Minswap recognizes and embraces the many design challenges that come with working on new, cutting-edge blockchain solutions. Such a paradigm shift often requires innovative thinking and contending with difficult issues along the way. However, we believe that persistence in solving these challenges will be well worth the effort. The potential cost, security and scalability advantages of Cardano’s eUTXO model and Haskell-based smart contracts are exceptional.
In this article, we will outline the approaches we have explored, their respective trade-offs, why we launched our testnet without one, and the solutions we will implement in the short-term and long-term. We will also openly disclose additional challenges deploying on a real blockchain and how we intend to tackle them.
In DeFi engineering, it is often needed to have a global view on all liquidity or total token supply to determine actions that optimize capital efficiency. Many DeFi ideas are only possible in accounting-style smart contracts. That is why we came up with a novel way to execute accounting-style smart contracts multiple times in one block, without sacrificing decentralization.Laminar
Laminar, from Latin lamina or “slice, layer”, to signify the smooth and parallel flow of liquidity. Laminar is a batching protocol design that:Can scale indefinitely as transaction limit allows, without any parameter update. Is upgradable and composable without hard-fork or liquidity migration. Is functional on Layer-1 eUTxO chains. Designed to be resistant to MEV. Is decentralized and resistant to DoS. Provides side income to SPOs. Doesn’t require changes to the underlying accounting-style smart contract. (Which means that developers can iterate and launch their MVP contracts without worrying about making it concurrent out of the gate.)
SC[i] is smart contract at state i
U[i] is user i’s...