswap team has removed this particular code so that there is no chance of any wrongdoings by the core team.
No FeeTo Code in Contract Factory and Pairs
Another code that the team removed was the FeeTo code , which is found in almost all AMM based Decentralized Exchanges present currently. From Sushiswap to Pancakeswap every Dex uses this code in their contract to enable them to take a part of the fees paid by the user thus reducing the profit for the Liqudity Providers.
As an example Pancakeswap takes 0.25% Fees from the users for each trade, from which the Liquidity providers only receive 0.17% of that and allows the rest 0.08% fees of the trade to go to Pancakeswap.
We at Afraswap believe that the liquidity providers should receive their fair share. Thus we have removed this code completely from our AMM contracts to allow the Liquidity Providers to receive the best returns on their investments.
Thus on Afraswap the AMM fees charged is 0.25% and the same amount is provided to the liquidity providers , and Afraswap does not take any part of it.
TimeLock Implementation
All Afraswap contracts will be governed by Timelock which would enforce 24hour delay for any change in the core contracts , this allows users to be aware of any planned change which is to occur in future and allows them to plan ahead their actions accordingly and also increases transparency between the team and the users. This also prevents any wrong doings by the team as all actions would be visible to the users before they are executed on chain.
The Timelock implementation itself is controlled by a Multisig Implementation which allows the team to prevent any malicious access to the timelock. The Multisig currently is 3 of 5 , which means atleast 3 members of the team need to sign the transaction for it to be queued in the timelock for execution.
The team plans to phase out the team’s role and authority completely in the future once there are enough Afraswap Tokens distributed equally between the users so that the community can govern the contract themselves without any intervention from the team.
Focus Towards Middle East
Some of the core Aryacoin and Afraswap team members are based from the Middle East so we believe it is our duty to do our part to educate and provide a medium to move towards Decentralization. Currently the adoption in most Middle Eastern countries is slow, we aim to educate the the people about advantages of using decentralized applications and the security and independence they can offer.
We also look forward to work with Government Entities to provide the users a safe enviroment to learn about the users of blockchain and bring innovation to the field of blockchain.
We believe that blockchain is the future and we want people and governments from all parts of the world to be a part of this crypto revolution , and provide equal opportunties for everyone in every part of the world to learn , build and bring innovation in the field of Blockchain.
