Decentralized Phonon Cross-Chain Swaps - A Brainstorm

Technical Discussion
1

Hello Phrens,

Let’s talk about beneficial cycles, positive feedback, tokenomics, and embracing web3 as things the DAO probably wants to do before we try to bootstrap some kind of retail Phonon presence.

This is a simple idea. But simple things can be very powerful. An image speaks a thousand words, so, to summarize:

image
image1568×452 115 KB

What we have above is a brainstorm of an idea. Here are the 5 Ws of it:

  • What: Create a decentralized cross-chain swap network that is beneficial for the PHONON token (via Proof of Stake based on PHONON) and any opt-in Lattice1 users who want to earn passive income on their Lattice1 ownership.

  • Why: Because with this we can approach the UniSwaps of the world and offer them exclusivity on the first and only truly decentralized cross-chain network in existence. This instantly adds liquidity to their network and, potentially, multiplies their liquidity and project visibility by orders of magnitude. In turn, this vastly increases Phonon’s footprint and grows our treasury, leading to the ability to do the other things we want to do with Phonon (more on that if needed).

  • When: My view: we should pursue this now. We should embrace web3 before we try to leapfrog into retail/trad-fi, or try to bootstrap our own thing from thin air and compete with e.g. Apple Pay.

  • Where: Planet earth. Ok this one is pretty simple.

  • Who: Phonon DAO in partnership with GridPlus, white hats and other technical experts, extending to a possible exclusive partnership with a big DEX.

  • How: We need to dig into the details of how this could work. It would need to be Turing-complete – basically unhackable. We would want to enlist white hats to tell us where it works and where it doesn’t. How to implement it. What the attack surfaces are and how to eliminate them. This would take a coordinated effort from a DAO working group (or multiple groups).

I firmly believe that if we developed and offered the above solution it would be the most significant achievement for Phonon to date, and possibly forever.

Thanks for reading…
Phononymous

2 Likes
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Gotta say i do love this for several reason:

  • Phonon - Lattice integration.
  • Defined Market Segment
  • The absolute Nerd mechanics of it all.

In regards to:

  • How : Right off the bat I can see a few different ways of pulling this off(80% of them involve @nate elling me I’m completely off my rockers and should probably be medicated.)

Regardless, @nate please check this out. I’ll DM you further details as to how i think we can pull this off.

1 Like
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I like the idea, love the use case.

What is Lattice1 Proof of Stake?

In my mind, the heavy lifting here would be within the exchange, basically the “a match is identified” step actually has a good deal of complexity in terms of how user’s connect card to it, how they provide liquidity, and how a user provides approval to their client to perform potentially automated actions instead of interactive ones. Also the actual order book implemented to do the matching.

Would love to see a group within the DAO take a crack at designing the exchange/uniswap integration. I think the scope of this is too large to add onto the core development roadmap atm, but I’d be happy for myself and the core dev team to make ourselves available to provide feedback on the design and to derive requirements to filter back into the core protocol APIs to support use cases like this.

2 Likes
4

Maybe I have tunnel vision but I think “posted phonons” could be part of the solution. Both parties create posted phonons for eachother and send them to the Lattice1 staking network

1 Like
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Lattice1 PoS is how I’d envision we involve the PHONON token. Staking PHONON to become a node in the cross-chain swaps back-end.

Honestly I just want to involve the Lattice1 in some kind of beneficial feedback loop. So I’m gonna throw random ideas out there that maybe don’t even make sense. In hopes that one sticks.