At Starter Labs, I was responsible for building BidSwap, an Over-The-Counter (OTC) decentralized application (dApp) designed to facilitate peer-to-peer trading of cryptocurrencies, particularly tokens from IDO presales. This project involved creating the frontend with React, the backend with Node.js, and smart contracts using Solidity. The platform was deployed on Base Sepolia.One of the main challenges was ensuring a smooth user experience, especially during token trades. We integrated the dApp with the Starter Labs IDO launchpad, allowing users to sell their tokens from presale allocations as well as their own tokens. We introduced vesting mechanisms to ensure fair and secure token releases and built advanced features such as a referral program, staking for platform fees, and a unique ERC404 standard for token trading flexibility.
Key Features
ERC404 Standard: Introduced a new standard where 21,500 ERC20 tokens represent 1 ERC721 token. Users could trade ERC20 tokens on any supported DEX and ERC721 tokens on any NFT marketplace, providing flexibility in asset management.
Vesting and Presale Integration: Integrated with the Starter Labs IDO launchpad, enabling users to sell both their own tokens and presale allocations, with vesting features ensuring gradual token release for fairness.
Referral Program: Implemented a referral link system that allows users to earn platform fees by referring others to use the OTC trading platform.
Staking of ERC404 Tokens: Developed a staking feature allowing users to stake their ERC404 tokens (representing ERC20/721 assets) to earn a share of the platform fees, incentivizing long-term participation and engagement.
Technologies Used
React: Built the frontend with React to create a seamless and responsive user interface.
Node.js: Developed the backend to handle secure transactions, API interactions, and business logic.
Solidity: Created smart contracts, including the ERC404 token standard and staking contracts, ensuring security and decentralization.
Base Sepolia: Deployed the dApp on Base Sepolia for robust and secure blockchain transactions.
ERC404 Standard: A hybrid standard allowing ERC20 tokens to represent ERC721 assets, making the tokens tradable on both DEXes and NFT marketplaces.
Challenges and Learnings
A major challenge was optimizing the user experience while ensuring smooth token trades and secure vesting mechanisms. The introduction of the ERC404 standard required deep integration with both DEXes for ERC20 tokens and NFT marketplaces for ERC721 tokens, which involved careful contract design to ensure compatibility.Additionally, implementing the staking system and referral program required balancing user incentives with platform sustainability. The referral system needed to track user activity and fairly distribute referral fees without compromising security.
Outcome
The BidSwap platform successfully launched, providing users with a versatile OTC trading dApp that integrates with the Starter Labs IDO presales. The ERC404 token standard introduced new trading possibilities, while the staking and referral features increased user engagement and participation. The platform continues to evolve, offering users a unique way to trade tokens with built-in incentives for long-term use and ecosystem growth.
