Oasis is thrilled to announce a grant for illumineX, the first confidential DEX powered by Oasis Sapphire. With support from the Oasis Grants Program, illumineX will accelerate its work to build a permissionless and private trading platform on Oasis for all of Web3.
What is illumineX?
As the first DEX built on Oasis Sapphire, illumineX provides confidential and convenient multi-chain token transfers and MEV-free swaps for all of Web3.
For most of the history of Web3, users have relied on centralized exchange platforms to complete lightweight swaps between different tokens on separate chains. Privacy for the multitude of data included in every swap is trusted to these centralized entities. Other users rely on MEV-vulnerable DEXs where risks of MEV searchers and their bots to easily frontrun and otherwise attack users operating onchain. illumineX wants to fix this.
With a few clicks, illumineX users can move funds, swap tokens, and transfer between chains with fully compliant privacy and without the risk of being frontran by lurking MEV searchers.
How illumineX is Building on Oasis
By relying on Oasis Sapphire, illumineX is able to empower crypto natives to acquire, swap and otherwise use assets across different chains with confidentiality that would otherwise not be possible.
Tokens used or swapped on illumineX are transferred to the Oasis Sapphire runtime where they are wrapped into special confidential ERC-20 tokens. These wrapped assets are buffered together with other confidential tokens that are disbursed to user-specified destination chains and addresses.
The illumineX team, the same team who was behind the ARX protocol, will continue improving on the private ERC-20 token standard — which previously won the “Oasis Keep it Confidential” Hackathon — and create a multi-signature account with the ability to publicize transaction data if an address is suspected of being part of a hack or exploit.
“Oasis Sapphire is an integral part of the illumineX project, and the confidentiality that DEX users demand would not be possible without it,” said Alice Yudina, CEO of illumineX. “We’re excited to receive support from the Oasis Foundation to use Sapphire in bringing onchain privacy to all of Web3.”
The Oasis grant is approved to support the launch of the illumineX DEX on Sapphire mainnet and testnet with support for private ERC-20 tokens. The grant was approved as of August 7, 2023 for a total of $45,200 based on these stipulations.
“Oasis is excited to support the illumineX team as they continue to push the boundaries of innovation for private, secure onchain asset swaps and transfers,” said Will Wendt, Ecosystem Growth Manager at Oasis. “Private tokens and the native confidentiality support from Sapphire create a powerful platform for Web3 natives to safely navigate the onchain landscape.”
Building a Better Web3 Together
Beyond illumineX, Oasis is actively working to support other Web3 builders who support the goal of elevating smart privacy solutions for all Web3 applications. Any builders — from novices to veterans — are invited to join the next generation of privacy advocates by applying for a grant from Oasis.
Oasis is also hosting the Privacy4Web3 hackathon right now, with cash prizes and dedicated grants for contributors who reshape how the crypto ecosystem thinks about and integrates privacy tools like the Oasis Privacy Layer (OPL). Read more and join the hackathon here.