The 1st DEX that integrates spot and derivative on Binance Smart Chain
SheepDex is the first DEX that offers concentrated liquidity in the Binance Smart Chain (BSC) ecosystem. It integrates spot and derivative trading, which is first seen on a DEX. SheepDex will help liquidity providers (LPs) and traders to maximize capital efficiency and earnings by introducing several innovative features that are not yet available on other DEXs in the BSC ecosystem, such as concentrated liquidity, multiple fee tiers, range orders and a triple-incentive mechanism.
Our Goal
SheepDex aims to be the Binance in DeFi.
SheepDex will concentrate liquidity on BSC and provide you with the most ‘CEX-like’ trading experience — — a clear interface, fast transactions, enough market depth and comprehensive features including both spot and derivatives.
Why do we need SheepDex on BSC
Compared with other DEXs on BSC, where an LP’s liquidity is evenly distributed within the price range from 0 to infinity. But as we all know, the majority of transactions only occur over a certain a period of time within a certain range, which means that a lot of the funds are never used during the transactions. Especially with stablecoins, more than 99% of the liquidity is never used. LPs’ capital couldn’t be fully used for profit.
Uniswap has first launched its V3 AMM, which allows LPs to provide their capital to the customized price ranges. However, ETH’s high gas fees and low transaction speed are a pain for many. These obstacles provide opportunities for other smart chains, such as BSC, which has experienced a huge boom in the past few months.
It’s cheaper. It’s faster. It makes SheepDex more user-friendly.
How can you benefit from SheepDex
SheepDex offers: concentrated liquidity, range orders, multiple fee tiers, and triple incentives including LP transaction fee refund, yield farming and transaction rewards. Simply put, you will earn more with SheepDex .
There are multiple ways for you to participate.
1. LPs & Yield Farmers:
Provide liquidity to a customized price range
SheepDex allows you to determine your own market-making strategies. If you believe that the price of a trading pair will only fluctuate within a certain price range, you could just provide all your capital to that range, instead of (0, ∞). This is especially suitable for stablecoins pairs, as their price fluctuations are usually small.
This way, you will earn more transaction fee refunds as LP rewards, as most transactions happen in this very concentrated range. Besides, with yield farming available, you will still get passive income even if there’s no transaction in the range where you added liquidity.
What’s more, SheepDex provides you with three fee tiers: 0.1%, 0.2% and 0.5%. Through different fee tiers, you could get more benefits if you take on more risks of impermanent loss, and vice versa.
Provide liquidity with a single token
On other DEXs, you need to provide two tokens at the same time for market making. On SheepDex , you can provide only one, as long as the price range is above or below the current price, thanks to the range order feature.
When the market price enters a specified price range, one asset will be sold to another along a smooth curve. You can use this feature to buy the dip or take profit. At the same time, you can also earn rewards during this process.
Provide liquidity to the full range
You can still set your range to (0, ∞), just like on other DEXs, quick and easy. You will get less LP rewards in this way though.
2. Traders
Slippage is one of the biggest concerns of most traders when trading on a DEX. Because of the concentrated liquidity, SheepDex has superior depth in the current market price ranges, which leads to lower slippage. Especially for stablecoins, SheepDex can even provides better depth than Curve.
It’s perfect for bulk transactions as the slippage is significantly reduced. Besides, you will also earn transaction rewards when you trade on SheepDex .
Supported Pools
BNB-BUSD
BNB-BTC
BNB-ETH
BUSD-BTC
BUSD-ETH
ETH-BTC
BUSD-USDC
BUSD-USDT
BNB-SPC
Tokenomics & Token allocation
The native token of SheepDex is SPC, and we hope it will encourage long-term token utility and community engagement
- Token: SPC
- Total supply: 90 million
- Emission: 3.5 tokens/block
Mining incentives accounting for 70% of total supply are generated with blocks; the other 30% are minted at once with 4 yer linear vesting.
- Allocation:
Transaction rewards: 25%
Yield farming: 25%
Private placement: 10%
Investor 10%
Team: 8%
Marketing: 5%
Branding: 3%
Airdrop: 2%
DAO: 2
- Deflation:
Reduced by 20% / 90 days;
25% of transaction fees, as well as incomes from other functions launched later such as IMO and Lottery, will be used to repurchase and burn SPC.
What is the SPC token used for
1. Capture platform’s economic benefits
SheepDex has set up a variety of repurchasing & burning mechanisms to help SPC token holders reap the platform’s economic benefits from just holding the tokens, as a portion of the revenue is allocated to these mechanisms.
2. Governance
SPC is also a governance token. Holders will be able to participate in the governance process to vote on key decisions of SheepDex such as protocol parameters, rewards emission schedule, token listing, and yield farming options.
3. Utility
SheepDex will launch a new feature of IMO in Q4, and users will be able to stake their SPC tokens to receive rewards in the form of partner protocols’ tokens
Roadmap
Q3 2021
Complete key features of spot trading
Develop transaction reward feature
Develop yield farming feature
Complete security audit
Launch Testnet
Q4 2021
Launch Mainnet
Launch IMO
Develop and test derivative trading
Q1 2022
Launch derivative trading
List SPC on CEX
Set up DAO
Launch Lottery
Sneak peek of derivative trading to be launched
The derivative trading of SheepDex will be another pioneer step. It offers a zero funding rate for perpetual contract trading through the vAMM mechanism, making it more cost-effective for traders to hold their contracts for a long time.
The vAMM also helps LPs to avoid impermanent losses, since no market maker is needed, while maintain 100% liquidity.
Besides, it also has a price rebase mechanism, which will provide arbitrage opportunities and ensures that the price will not deviate too much from the spot price.
With both spot and derivative trading, SheepDex will become the most complete DEX and may reshape the landscape of DEX.
Audit firms
Security is always a top priority for SheepDex . The smart contract has been audited by CertiK and PeckShield, and the team have done thorough tests to ensure the security of users’ assets.
Join Us
Website: https://SheepDex .org
Twitter: https://twitter.com/SheepDex
Medium: https://medium.com/SheepDex
Telegram: https://t.me/SheepDex
Discord: https://discord.gg/HPcTX23vPT
