Wavelength Patch Note — (26/10/2022–16/11/2022)
Wavelength’s directive is to be the superior AMM experience on Velas Chain. It’s an objective that all counterparties involved in this endeavor take exceptionally seriously, which demands constant development.
With that directive in mind, and in the name of transparency, Wavelength is posting the patch notes for all bug fixes and updates executed in the Wavelength Protocol since the launch date.
This list comprises all updates between October 26th, 2022, and November 15th, 2022.
Updates & Bug Fixes
Changed the wording of the liquidity pool staking notifications in compliance with legal regulations.
Average APR calculations
Average APR Calculations for all staked positions have been adjusted to account for position sizes in each pool.
MicroWAVE LP Ticker
MicroWAVE Ticker’s name has been changed from WPT-50–50-WAVE-VLX to WPT-80–20-WAVE-VLX.
Emissions Schedule Tracking Optimization
Wavelength has further optimized its emissions for Velas EVM consensus specificities to ensure maximum accuracy of the Wavelength Protocol Emissions Schedule.
As a consequence, the APRs have seen a noticeable increase.
This change was conducted due to a particularity in the Velas EVM Chain which, due to transaction validation occurring in the Native Chain and not in the EVM Chain, does not produce empty blocks as a data saving mechanism.
Such particularity means the blocks Velas EVM produces can deviate from the 1 block per 400ms depending on demand, meaning the standard deviation also cannot be calculated as levels of demand can be unpredictable.
Wavelength is using an innovative MasterChef which allows it to overcome that issue by utilizing block timestamps for its emissions calculations.
Reduction of fees on Stable Pools
The fee reduction will be from a 0.3% fee to a 0.01% current fee. This signifies a fee reduction to 1/30 of the original value.
This update makes Wavelength the most optimal trading path for stablecoins on Velas Chain, demonstrating a 30000% slippage performance increase when compared to its competitors inside the Velas Chain.
With this reduction, the Wavelength protocol intends to achieve an even higher level of competitiveness and simultaneously offer a better user experience.
Wavelength Pool Fees can vary between a range of 0,001% to a maximum value of 10% and are calculated in utilizing the following formula:
The amplification parameter on the “Stability” Stable Pool has been lowered from 4000 to 3000. The Amplification Parameter is the parameter that defines the concentration of liquidity inside a Stable Pool according to the following formula: A n^(n-1)
The Amplification Parameter is used in the pricing formulas providing output y token when given input x:
Wavelength adjusted this value, due to the lower liquidity environment inside the pool, which can lead to periodic imbalances.
This change occurs over a two day timeframe for security reasons, meaning there will be 500 bps decrease per day.
The Wavelength Labs development team will return the Amplification Parameter to the original value once the liquidity values increase again.
Differentiation between Multichain assets and current Velas assets
To provide more clarity for the Wavelength and Velas Community, this update differentiates assets bridged by the multichain bridge from the previous asset class in the Velas chain.
All assets bridged from the multichain bridge will be identified as any(Token) and the previous assets will be referred to as lab(Token).
In the spirit of transparency, patches, bug fixes, and updates will be periodically posted in the Wavelength Patch Notes.
The development of the Wavelength Protocol is far from over, and many more features and improvements are coming to the Wavelength community, and users as the goal of being the principal liquidity hub in a thriving Velas Ecosystem reaches closer.
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