Brightpool Decks is a decentralized trading platform, deploying on the Polygon blockchain, that enables users to place future orders – i.e. limit orders with a settlement time. Lucas Kobus, the pool master of Brightpool, stated that the platform is unique compared to traditional DEXs as it provides token rewards for traders placing orders. Kobus emphasized that the longer the settlement time, the higher the reward, and said that traders can stake these tokens for stablecoins and other tokens such as Ethereum, wrapped Bitcoin, Avalanche, Solana and Matic in the future. Brightpool Decks is set to go live in Q4 2021 after a successful proof of concept testing phase.
An Introduction to Brightpool Decks
I’m Ashton Addison from Block West Capital for InvestmentPitch Media, and on this episode of the Crypto Coin Show, we have Lucas Kobus, the Pool Master of Brightpool Decks. Lucas, welcome to the show, and thank you for taking the time to join us today.
Exploring Decentralized Exchanges and DeFi
Let’s dive into the world of decentralized exchanges and DeFi. First, can you give us a high-level overview of the solutions that you and your team have been building at Brightpool Decks, and what makes it unique?
Brightpool is a DeFi trading platform, but we say “DAGs” because it’s not exactly a DEX. There are some differences between a regular DEX and Brightpool. On a normal DEX, you can add liquidity to liquidity pools, but that’s not the case on Brightpool. On classical DEXes, you just do swaps, but on our deck, you can do limit orders. We call them future orders because you can choose your price and settlement time.
For example, if you want to buy Ethereum, you can choose the price at which you want to buy it and the settlement time. After that time, we check the price and settle the order. You take the risk because you lock the assets, but Brightpool pays you a reward at the moment of placing the order. The longer the settlement time, the higher the reward.
The Benefits of Future Orders
Dexes need to be improved upon, and the future orders on Brightpool are a great way to incentivize traders to put orders into the book and build liquidity for the deck. The revenue from orders will create liquidity for the exchange. Additionally, we share that revenue with Brightpool users and token holders.
You can stake the tokens you receive as a reward, and for staking, you will receive stable and sound tokens like Ethereum, wrapped Bitcoin, Avalanche, Solana, Matic, and more. This is an interesting staking model because it’s not an inflationary staking model, where you get more tokens. You receive revenue in stable coins.
The Development of Brightpool Decks
After eight months of development, we have a proof of concept. The demo is ready to be tested, and we are testing it now. We need some architectural changes to it, and we need a few more audits. We’ve already audited the smart contracts of our token, and the vesting contract was done with CertiK. We’ve corrected the errors found by CertiK, and there was a second audit, which was all good. We assume that we will be ready to launch around Q4 this year.
Connecting with Different Blockchains
Brightpool connects with different cryptocurrencies and blockchains. With Uniswap, you’re limited to only trading ERC20 tokens, but with Brightpool, you can trade different assets on different blockchains. We deploy our contracts on Polygon, formerly known as Matic, so it’s our primary blockchain. But we also have plans to deploy on other blockchains, such as Binance Smart Chain and Avalanche.
Overall, Brightpool Decks is more than just a simple DEX. With staking, yield farming, and other functionalities, it’s a DeFi trading platform that offers unique features. We’re excited to take the platform live later this year and bring our vision to life.