Note: For the latest on the future of Chainflip and the next evolution of the Loki Project, read our project update.
The ball is well and truly rolling for Loki and DeFi, and we’ve got even more exciting news to share with you.
Blockswap is rebranding to become Chainflip
That’s right! An even fresher look for a fresh new project. Blockswap is now Chainflip. We know you’ll all be keen to check out Chainflip’s refreshed visuals, so head on over to Chainflip.io and check out this tweet to see the ocular spectacular!
The team behind everyone’s favourite upcoming cross-chain swapping service has made the decision to change Blockswap to Chainflip. Although we were fans of the Blockswap name, the team ran into some unexpected competition for the Blockswap domain and SEO namespace, and so was unable to carve out enough dominance to really make Blockswap stand out. The team always intended to overhaul the Blockswap branding closer to launch, so instead of simply overhauling the visual design, the entire brand has been recreated under the Chainflip banner with a strong new identity. This will help the Chainflip to stand out against the backdrop of other DeFi projects.
Because Chainflip is yet to launch and still only beginning to build its brand, now is the perfect time to change the name and brand to something much stronger and unique — it costs very little and stands to make it easier to educate the ecosystem about the product. This is the start of the next chapter for Chainflip — we think that with this new identity, Chainflip stands a much better chance of being adopted by the DeFi community as it is rolled out.
The Chainflip team is bringing wLOKI into the fray
As you’ve probably already heard, a wrapped LOKI token called wLOKI will soon be available for trading on Uniswap! Uniswap is the talk of the DeFi town, so it makes sense for LOKI to join in on all the unicorn-based fun. As we explained in our announcement, wLOKI makes it easy for people in the Ethereum DeFi ecosystem to join the Loki community.
While we’re huge believers in the future of cross-chain asset swapping, it’s still valuable to connect Loki with existing DeFi infrastructure. wLOKI connects Loki to Ethereum’s established ecosystem, provides a new Loki onboard, and gives you an opportunity to earn some extra LOKI. Win-win-win.
That’s right — you’ll be able to earn LOKI by providing liquidity to the wLOKI/USDT pool on Uniswap. This incentive scheme is provided by the Liquidity Fund being created in the upcoming Salty Saga hardfork, due early next month. Details on the incentive scheme will soon be available directly from the wLOKI bridge, which is nearing completion. This will enable you to swap your wLOKI to LOKI, and your LOKI to wLOKI, all from the Chainflip interface.
How will liquidity incentives work on Chainflip?
In case you missed it, we recently wrapped up a Loki Request for Comment discussing changes to the Loki block reward. For the next 6 months, 6 LOKI per block will be directed to the Chainflip liquidity reward fund.
With a 2-minute block time, this is 4,320 LOKI per day, or 30,240 LOKI every single week. Clockwork. This is a significant reward fund up for grabs, which will be used to ensure liquidity is attracted to pools on Chainfip. Liquidity mining is an essential component of guaranteeing Chainflip’s success, and the development of the infrastructure to allow for it in this new cross-chain context is underway.
To infinity, and beyond!
The road ahead is very exciting for Loki. Crypto needs a decentralised way for tokens and coins to flow seamlessly across chains. Currently, a huge part of the crypto world is cut off from DeFi. This is a whole lot of untapped potential, and Chainflip and wLOKI are set to unlock it.
We’re extremely energised by the latest developments for Chainflip and wLOKI — hopefully you like the new Chainflip branding as much as we do, and stay tuned for further updates!
If you’d like to talk about Chainflip, follow its Twitter account or jump into the Loki Community Telegram.