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Introducing

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Exolites, it’s time for an update! 

Thank you all for your patience as we progress through our development. It has been an active month to say the least. 

We are happy to announce that we have secured a MASSIVE partnership with Binance powered,  Mandala Exchange to roll out an extremely liquid & secure cross chain bridge & swap.

 
What is Mandala Exchange you ask?

Mandala is the first privately owned exchange powered by the Binance Cloud platform and operates with a goal to be the most trusted digital asset exchange on the market. Launched in late 2020, Mandala is essentially a white-label version of Binance, meaning Binances liquidity, order book depth, trading pairs and security is shared with Mandala.

Some key benefits of using the Mandala Exchange include: no KYC under 2 BTC withdrawals, trading fees as low as 0.065%, 1100+ trading pairs, Binance’s SAFU insurance policy, exclusive build-outs and listings outside of the Binance ecosystem, & multiple algorithmic bot trading integrations.

What does this mean for Exo? 

Exo & Mandala have teamed up to create exoSwap, a secure, liquid, true-cross chain swap and bridge trading platform. exoSwap is a two-fold revenue driver for the exo ecosystem, enabling both retail traders to swap securely & DEXes looking to provide further functionality for their user base.

exoSwap for Retail Traders

EXO’s market-first, cross-chain trading platform – enabled through our exclusive partnership with Mandala Exchange – exoSwap is a hybridized C-DeFi service that allows the end user to perform asset swapping across multiple networks using their own personal wallets. Mandala – as a Binance Cloud project – shares Binance’s liquidity and orderbooks, giving exoSwap users access to every trading pair/network available on Binance as well as Mandala’s own exclusive listings. 

EXO’s proprietary bridging solution settles trades using Binance/Mandala liquidity, with funds returned on the destination network and wallet of the user’s choice – making exoSwap a secure and convenient on-chain method for performing true cross-chain swapping using arguably the deepest liquidity pool in the world.

exoSwap Connect for DEXes

exoSwap is also available as a B2B product as part of our wider exoConnect whitelabel arm – meaning that DeFi projects wishing to offer true cross-chain trading capabilities to their users can now integrate the exoSwap service as an out-of-the-box solution into their existing ecosystem. 

exoSwap Connect provides a simple and easy integration with your own UI, meaning that your users can connect to a custom branded exoSwap DApp on your own web domain and access a huge trading pool of cross-chain liquidity via the same infrastructure as our own users, all alongside your existing utilities. Simplifying things further, exoSwap also handles deduction and distribution of trading fees for the partner project. Simply specify the percentage you wish to take per trade, the currency you would like to be paid in, and exoSwap will collect the fees, convert them, and pay out to the wallet/network of your choice.

Know a DEX that might like to integrate? Let’s chat!

Sneak Peak Anyone?

Perform cross-chain swaps on exoBridge
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Track past cross-chain swaps
Why is this a game-changer for cross-chain swaps?

Cross-chain bridges & swaps have been getting hacked left and right. Most recently the Nomad bridge was exploited for over $190M. Shockingly that’s the 3rd largest bridge hack this year after Ronin ($600M) & Wormhole ($300M). Lets start with how these bridges were exploited and then we can dive into how exoSwap is built different.

For Nomad, the original exploiter found a bug in Nomad’s bridge contract that allows a malicious party to withdraw any amount they wished. Whereas, the Ronin and Harmony hacks both stemmed from compromised private keys, while the Wormhole and Nomad exploits stemmed from smart contract loopholes.

The common theme between tech-related bridge exploits is that hackers find a loophole to withdraw funds on one side of the bridge without depositing anything on the other side. Essentially a free mint function…

Hackers often exploit the mint functions of bridges to mint unlimited wrapped assets. They then use these wrapped assets to redeem REAL assets on the other side of the bridge. This is what happened in the Wormhole hack and several other bridge hacks. 

So, how does exoSwap prevent this?

exoSwap is a hybridized C-DeFi service that allows asset swapping across multiple networks, while tapping into the worlds deepest liquidity pool (Binance/Mandala). exoSwap prevents attacks by enabling true cross-chain swaps, WITHOUT wrapped assets, and without minting.

Here is how it works…
exo - exo.fi - exo defi - exo token - exo crypto - How exoSwap bridge works

exoSwap adds another layer of security by verifying that all assets have been deposited before they can be withdrawn. No deposit = no withdrawal. Through this C-DeFi technology, there is no way for exoSwap to trigger fraudulent withdrawals

To further this, Mandala shares hot-wallets with Binance, some would argue the most secure wallet architecture in crypto today. Aside from the high level of security, these hot-wallets are backed by Binances SAFU insurance policy, meaning while swapping or bridging on exoSwap, your funds are actually secured by this SAFU insurance policy. 

When will this be ready?

What we can tell you is that exoSwap specifically has actually already been tested, successfully performing single network swaps. With that working solution in place we opted to prioritize the bridge over other utilities, build out a much more comprehensive multi-chain version with at least the major EVM compatible networks on Mandala, as well as adding in the whitelabel functionality to allow us to onboard interested partner DEXes as quickly as possible.

The technical/development side is largely complete at this stage, with the bulk of the remaining work being the extensive testing process required on a product of this complexity. Security and quality assurance are paramount for both exo and Mandala, and as such no corners will be cut in this regard. That said, we are optimistic that this platform will be available – both on exo and as a whitelabel service – within approximately the next month .

Our smart contracts are also currently undergoing extensive testing and auditing to ensure we are providing the most secure environment for our community. Initial results are strong, as we always expected them to be, and we look forward to providing findings from our 3rd party auditors in the coming weeks.

exoSwap will be phase one of three trade settlement routes…

exoSwap provides on-chain access to Mandala/Binance’s shared liquidity, offering true cross chain capability (i.e. between networks without the requirement for wrapped tokens) with the same wallet connect/UX that a trader gets from a dex. This has already been successfully tested in parts and is close to release. 

exoSwap specifically is heavily aimed at upcoming project devs as it allows them to implement adjustable transaction taxes & tokenomics directly on the dex, without having to write those into the contract, and allows the taxes to be taken in the stablecoin/blue chip half of the LP without selling back their own token. Those funds can then be auto-allocated to specific use cases, such as liquidity, dev wallet, lotteries, staking and such. 

The aggregator of course will allow users to trade pairs across every swap platform we want to integrate, which essentially opens up access just about every defi token once we begin integrating multiple chains. The aggregator is largely complete and will be fairly straightforward to deploy on EVM compatible chains, however exoSwap is the current development priority.

Initially these three will be independent platforms, however the next phase will be to integrate the three, to allow a complete end-to-end, multi-hop bridge between just about any token on any network.

We are pleased to be working with Mandala Exchange to make this phase one integration come to life and provide the crypto community with a long overdue, secure, true cross-chain bridge & swap while tapping into arguably the deepest liquidity pool in crypto. 

Stay tuned for more to come & make sure to follow us on Twitter & join our Discord to stay up to date! 

-The Exo Team

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