Home DeFi & NFT Project Venus and Lumenswap Enriching DeFi on Stellar (XLM) Network

Project Venus and Lumenswap Enriching DeFi on Stellar (XLM) Network

defi
  • Project Venus on Stellar Network
  • Turrets – TSS and Smart Contracts
  • Lumenswap Decentralized exchange for Stellar Assets
  • The joy of Trading with the best prices and excellent wallet support

Stellar Community is forever exploring the economic potential of the world together. The exciting thing happening in the ecosystem now is Project Venus.

Project Venus focuses on two objectives:  Firstly, vetting TSS as secure and functional, and secondly, adding short-term forward contract capabilities to Stellar’s network, solving a long-term pain point for Stellar-based financial institutions.

What is TSS? TSS is important for DeFi protocols as it is important for these protocols to operate trustlessly.  TSS is a network of servers known as turrets.  Turrets store smart contracts.  These Turrets execute the specifications in the smart contract at the user’s request – this the build and sign transactions are executed as they need to be.  Users will be able to upload smart contracts to any Turret.  The turret will create a key pair, which will be used to sign transactions which are generated by this smart contract to further return the public key of that key pair to the user.

TSS combines Stellar’s multi-sig capabilities to provide trustless DeFi protocols on Stellar. The DeFi protocols are uploaded to multiple trusted turrets to add the associated public keys as signers on the protocol accounts. Then the developer modifies the signer weights and thresholds to get most turrets to sign up a transaction before it is valid. Thus, users can run the smart contract by running across all turrets to eventually aggregate the returned signatures until they get a sufficiently signed transaction.

The Stellar Community continues to have high expectations that SDF will meet and exceed its mission to make payments more efficient, affordable, secure, and quicker.

Lumenswap is the open-source client for the Stellar network, which permits users to swap and trade assets on the network by using a friendly and minimal interface.

For clarity, Lumenswap is a decentralized exchange and open-source client for the Stellar network permitting swapping and Trading of assets on the network.

Jed McCaleb, CEO of Lumen Swap, stated they are simplifying Trading on digital assets by quickening the swapping using the minimal interface.

Jed McCaleb stated, We aimed at making a dedicated ultra-sophisticated App that would facilitate this process. Lumenswap will help our customers swap their trade assets easily with minimal interference on the Stellar blockchain.”

The joy of Trading comes with finding the best prices, fast and low costs, and getting the support of popular wallets.  Above all-everything being decentralized.  Lumen Swap makes all of this possible. There are a lot of academic articles on the website which can help improve knowledge.

 

 

 

Read more about:
DeFi
Share on

Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.