As we announced in a recent tweet, we are preparing a new update to TokenGen. The 4.1 version of the tool will include some very exciting features, including the option to pay in ETH for projects, improved user interface, and possibly, a KYC service implementation.
We intend to release this new update within the next couple of weeks, after we have everything ready and tested. The ETH payment option and the improvements to the UI are a sure thing, but we are still not sure if we will release the KYC feature with the 4.1 version since we are still in the process of testing the Civic platform.
Since we have received numerous requests from both TokenGen users and community members, we have finally decided to implement the option to pay for projects with Ethereum.
However, don’t worry, it will again include the use of Fabric Tokens. The way we have designed this is by leveraging Uniswap, a protocol for automated Ethereum ERC20 token exchanges.
In a short, TokenGen users will be allowed to pay in ETH for their projects, but in the end, this ETH will go through the Uniswap protocol, purchase FT from a liquidity pool, and then, the funds will go into our TokenGen payments wallet as usual.
Uniswap works in a very simple manner. Each registered ERC20 token has a pool, which has a ratio of ETH to the ERC20 token in question. This ratio determines the exchange rate, which is used to exchange ETH for ERC20 tokens or vice versa. For more information, read through this page and you will quickly become familiar with the way Uniswap works.
You can join the FT Uniswap pool from this page – when selecting a token to add liquidity to, enter the FT smart contract address i.e. 0x78a73B6CBc5D183CE56e786f6e905CaDEC63547B.
It is due to note here that, we were not aware of Uniswap initially, but one of our community members on Telegram (@Satekroketje) found and shared this project with us. And the timing was perfect since we had already began working on the implementation of the ETH payment option.
In a previous TokenGen performance report we noted that, the payment step of the Create Project process converts at exactly 20%. While this is not bad at all, we think it can be much better and, quite possibly, the fact that only direct payments in FT were so far supported might have been the reason as to why people get to the payment step and then stop there.
Each update of TokenGen so far has included some level of improvement to the user interface – after all, one of the main selling points of the tool is its intuitive and highly-functional UI.
The 4.1 update will not break this tradition. We have made improvements to several parts of the tool, both based on our own observations and on feedback from our community. The most notable improvements include:
- Homepage – now includes a simple step-by-step visualization of how TokenGen works as well as better integration of the explainer video.
- Landing Page – now shows all fundraiser details by default as opposed to having the user hover over each chip.
- Tutorials – both the Create Project and Manage Project tutorials have been improved.
If there is one thing that TokenGen is missing at the moment, then that is KYC integration. The tool has it all – smart contract creation, deployment, management, fundraiser participation page, etc – but a KYC solution is still fully in the hands of the user.
We intend to automate a big part of the know your customer process by integrating TokenGen with a KYC service. Currently we have focused our research on Civic since integration seems fairly simple and their platform has already been used by numerous projects.
Right now we are still in the process of testing the feasibility of this integration, but so far, things look good. If we feel that everything is in order, and we have fully tested everything, we will release the KYC integration with the 4.1 update. More news on that to come, so stay in touch with our Twitter and Telegram.
The Uniswap liquidity pool for FT has already been created and we have also set the initial exchange rate to the, at that time, lowest sell order price on IDEX. We think that this is fair enough and in any case, arbitrage opportunities will naturally balance out the exchange rate of the liquidity pool.
Feel free to join the pool as there is a 0.3% provider fee. Basically, everyone who enters the pool gets a stake in it depending on the amount of FT and ETH they join with (you can join from this page).
When people are making trades using the pool, the provider fee is added to the reserve. When someone wants to withdraw their part of the reserve, they collect a part of the provider fee based on their stake in the pool. Simple as that.
This liquidity pool will be used by TokenGen as a way to exchange ETH for FT at the time of payment. So, the more liquidity there is, the more projects will be created. Aside from that, the liquidity pool can be used as a simple exchange i.e. when someone wants to directly purchase FT with ETH or vice versa.