The problem is not solved! Quotes on the app.ref.finance exchange are higher than the market ones.
It’s not a problem, it’s an opportunity. The opportunity will ‘compress’ itself as the protocol becomes more liquid / efficient.
Yes, your protocol is really flexible and efficient. You probably forgot that DAI = USDC = $ 1! Deviations from the price are acceptable, but not in this case.
When exchanged through your service app.ref.finance received a price reduction of 40.83%. As a result, my damage is $ 490. In my case, there was a very strong slippage in the exchange price of the token. It is not normal for a stable asset exchange - USDC / DAI.
I exchanged 1136 USDC for 642 DAI through your service. According to the data provided to me by app.ref.finance at the time of the exchange, the rate is 0.96USDC / DAI. After the completion of the exchange, the amount of funds on the deposit was 645.287770 DAI, which corresponds to the conversion rate of 0.5680USDC / DAI. Material damage amounted to USD 490
If you exchange 40-50% of the total TVL, then the error is guaranteed. And your exchange rate will change.
I exchanged USDC for DAI. Even in my case, the pool caught a glitch. Did not cope.
DAI = USDC = 1 dollar! But the pool has a different logic. For him, stablecoin is no different from floating tokens.
Such price slippage is unacceptable !!!
Using a mobile application to sign a transaction does not provide an opportunity to check the exchange rate. Thus, the user can only rely on the supplied app.ref.finance data. And they can change in a split second.
Ser, I believe your complaints stem from a misunderstanding of how Ref-finance works. The application has nothing to do with determining token prices and exchange rates. Also, YES, for the pool logic: Stable coin IS no different from floating tokens.
Please search the following keywords on Google:
“Uniswap constant product formula” “Uniswap AMM”, “Uniswap x*y=k”
you can also check out this video
I exchanged 1 dollar for one dollar and got 64 cents. This is curve logic.
Uniswap didn’t give me 64 cents per dollar when exchanging for DAI
On stablecoins, there should be no large fluctuations in the exchange price. And such a slippage as it was in my general anomaly.
All this is very unpleasant(((
You must understand me correctly. I don’t need favors. We must be confident that we must be guaranteed protection against unfair attacks on our property. The very idea of Blockchain is based on these principles. And those who came here share these principles.
After the last “exploita” on ret.finance, we made sure that you can restore what was lost. This helps us plan our future work.
it is indeed very unpleasant, I understand. However, the price impact caused by your trade is not due to curve logic. It’s due to low liquidity in the DAI-USDC pool. If Uniswap had the same amount of liquidity, the exact same thing will happen there too. Currently liquidity is mostly concentrated in the pools incentivized by farming, and USDC-DAI isn’t one of them.
As to how can this be solved, the core team is currently working on integrating smart order-routing feature, which will definitely offer much better swap rates with the same liquidity.
I really appreciate your concern about the product and I’m sure the core team welcomes any feedback. If you have other concerns or want to discuss this more please refer to the telegram group / twitter DMs as this forum is mainly for governance discussions
I thank you Sir for your answers. For my part, I will issue a warning to all those who may face this problem in the future. I don’t want anyone else to lose their money. Hope you implement the function you specified in an accelerated fashion.
I urge developers to address an issue that affects most users. Users expect you to be involved in solving their problems. You must not be silent. Your reputation is not a game of hide and seek - it is the trust of users. Your participation in solving user problems will bring you additional promotions. The world is very big. The world is not limited to big wallets. In ancient Rome, even plebeians were represented in the Senate. This was the end of the empire. Don’t imitate a lost civilization!..
Hey @0xBoyar25519 ,
Ref is taking on the mission of educating users seriously. One of the steps taken recently to mitigate the problem of poorly informed users executing trades that aren’t in their best interests is making this Quiz.
Maybe you can tell us what do you think about it, and please don’t hesitate contacting the team on Telegram if you have any other improvement suggestions, whether it’s the quiz, or just in general
In my case, changes were made to the exchange service - StableSwap. But the sediment remained! Since no compensation followed, I no longer use this service. I farm and exchange for other resources. This is a fundamental point for me. Where you have been deceived at least once, I will not return there again.