GuapSwap

GuapSwap is a fully decentralized smart contract profit swapping service on the Ergo blockchain. GuapSwap allows any miner to get paid out in any token of their choice instead of ERG, this in turn reduces the total taxable events for the user.

Back to DEX GuapSwap GitHub

Platform Overview

To use GuapSwap, the user runs the CLI on their personal computer to generate a proxy address, which can then be used with most mining pools to receive payouts, instead of their public-key wallet. After a pool sends the mining rewards to the proxy contract address, the GuapSwap CLI will automatically swap for the chosen token and make the deposit to their wallet.

  • Decentralized: Fully decentralized smart contract profit swapping service
  • Miner-Friendly: Allows miners to get paid in any token of their choice
  • Tax Efficiency: Reduces total taxable events for users
  • Fast Processing: Takes as low as 1 block for swaps to complete

Transparency & Trust

Open source code and decentralized operation through Ergo's blockchain ensures complete transparency and eliminates trust issues that plague centralized competitors.

Mining Integration

Works with any Ergo mining pool or smart pool, providing proxy addresses for direct mining reward collection and automatic token swapping.

Detailed Features & Market AnalysisClick to expand

Why Is GuapSwap Needed?

Other crypto mining exchange systems (Unminable, 2Miners BTC, NiceHash) all have a common problem, they all use a centralized exchange to swap your mining rewards before you get a payout. Not only do none of these services provide any information on what exchange they use, making them lack transparency, but they are also very slow.

GuapSwap endeavors to not only be the first platform that runs this type of mining exchange on the Ergo blockchain but we also endeavor to be completely transparent and bring fast exchange times. Due to lack of transparency with the mentioned competitor platforms, they have had bad rumors of missing mining rewards and a lack of trust in the mining communities, something like this happening with Guapswap would be impossible due to its open source code and operating through Ergo's blockchain in a decentralized manner.

Ergo's block time averages 2 minutes and that is how fast GuapSwap works after your reward lands in the protocol, it takes as low as 1 block for the GuapSwap Protocol to then send mining reward to a DEX and get it swapped for the user, leaving the total time for a swap at 4 minutes or 2 blocks before a given token is in the miners wallet.

GuapSwap Ethics

Giving Back

GuapSwap aims to give back to the community, this is literally what we are built on. The original idea for GuapSwap was so that the community could reduce additional unneeded taxable events and to help miners participate in DeFi.

Open Source

We feel like transparency is very important to build and keep the community's trust. For this reason we keep our code open source so that anyone with or without technical knowledge can read our code and see that everything is legitimately in the best interest of the user.

The Power of Community

In the future, we intend to let the miners and community vote through the DAO to make decisions on how the protocol should evolve in certain ways. This would require us to create a GUAP token, and although we have discussed this extensively, we currently have no plans to launch one yet.

Inspiration

As founders we feel a compulsion to make mining on Ergo as attractive to miners as possible. There are things beyond profitability that make a blockchain attractive to miners. Ability to participate in DeFi is definitely one of them.

The latter has a number of positive effects for the Ergo project:

  • It incentivises miners to provide security.
  • It incentivises miners to provide liquidity to DEXs on ergo.
  • Less taxable events for miners, again incentivising them to stay and participate.

Long-Term Vision

The long-term vision is for GuapSwap to be the premiere miner tool across all PoW blockchains. We hope to take advantage of SpectrumLabs' Spectrum.Network to bring native cross-chain mining opportunities for our users.

Market Analysis

When looking at comparable products we have to keep in mind that GuapSwap is the first product to offer any mining payout swapping service on the Ergo Blockchain. With that in mind we can look at three other products that have similar functions and provide swapping for mining payouts:

  • unMineable
  • 2Miners.com
  • NiceHash
unMineable
Easy to understand and use for beginners
Fully centralized using CEX for payouts
Lack of transparency in regards to payouts
2Miners.com
Alleviates high gas fees from receiving a payout
Fully centralized using CEX for payouts
Only able to use one mining pool for service
NiceHash
Reduces taxable events for clients
Lack of transparency in regards to CEX used
Spotty history of hacks

Why GuapSwap?

After looking at the competitor analysis we decided to build GuapSwap keeping some key features in mind: decentralization, and full transparency for clients.

Pros:
  • Fully decentralized, does not interact with any CEX
  • Much faster clearance of swaps by using a dex
  • Fully transparent swapping method
  • First smart contract miner profit swapping expediter
  • Interacts with any Ergo mining pool or smart pool
  • Free refunds (i.e. only pay miner fee to get out of proxy contract)

In a Nutshell

GuapSwap represents a revolutionary approach to mining reward management, providing miners with decentralized, transparent, and tax-efficient token swapping capabilities. By eliminating centralized exchanges and offering fast, trustless swaps, GuapSwap is setting new standards for mining profitability and DeFi integration on the Ergo blockchain.