Image header : Project title : Papaya anchor (apay.io) Summary : Anchor for BTC, USDT, LTC, ETH, KIN and other cryptocurrencies and tokens Category : Applications Goals : General goals for apay: Make most popular crypto tradable on SDEX Improve SDEX liquidity Specific goals for the latest updates: Make all our code open-source, so everyone can use it for their projects Turn apay.io from static website with instructions into a functional exchange, rival to changelly, shapeshift and others Improve liquidity by attracting user funds and making opportunities for users to make money by providing liquidity Timeline : 15 Feb - MVP of new anchor backend, functional for Testnet BTC (complete) 01 Mar - MVP of new frontend (complete) 15 Mar - Anchor backend fully functional for assets already supported by apay, like ETH, ERC20 tokens + KIN (partially complete) 01 Apr - New market-making service, inspired by uniswap, rewarding users for participation (complete) 15 Apr - Interactive flow (sep24) implemented for anchor backend (in progress) 01 May - Launch new frontend May-June - Migrate to the new backend Description : Apay is one of the oldest crypto-anchors on Stellar network. I'm using that experience of running the platform for almost 3 years to build a new more-reliable and secure open-source version. Anyone can now start their own anchor by using our code. We're also launching a new frontend for currency conversion on stellar DEX, interface is similar to changelly and similar services. You can now access liquidity on Stellar without making a Stellar account or establishing trustlines. The latest batch of changes is a full rebuild of our platform: Third major improvement - Market-maker service - for people who aren't technical enough to run something like kelp bot. Users will be able to commit capital and bot will do the trading following a simple, but effective algorithm. Users can withdraw their funds back at any time, and make some return on their investment. Provided capital is going to help liquidity on Stellar, while user funds are stored safely in a cold-storage. Links : https://apay.io https://github.com/apay-io/stellar-anchor - new open-source anchor backend https://github.com/apay-io/apay-io - new frontend with exchange feature https://github.com/apay-io/apay-bot - market-maker bot Tags : anchors, node.js

Just a small update: frontend prototype is published here https://apay-io.apay.workers.dev/ Check it out and let me know if you like it or not. It is of course still in development (buggy), and don't send real funds, there is no tx processing

The UI looks nice. Is this going to be a custodial solution? How do you secure the private keys if so?

inative Is this going to be a custodial solution? How do you secure the private keys if so? There are 3 parts to this question: Anchor itself is a custody solution, you deposit BTC, we store it securely (90% in cold storage without rehypothecation, exchanges or any other third parties), then we give it back whenever you request it by sending BTC token back on Stellar. "My account" section requires only a public key at the moment, it's just an overview of the account and simpler way to explain to people how to deposit/withdraw assets to/from the anchor. (still complicated, because users need to sign transaction manually, so I'm considering options with private key, but existing solutions are not production-ready) Currency swap is not atomic, so yes, it takes custody of your funds for the moment of the exchange. You can actually do a path payment yourself, if you understand it, but this interface is targeted at people who may not have/want stellar account.

Big fan of this expansion to the apay service. Looks like a legitimate effort in making a polished exchange UI. Very similar to coinbase design language.

Is this not against the spirit of stellar ? When you do Marketing , the user must trust you to use this , and this make it not decentralized. By putting this in front , you want to put other stellar anchor and asset in the shadow. The Goal of stellar DEX is to be one Network for every asset , stellar native asset and crypto . You want to kill the DEX volume with this.

Justin I don't understand why. I've tried different methods to explain to users what DEX is, some just don't care. My goal is to provide easy-to-use service. Everyone can use it without the complexity of setting up an account, funding it, establishing a trustline, making offers or path payments. All exchanges are happening on Stellar, which is good for everyone and brings more liquidity to the DEX. Users will be incentivized to learn about Stellar, because when you withdraw BTC - you pay a $1 fee. Withdrawing to Stellar account is free. Additionally I'm open-sourcing it all, everyone can spin up another service like that, maybe hundreds of them in every possible language. When it brings more users - it's more profitable for market-makers, which is even better for liquidity and end-users.

[unknown] I think it was better to complete your web app and then participated in the SDF grant, It's like a soulless creature. But I hope you complete later, I think you're a strong supporter

John At this point I'd appreciate if you could provide more details, what do you think sucks in the current version? I'm at the point of making it live, just needs a bit more testing for the transaction processing. I agree it's far from perfect in UI/UX perspective, but that's what I have resources for at the moment. The bigger issue is liquidity, and this is what I'm focused on right now with hosted trading bot, which allows external contributions from users.

Papaya anchor (apay.io)

umbrel

Thank you everyone who tried it, provided feedback or put the money into the market-maker!

Meanwhile Ternio guys have reached out to us and we listed one more pair for trading TERN / USDT, which is also available now, so if you have any TERN you can put it to work.

dexter

umbrel Great work on the market making initiative. It is sorely needed on the DEX and you guys deserve all the funding you can get. Do you have any plans for XLM pairs?

umbrel

dexter
Few things to consider:

Anyone can run code themselves for the pair they need (asset issuers could use it)
Tell me what pair you're specifically interested in and I'll consider it, the main requirement is one of assets is issued by apay and you should be able to attract at least $10k-$100k from users/investors, then I'm happy to run it for free for anyone
But main thing: I've done some research and it shows that fiat anchors (who needs to market-make their fiat asset) don't want to hold XLM on their balance (additional risk and accounting headache), it's easier for them to run market-making between fiat and fiat or fiat and stablecoin.
It's also a good idea for users not to put everything they have into crypto and diversify between crypto and fiat

So I expect these pairs are better for users and therefore should attract more liquidity.

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