It’s time: Fibrous Alpha is on Starknet Mainnet

TL;DR

• The time has come. After months of hard work, we take great pride in announcing the release of Fibrous onto the Starknet Mainnet.

We are introducing Fibrous Alpha, the first AMM Aggregator on Starknet that accepts multiple tokens as input, enabling efficient swapping across any pools with optimal rates for any token. We have named this version of Fibrous ‘Fibrous Alpha’ because there is still much development work ahead of us. We are just at the beginning and eagerly anticipate enhancing Fibrous and unveiling new features.

Prior to commencing the swap transactions, let us begin by providing a brief overview of the current features of Fibrous and emphasizing the key considerations that warrant your attention when utilizing it.

Cairo 1

Our initial objective was to develop Fibrous using Cairo 1 and establish it as the pioneering Cairo 1-based application on Starknet. The process of writing Cairo 1 and Fibrous has been immensely gratifying, and as staunch Starknet Maximalists, we firmly believe that Cairo 1 stands out as one of the premier programming languages for crafting smart contracts. Nonetheless, during our development phase, we encountered a few notable gaps in functionality. While these shortcomings have since been addressed, they caused a delay in announcing Fibrous. Consequently, we made the decision to construct Fibrous using Cairo 0 for the time being. However, we plan to expeditiously reimplement our contracts using Cairo 1 in the near future. We have already commenced this endeavor, and you can track our progress by following our updates here.

Fees

We anticipate that as you optimize the amount you wish to swap with Fibrous and explore additional routes, you may observe an increase in transaction fees. This arises from Fibrous creating new routes by swapping across different AMMs and pools, resulting in corresponding increases in transaction fees.

However, we have meticulously prepared Fibrous to account for this. It has been designed with Fibrous Gas optimization in mind. If the potential profit from a given route is insufficient to cover the associated Gas fee, Fibrous will refrain from creating that particular route.

To clarify further, suppose Fibrous intends to allocate a specific amount of your funds towards a route that offers a $1 profit, but the transaction fee for that route amounts to $1.2. In such a scenario, Fibrous will bypass that route, as it would not be financially viable.

Hence, the most suitable route will be determined while considering transaction fees as a crucial factor.

As a consequence, as transfer fees on Starknet decrease, Fibrous will discover additional routes, allowing our algorithm to efficiently distribute your funds across a greater number of routes and execute swaps more effectively.

It is important to note that approximately 95% of transaction fees on Starknet can be attributed to the cost of CALLDATA and STARK proofs sent to Ethereum. Consequently, when transaction fees rise on the Ethereum Mainnet, these increases naturally translate to your transactions on Starknet. However, with the future implementation of the 4844 update on the Ethereum Mainnet, transaction fees are expected to significantly decrease. Furthermore, the v0.13 update to Starknet will substantially reduce these transaction fees even further. Consequently, Fibrous transaction fees will be significantly reduced, enabling our algorithm to operate with greater efficiency. Like you, we eagerly anticipate the arrival of these updates.

In addition to these features, there exists a notable advantage in terms of fees when utilizing DeFi aggregators on Starknet.

Unlike other Rollups such as Arbitrum or Polygon zkEVM, Starknet adopts a distinctive approach by not transmitting all data from Starknet to Ethereum. Instead, when employing Fibrous on Starknet, the cost is comparatively lower than other Rollups, as Starknet solely transmits state changes to Ethereum.

Furthermore, this approach substantially reduces the expenses associated with Starknet’s oracle services, consequently leading to notable cost savings for oracle-dependent functionalities such as the planned “Limit Order” feature within Fibrous.

In essence, in the near future, the utilization of Fibrous will become considerably more cost-effective, and we are excited to announce that we will introduce a feature enabling completely Gasless swaps for our esteemed users.

Transaction Times

Another aspect that may warrant your attention when utilizing Fibrous is the transfer times.

Similar to Fibrous, Starknet is currently in its alpha phase and does not yet operate at peak performance, resulting in extended block times. Consequently, when employing Fibrous, similar to other applications on Starknet, you may experience prolonged durations for your swap transactions.

Another challenge stemming from this delay arises when Fibrous scans other AMMs for price information. Fibrous consistently relies on the balances within the AMMs based on the last block and establishes routes for your swap transactions accordingly. Slower block updates in turn impede Fibrous’ ability to promptly acquire updated information, occasionally leading to failed swap transactions. As a mitigating measure, we have chosen to maintain the Slippage Tolerance at 3%. However, during the swap process, you retain the option to adjust this value. Nevertheless, it is important to bear in mind that reducing the slippage tolerance may amplify the likelihood of encountering errors within your transactions due to the aforementioned circumstances we have elucidated.

While this inconvenience can be frustrating, rest assured that a solution is imminent. Really.

Starknet’s upcoming v0.12 update promises substantial performance enhancements, which we anticipate will significantly reduce block times in a few weeks. Consequently, transactions executed through Fibrous will observe notable improvements in speed. Moreover, as the pool information within the AMMs is promptly updated on Fibrous due to the accelerated block updates, the occurrence of errors in your transactions will be greatly minimized. This will allow you to operate with significantly lower slippage tolerances at your swaps.

The imminent arrival of remarkable updates on Starknet is really soon, bringing substantial improvements to both transaction fees and transfer times. In this comprehensive blog post, you will find the answers to all your questions regarding these advancements. LET’S GO STARKNET ✨🐺

Later on

Fibrous on Starknet is poised to provide comprehensive support not only for all existing AMMs but also for order-book-based decentralized exchanges (DEXs) in the future.

Our vision is to establish Fibrous as the central hub for token trading within Starknet’s DeFi ecosystem. However, our ambitions do not stop there. As previously mentioned in our blog post, a multitude of new updates are in the pipeline for Fibrous, and we are just at the outset of our journey.

At present, Fibrous offers support for Jediswap and 10K Swap, the two AMMs with the highest Total Value Locked (TVL) on Starknet. In the following days, mySwap will join our supported AMMs, while SithSwap will be integrated at a later stage and other new comings will follow it.

Moving forward, as we persistently advance the development of Fibrous Alpha in accordance with our roadmap, we aim to extend its accessibility to wallet providers seeking to integrate our Fibrous API, as well as other Starknet applications in search of optimal swap rates.

and, of course, community

Quests, WEN token people, Discord channel, gm crew, and more…

As the Fibrous team, we firmly believe that Fibrous offers a range of advantages that will enable us to foster a robust community, and we are genuinely attentive to our users.

In conjunction with the Mainnet Alpha announcement, we will soon unveil our official Discord channel to gather your valuable feedback and cultivate a strong community. We are fully committed to going the extra mile to ensure your utmost satisfaction. Currently, our foremost priority is to elevate Fibrous to even greater heights and provide you with the exceptional service that you truly deserve.

All in all, we are watching you. 👀

Get in touch with us

Website: fibrous.finance
Twitter: Fibrous
Mail: [email protected]

It is worth noting that Fibrous does not currently have a Discord or Telegram channel. We will open our Discord channel after the Mainnet. Please wait for official announcements.