The Future of Optimised Swapping is Here!
Try it yourself https://beta.firebird.finance/
DeFi Swapping, Improved
Firebird has always strived to provide the best possible swap rate to its users. To achieve this, we integrated over 140 dexes across 10 different chains with even more being added as we speak! From standard UNI v2 dexes, stableswaps like Curve, WOOfi, Balancer and their friendly fork BeethovenX to GMX, MetaVault, Solidly and UNI v3, Firebird has always made sure to integrate the most optimal liquidity no matter the source. However, as DeFi evolves, more and more innovative applications rise to challenge the rest. And today is no different as we move to the next chapter of swapping and overall improvements!
RFQ support— What This Upgrade Brings
First of all; and of paramount importance, this upgrade brings support for a set of products that utilise RFQ style pricing models for decentralised exchanges and other DeFi products. RFQ (or Request for Quote) applications are extremely efficient since they take advantage of some clever methods that make sure crypto swappers get really good rates and low slippage.
➥ RFQ liquidity is only available to those using the application directly or using an aggregator like Firebird that has the API capability to offer their users this liquidity as part of their swap.
➥ RFQ has MEV (Maximal Extractable Value) resistance by reserving the liquidity each user has been quoted for as part of the smart contract.
➥ RFQ is extremely efficient because each quote provides customised pricing on a per user basis dramatically reducing slippage.
Expanding the Firebird API
Starting today, the new and improved Firebird swapping will be available on Arbitrum, Avalanche, BNB chain, Ethereum, Polygon, and Optimism while the rest of the chains will be upgraded as new RFQ dexes are integrated. Since the integration of RFQ style apps required the use of an API, it made sense to expand the Firebird API to those chains that are utilising this tech first.
When we are sure that the integration is stable, the API will be opened to public along with examples of code, so users that are more programming savvy can utilise API v2 to take advantage of use cases such as arbitrage and trading bots, while projects can benefit by improving their use of Firebird via the api by super-charging their swaps with the addition of RFQ integration and more.
Integration of Hashflow
Our first integration of this style DEX will be Hashflow. Thanks to taking advantage of RFQ, Hashflow liquidity will have low to zero slippage and protection from MEV. This furthers our core mission statement of making sure our users get the best crypto swaps they possibly can, whilst bolstering security.
Hashflow was founded in 2021 and has grown significantly by offering a solid product through turbulent market conditions ultimately earning their team significant respect in the DeFi space. Hashflow also supports multiple chains similarly to Firebird which means our users can look forward to this swapping efficiency all whilst chain swapping for the latest and greatest DeFi degeneracy.
Below is a quick example of a swap that takes advantage of our Hashflow integration. Due to arbitrage opportunities, a swap on Firebird is able to take advantage of price discrepancies even in stablecoins to make sure the best rates possible are being offered.
The reason we are opting for a separate beta site is to keep a close eye on the integration and to make sure we are and remain as efficient as possible. After we are happy with the optimization we will move over to the usual swap domain.
The best part of this integration (and the ones to come) is that this will always be transparent to our users. Whilst our number one goal is to keep innovating in the aggregation space, making sure swapping tokens is seamless, efficient, quick and easy is a close second.
The Future of the Firebird
The addition of RFQ dexes will give Firebird a competitive advantage — expanding on our core goal to give to our users the most for their hard earned tokens.
After a period of monitoring the stability of current integrations, our next chain to fully deploy on will be Ethereum (which can also be used and tested via https://beta.firebird.finance/swap). And as always, we will remain on the lookout for strategic integrations on existing chains to make sure we stay the best choice in aggregation.
While the current market took its toll on the vast majority of projects, dedicated teams like ours use it as an opportunity to keep on building and improving. As the end of this year approaches we can wholeheartedly say we are proud of what has been accomplished and excited for the future of Firebird!
Swap crypto and see how much this integration of Hashflow has improved Firebird now
Q — Do I need to do anything differently to make sure RFQ liquidity is being considered when I swap on Firebird?
A — No. Let Firebird worry about the complexity — just swap as normal, but on the beta site here: https://beta.firebird.finance/swap
Q — I notice that Hashflow isn’t appearing in the routing of my requested swap — does that mean Firebird isn’t optimised?
A — Not at all. Sometimes other projects reduce fees or have deeper liquidity at times. This is what makes Aggregation so important.
Q — Will I still get $FBA rewards when I swap on the beta site?
A — Yes!
Q — Can we still use the original API on chains that don’t make use of RFQ yet, like FTM and CRO?
A — Yes! And as these chains deploy these applications, we will update the API accordingly
- UNI v2 — The grandfather of DeFi, Uniswap, version 2. Uniswap v2 is the first production release of Uniswap that allowed users to create a market for and swap tokens in a completely decentralised manner.
- UNI v3 — Uniswap, version 3. This upgrade allowed the use of concentrated liquidity. Users that could provide liquidity as part of a pool that could only be utilised at certain price ranges.
- MEV — Maximal extractable value (MEV) usually refers to the maximum value (of tokens) that can be extracted from swaps by including, excluding, and changing the order of transactions in a block. (i.e front running innocent swaps by introducing more efficient ones).
- Arbitrage — most often refers to capitalising on profits via taking advantage of a trade of the same asset (or token) when the price is different in two or more separate markets
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