API3 has Partnered with MantisSwap

Published on: 03.06.2023

MantisSwap has collaborated with API3 and is now utilizing API3 data feeds on Polygon zkEVM.

MantisSwap is a DEX that focuses in trading stable assets, allowing traders to maximize capital efficiency and minimize slippage. MantisSwap is strengthening their protection strategy for stablecoin depegging by utilizing API3 data feeds.

Operating on Polygon PoS since March 2023, MantisSwap seamlessly integrated with Polygon zkEVM, given the compatibility of the “push” data feeds both networks use. The “push” design of API3’s data feeds maintains a constantly updated price on-chain, allowing dApps to easily read them without needing to change battle tested code.

Following the early March 2023 US banking failures, USDC momentarily lost its peg to USD (to which API3 responded with this suggestion). This occurrence emphasized the risks to asset holders and the broader market of de-pegging, which can result in surprise liquidations in borrowing and lending markets. MantisSwap has a multitude of safeguards to keep stablecoin de-pegging events from impacting its users.

MantisSwap has a novel price slippage curve to prevent pool drainage. The slippage curve provides lower slippage than Curve and Uniswap V3 for trades under 40% of pool TVL, then increases slippage exponentially by design to prevent pools from being drained.

Another protection against user losses is that all assets are given a risk tolerance variable determined by MantisSwap. When the risk threshold is exceeded, a circuit breaker is triggered and all swaps to and from this token are disabled until the token returns to a safer state. The risk tolerance calculation combines MantisSwap’s internal pool metrics with API3’s data feeds, providing risk analysis before users are allowed to execute any swap, ensuring the safety of the protocol and protecting user funds.

About API3

API3 is a collaborative project to deliver traditional API services to smart contract platforms in a decentralized and trust-minimized way. It is governed by a decentralized autonomous organization (DAO), namely the API3 DAO.

SOURCE:

https://medium.com/api3/api3-partners-with-mantisswap-to-strengthen-stablecoin-depegging-protection-on-zkevm-d81bca8ae6a4

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