Permaswap 2024 Annul Report
Summary:
Transformation, Breakthrough, Growth, and Innovation
Preface
2024 has been a year of transformation and breakthrough for Permaswap. During this year, Permaswap made a strategic decision to go "all in" on AO, implementing the Agent-based model on the AO testnet and continuously refining and optimizing its operations. Based on our development experience with Permaswap, we created the FusionFi Protocol, a protocol layer product designed to serve the AgentFi ecosystem, aiming to provide interoperability for agents while helping developers in the AO ecosystem create diverse financial products.
We sincerely thank each user, community contributor and partner—it is thanks to your support that Permaswap continues to evolve and lead in a changing market. This report will guide you through the key events and major advancements of Permaswap in 2024.
Product Development
Permaswap was initially built as a DEX on the EverPay network, offering an innovative exchange service for EverPay assets. After the release of AO in late February 2024, we immediately began developing a new version of Permaswap of the AO network.
In Q2 of 2024, we completed the MVP release of Permaswap-AO and launched the “Constant Product” AMM pool. This version allowed users to experience native trading functions on the AO network.
In Q3 of 2024, we introduced the order book trading system in Permaswap-AO, enabling users to place limit orders and automatically execute trades when conditions are met.
In Q4 of 2024, we focused on the development of the FusionFi Protocol. FusionFi Protocol is a protocol layer product distilled from Permaswap's development experience. As early as June, Outprog introduced the concept of Fusion Finance in his article "Smart Finance: From AgentFi to FusionFi," and in September at the Arweave Asia conference, Outprog officially launched the FusionFi Protocol and demonstrated its demo. FusionFi Protocol is an AgentFi development protocol with broad compatibility across financial scenarios. From November to December, we launched the FusionFi Protocol documentation, Blueprint, and JS SDK, encouraging developers to use FusionFi Protocol to build diversified financial products and accelerate the development of AO's financial ecosystem.
To ensure that FusionFi Protocol benefits the entire ecosystem, we separated FusionFi Protocol and operated it as an independent product, with the $FFP token using a Fair Launch economic model: see https://x.com/FusionFiPro/status/1868589717916418085
While developing major features, we continuously optimized the user experience. We completed support for MetaMask and other “0x” address wallets, adapted Permaswap for mobile devices, provided multi-hop trading functionality with intelligent routing algorithms, and launched K-line charts and a new Explorer interface to offer traders a smoother and more intuitive trading experience.
We also introduced the simplified domain aopsn.com for easier access to Permaswap-AO.
Operations and Growth
If we compare Permaswap to a store, the reasons users come here include: a wide selection of assets, excellent experience, favorable pricing, ample stock (liquidity), and the formation of habits.
Our operational actions have always focused on these key elements:
In 2024, Permaswap quickly listed trading pairs for AOCRED, TRUNK, EXP, tARIO, wAR, wUSDC, qAR, 0RBT, PIXL, and other assets, covering most of the mainstream assets in the AO ecosystem. At the same time, after stabilizing the basic functions of the product, Permaswap entered the Permissionless phase in November, allowing users to freely import assets and create liquidity pools.
To ensure sufficient liquidity for these assets, Permaswap hosted 8 liquidity mining events in 2024. Additionally, third-party projects (TRUNK, Kredit, BCAT) independently organized and provided liquidity mining prize pools, totaling 4 events.
We conducted Bug Bounty programs to guide users in experiencing Permaswap products and gather suggestions for product improvements. For example, in Everloot #6, we offered a 40,000 HALO prize pool to guide users in experiencing the newly launched order book trading feature and provide feedback. Ultimately, over 4,000 participants joined, and we received 36 valuable pieces of feedback.
By the end of 2024, with AO still in the testnet phase, the TVL of Permaswap-AO reached $250,000 USD with the wUSDC/wAR pool size reaching $170,000 USD. The total trading volume on Permaswap-AO surpassed 100,000 AR. These figures made us the top DEX in the AO ecosystem.
Economic Model Iteration
The original economic model of Permaswap was designed around its role as a native DEX on EverPay. As Permaswap shifted its strategic focus to the AO network, we also restructured the economic model accordingly.
Permaswap's native token, $PSN, was originally designed with Router and LP node staking as its main use cases. After migrating to AO, Permaswap no longer requires Router and LP nodes, as their functions are handled by the CU services provided by AO's underlying infrastructure. The new economic model positions $PSN as a typical equity-based token, with its core functions centered around governance and profit sharing within Permaswap. The complete economic model will be finalized in 2025 after discussions with investors and stakeholders.
In fact, to create an incentive tool, we launched the $HALO token in January 2024. $HALO can be seen as a test token for $PSN and currently serves as the incentive token for Permaswap. In the future, $HALO can be exchanged for $PSN at a fair ratio.
Before $PSN is officially launched, $HALO is used for activity incentives and airdrops to early contributors. So far, Permaswap has airdropped nearly 12 million $HALO to early contributors (Credit NFT holders and PermaDAO management contributors) and issued about 1.5 million $HALO in incentive-based activities.
User Communication and Support
Permaswap communicates with users through X, Telegram, and Discord.
In 2024, Permaswap posted a total of 96 tweets, growing its followers to 32,000—an increase of 25,000 from the previous year. These followers are mostly investors, researchers, builders, and alpha hunters focused on the AO ecosystem.
Through X, we shared important product updates and operational activities while providing product knowledge and answering user questions. Telegram and Discord communities were used to solve specific user issues and handle support tickets.
On December 27, when $BCAT was launched for trading on Permaswap, the trading volume spiked dramatically, temporarily overwhelming the AO testnet. This resulted in over a hundred support tickets. We handled these tickets and kept users informed about the progress through Twitter. Our prompt and thorough response earned users' trust and positive feedback.
Future Plans
In 2025, Permaswap will continue building on AO. We will focus on enhancing the autonomy, flexibility, and capital efficiency of pool creators and LPs, launching a series of new features, including:
Creation of multi-asset pools
Creation of Bonding Curve pools
Self-custody liquidity provision
Concentrated Liquidity
Providing liquidity through flexible strategies
At the same time, Permaswap will continue to push forward as we build the best DEX on the AO ecosystem, while continuing to realise more possibilities for AgentFi.
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Disclaimer: This article does not represent the views of PermaDAO. PermaDAO does not provide investment advice or endorse any projects. Readers should comply with their country's laws when engaging in Web3 activities.
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