Internal discussion defining DEX smart contract looks like this:
🤓 🤓 🧐 ☕☕☕☕☕☕☕☕☕

Cool news! 👌Experienced FunC developer from Italy joined our team today. Dario, welcome on 🛹

Project
STON.fi (https://stonfi.com)

Description
STON.fi is a decentralized exchange (DEX) built on TON Blockchain smart contracts, enhanced with advantages such as low fees, low slippage, super-user friendly interface and direct integration with the TON wallet. STON.fi allows traders to exchange trier tokens at the best prices and receive a variety of rewards within the STON.fi platform

Stage
Alpha at testnet

Monetization
Trading fees collected from every transaction made on STON.fi and distributed among the liquidity providers

Highlights
Easy to use: Most simple interface. Set how much and at what price, and tap the button. Done!
Open: You do not need to sign up or open an account. You simply get access by creating a TON wallet.
Pseudonymous: You do not need to provide your name, email address or any personal information to make transactions at STON.fi.
Flexible: You can move your assets anywhere at any time without asking for permission, or waiting ages for the transfer to complete, while paying expensive fees.
Fast and efficient: Interest rates and rewards are updated promptly (up to every 15 seconds) and can be significantly higher than on Wall Street.
Transparent: All participants can see the full set of transactions (private corporations rarely provide such transparency).
Low fees: STON.fi runs on TON Blockchain, a blockchain with much lower transaction costs than Ethereum or Bitcoin, and much faster too.
Secure: STON.fi is non-custodial, meaning the developers do not have access to tokens in pools.

Useful links and our social platforms:

▪️ Official website: https://ston.fi
▪️ Telegram group: https://t.me/stonfichat
▪️ Twitter: https://twitter.com/ston_fi
▪️ Discord: https://discord.gg/bdmaGV6qUw
▪️ Reddit: https://www.reddit.com/r/STONFi/
▪️ GitHub: https://github.com/ston-fi

Please feel free to join and to follow! 🚀

A huuuuge report by Reuters on how Binance was used for money laundering. Not trying to make any point here, and ofc any tool can be used for good or bad. But, we must remember that the nature of decentralized exchanges will always mean close attention from all types of fraudsters on one hand, and authorities on the other. Hence all the possible consequences for their users 😡 (Sure, Binance is just an example and also a victim here).

That's why we are building a DEX, and believe DEXes are the true players in the decentralized world 💎

https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/

STON.fi demo launch and contest 🔥

Hey all,

We've been working hard lately, and we are very close to launching DEX. In order to be sure that everything works without a hitch, we'll launch demo first and invite everybody to assist us with testing. Some nice rewards are reserved 😉

We'll publish more details in a couple of days, but if you want to be among the first and increase your chances for nicer rewards, please submit your email address using any form at https://ston.fi 💎

What a DEX is

DEX stands for ‘decentralized exchange,’ where users can trade and exchange cryptoassets (coins and tokens) directly, with no intermediaries such as the exchange itself or a broker. Users don’t have to keep their cryptoassets at the exchange unless they want to. The blockchain fulfills the role of the intermediary and guarantor of the deal’s completion on a DEX.

In fact, a DEX is a marketplace where any person with access to the Internet can trade. And there is no need to generate accounts or obtain permission from the exchange. Technically speaking, a DEX is a set of smart contracts, or software which, when specified conditions occur (for example, when a user’s an order to sell or buy tokens is received), automatically performs the functions in its programming. No one and nothing has the technical capability to prevent a user from selling or buying tokens on such an exchange. Moreover, no one and nothing can block or cancel the user’s operation. This is what separates a DEX from the centralized exchanges (CEX).

The smart contract CANNOT fail to perform an operation or perform it in a way that differs from how the user instructed. As a rule, the smart contracts of decentralized exchanges are open-source software, meaning that any person can check the source code of the smart contract and make sure that the contract really contains only the stated functions.

As it happens, decentralized exchanges most often use Ethereum Blockchain, but new DEXs that work on different blockchains are appearing. For example, STON.fi works on the TON Blockchain. It offers a few advantages over Ethereum, such as higher speeds and practically zero transaction fees.

We will go through the advantages and limitations (which do exist!) of DEX in separate posts.

If you are a beginner and want to find out if a particular exchange is a DEX or a CEX, you can check the lists at coinmarketcap: DEXs, CEXs. You can also try to conduct an operation on the exchange you want to check. If the exchange requires you to register, it is most likely a CEX.

#stonacademy

Key differences between DEXs and CEXs

You can find introductory information on DEXs here. This post describes the key differences between the decentralized and centralized exchanges (DEXs and CEXs) briefly and in little detail.

A few examples of CEXs are Binance, FTX, Coinbase, and Kraken. A few examples of DEXs are Uniswap, dYdX, and PancakeSwap. For the full lists, see coinmarketcap.com: DEXs, CEXs.

DEXs versus CEXs

• Faster to operate as there is no need to register and no need to replenish the deposit beforehand.
• As a rule, total fees are lower, since you don’t need to replenish the deposit and then withdraw funds from it to put them in the wallet.
• Since there is no intermediary organization, there is no one controlling you.
• Since there are no KYC/AML procedures to identify the user, there is no way to check the legality of the funds’ origin.
• As a rule, there is no regulation by the state.
• The non-custodial principle means that you don’t have to keep your funds in the exchange wallet. Your assets stay in your wallet until the transaction occurs.

Does it look like DEXs have only advantages? This isn’t quite so. The lack of KYC/ALM regulations means that the fiat currencies (USD, EUR, etc.) cannot be traded on such exchanges. It also means that only crypto-to-crypto exchanges are possible. In addition, these peculiarities of DEXs often lead to the inability of institutional investors (companies, foundations, etc.) to work on such exchanges.

We won’t go into detail about what makes CEXs different in these respects; their characteristics are simply opposite to those of DEXs.

#stonacademy

Swap functionality at STON.fi DEX demo is up and running! 🚀

Please reserve your seat at https://ston.fi/demo-reserve-seat to participate in the testing contest 💎

Types of DEXs

We will examine two types of decentralized exchanges:
* Orderbook DEXs
* AMM DEX

Orderbook DEXs resemble centralized exchanges (CEX) in their interface and operational principles. Trading participants place their orders to buy or sell their cryptoassets on the exchange, and a deal is reached when the stated prices match. The transaction takes place only when there is a counter order for a transaction from another user.
Unlike on a CEX, where the exchange itself serves as the third party and is responsible for processing a transaction, the smart contract, i.e. self-executing software, takes care of this.


AMM DEXs (automated market maker DEXs), in principle, work similarly to currency exchange offices. They don’t use order books (lists of buy and sell orders). Their work is based on liquidity pools. Simply put, a liquidity pool represents cryptoassets offered by liquidity providers to perform a transaction on this kind of exchange for a small fee. Therefore, when you trade on an AMM DEX, you make a deal not with another seller or buyer, but with a smart contract, which withdraws funds from the liquidity pool and sends them over to you in exchange for your funds. In this case, the value of the assets is not determined by the wishes of the traders, but by a mathematical algorithm (naturally, you will see the price before making a transaction). This approach allows for a considerably simpler interface and process – to the user, all of this looks like a regular currency exchange office, when in fact there is a complex set of smart contracts matching the cryptoassets, evaluating their prices, and so on. STON.fi is an AMM DEX.

#stonacademy

What is a seed phrase?

If you have a cryptocurrency wallet, you were most likely instructed to keep a phrase of 12 or 24 randomly-chosen words in a safe place. This very combination of words is a seed phrase. This phrase, as well as your private key, allows you full access to your wallet (although the seed phrase is not the same as the private key). You need the private key to confirm (or, so to say, ‘sign’) your transactions, but often you don’t even know what it is – the crypto wallet signs your transactions for you with your private key. As for the seed phrase, you can see it when you generate your wallet, and this is when you are supposed to note it and keep it in safe place. You can also use it when you need to restore your wallet, for example, on a different device.

Actually, you don’t need to know all this to use cryptocurrencies. You need to remember one thing – never and under no circumstances can your seed phrase (as well as the private key) be disclosed to anyone. There can be only one exception: when you want to give another person access to your wallet. Anyone who knows your seed phrase or your private key has your wallet in their full possession and can control all the cryptoassets in it.

Here’s a question: why not to use a long, complicated password of randomly-chosen symbols instead of the seed phrase? The answer is quite simple. With a complicated password, there are more opportunities to make a mistake, such as mixing up symbols. The price for a mistake in the crypto world is high. It is much easier to use regular words in a certain order and allow your wallet source code to generate the keys.

#stonacademy

AMA with STON.fi

Today at 13:00 UTC we are having AMA-session in TON NFT PLUS channel.

Get ready and prepare your questions!
We are waiting for you

People with three best questions will be rewarded!

Results of the first STON.fi AMA session

STON.fi's first AMA session, which lasted more than an hour and a half and included not only a detailed introduction to the project by our marketing director, but also a lively discussion about DeFi's prospects in TON, came to an end.

There were a lot of questions, and all of them were quite interesting, but we selected the authors of the top three questions, who got prizes of 10 Toncoin from STON.fi. They are XYSpin, cryshado and Denis Matveev. Congratulations ! 🎉

Thanks to all participants of AMA session! Who couldn't visit it this time, don't worry - it was the first but not the last AMA. Stay tuned, it's just getting started!

Communication with STON.fi

In addition to the fact that you can ask any question in our chat, you can also send all ideas and suggestions to our community manager, who is available 24/7.

Always glad to get your feedback and open to ideas and suggestions for cooperation!

Don't forget to subscribe to our Twitter, where we will publish news about our project.

What AMM DEX is

For general information about DEXs, see the posts above. Here we will talk in more details about the AMM DEX protocol, which automatically calculates the cost of your assets and turns the decentralized exchange into a convenient currency exchange office.

Simply put, an AMM (automated market maker) is a robot that quotes a price for an asset. This is the price for which you can buy or sell this particular asset. This robot also gives you access to the liquidity pools and, consequently, to the cryptoassets available to exchange.

On the centralized exchanges (CEX), the price of the asset is determined by the sellers and buyers: the sellers set a price for the sale of their assets, and the buyers set a price for the purchase of the assets. When these two prices match, the exchange conducts the transaction.

Unlike on a CEX, the price of assets on an AMM DEX is not determined by the sellers or buyers, but by an algorithm. As a matter of fact, the transactions on an AMM are not performed between the buyer and the seller, but between the buyer and the smart contract or between the seller and the smart contract. Accordingly, the smart contract needs to calculate the price at which it is possible to buy and sell the assets at the given moment, including its own fee. This is the job of the algorithm, which calculates the current price of the asset according to certain rules. Then it is up to you to agree to sell or purchase the asset at the price offered by the smart contract.

Where can an AMM find assets if there is no counter order from another person? In this case, the assets are offered by liquidity providers for a certain fee. But we’ll talk about this next time.

#stonacademy

STON.fi DEX demo has been launched in the TON mainnet!

We are very excited to announce that everyone can now exchange tokens (jettons) on the TON mainnet using our decentralized exchange STON.fi!

Please go to https://ston.fi/demo-contest to learn more and participate.

In order to avoid any problems with liquidity pools and related risks DEX is working with MOONSTON and REDSTON test tokens for now.

All participants of the contest will receive our project's NFT, which will eventually provide benefits when using STON.fi's DEX. NFT collection is divided into several categories of different uniqueness. The earlier one participates in the contest, the more unique of an NFT they get.

30 rewards worth 10 Toncoins each will be randomly distributed among all participants (TON blockchain addresses).

Please hurry! The contest is limited to July 17-23, 2022.

More than 100 people have already participated in the contest!

The DEX and pool smart contracts show stable operation, and do not cause any questions or complaints.

Thanks to the attentiveness of the participants, a number of interface imperfections were found, which will now be fixed.

We remind you that all participants who complete all actions from the instructions will get a branded NFT and a chance to win 10 Toncoin.

The launch of DEX from the Biton team

On 17th July 2022 our colleagues from the Biton team also introduced DEX on The Open Network main network with TON-VNR (Venera Exchange project token) exchange capability

We congratulate the Biton team on this important event for the entire TON ecosystem and hope that Biton will continue to delight users with new products and contribute to the development of decentralized finance in TON.

Only free competition of projects and diversity of development teams can take our network to a new level.

200+ STON.fi contest participants 🔥

More than 200 users are already interacting with our DEX demo.

We thank everyone who is sharing feedback on the platform; many even record videos for us!

It is only thanks to you that we can eliminate all the imperfections with the platform, and provide our users with the most convenient platform for exchanging tokens.

That said, we want to remind you that the contest rules require at least three exchanges on our DEX with changes in the slippage tolerance and the number of tokens. We noticed that not all participants have paid attention to this point.

Thank you all for participating, and good luck!🍀

We have received the following feedback in our chat:

"So far your strategy is very good; not rushing to claim to be “first” but making sure everything is professional. From 3 DEX this is the only one which explains things to visitors of the site. Education is important. Hopefully you’ll retain that when updating the site and at least include it in the menu. Also everything there actually works unlike other two which display things that don’t work and especially one is using the main site as a work in progress testing ground where buttons and menus don’t work yet. So we’ll see in the weeks ahead how you all develop! And I wish all three the very best and we’ll continue to give honest feedback"

Thank you for your kind words! We are working hard on the next stage of our demo, roadmap, white paper (with tokenomics revealed), API and many other important things. Stay tuned!