Learn about how I built Slowswap to prevent MEV for AMM.

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-  Overview

-  The challenge

-  The proposed solution

-  Product Goals

-  Target Audience

-  Research Goals

-  User Persona

-  User Journey Map

-  Task Flows

-  Conclusion

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Overview

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The goal was to develop a solution to prevent miner extractable value (MEV) on automated market makers (AMMs). MEV refers to the profit that miners can potentially earn by manipulating the order of transactions in the mempool, and front-running refers to the act of exploiting this opportunity by submitting a transaction before another party's transaction in order to benefit from the resulting change in market conditions. Over the past year, $0.5 billion has been exploited through MEV on AMMs, and it is estimated that the volume will reach $1 trillion by 2022.

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The Challenge

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Existing solutions to prevent MEV on AMMs depend on centralized parties, and have limitations such as off-chain risks, limiting the number of known users on the chain, and storing transactions in a private mempool rather than the public mempool. There is a need for a direct, on-chain solution to MEV that is not dependent on centralized parties.

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The Proposed Solution

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SlowSwap proposes the use of verifiable delay functions (VDFs) as a solution to MEV on AMMs. VDFs are a cryptographic primitive that allow a user to prove that they have spent a certain amount of time running a function, and can be quickly verified by others. By creating a barrier for malicious users to front-run transactions through the use of VDFs, SlowSwap aims to prevent MEV on AMMs.

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Product Goals

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-  Develop a direct, on-chain solution to MEV that is not dependent on centralized parties.

-  Create a barrier for malicious users to front-run transactions on AMMs.

-  Allow for the quick verification of the solution by others.

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Target Audience

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The target audience for SlowSwap is AMM users who are looking for a solution to prevent MEV on AMMs.

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Research Methods

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The design team conducted research on existing solutions to MEV on AMMs, and conducted interviews with AMM users to understand their pain points and needs.

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Research Goals

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-  Understand the limitations of existing solutions to MEV on AMMs.

-  Identify the pain points and needs of AMM users.

Limitations of exixting solutions to MEV on AMMs:

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We need to identify the drawbacks of current approaches in terms of their functionality, transparency, and accessibility.
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-  Dependence on centralized parties: Some existing solutions are dependent on a single entity to operate, which may not be desirable for some users who prefer decentralized solutions.

-  Off-chain risks: Some are not fully transparent on the blockchain and may involve risks such as fraud or counterparty risk.

-  Limiting the number of known users on the chain: Some whitelist known users on the chain, which may reduce the total number of users who can access the solution.

-  Storing transactions in a private mempool rather than the public mempool: Some are not visible to the public and may not be as transparent as those in the public mempool.

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Pain points:

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"It's a little scary to think that miners can manipulate my trades for their own profit. I want a solution that prevents this from happening so that I can have peace of mind when I make trades." - AMM user

"I don't want to have to worry about fraud or counterparty risk when I'm just trying to make a trade. It's stressful and adds unnecessary risk to an already risky process. I want a solution to MEV on AMMs that eliminates these concerns." - AMM user
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"It's frustrating to spend a lot of time trying to figure out how to use a feature. I want something that is easy to use and doesn't take a lot of time." - AMM user
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"It's important to me that I can trust that my trades are being processed fairly. I just want to have that peace of mind, knowing that my trades are being handled securely." - AMM user

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User Persona

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User Stories

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-  As a user, I want to be able to make trades on AMMs without worrying about MEV so that I can feel confident in the security and fairness of the trades.

-  As a user, I want to be able to easily understand how to use and navigate the platform.

-  As a user, I want to be able to easily use the platform regardless of my device.

-  As a user, I want to be able to quickly access the features and information I need without having to navigate through too many pages.

-  As a user, I want a solution that is not dependent on centralized parties.

-  As a user, I want to be able to view my holdings and their value in one place, as well as any potential MEV savings, so that I can easily track my portfolio performance.

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User Journey Map

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Conclusion

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SlowSwap is a promising solution to the issue of MEV on AMMs, offering a direct, on-chain approach that is not dependent on centralized parties. By using VDFs to prevent front-running, SlowSwap aims to create a more secure and fair environment for transactions on AMMs. The app's user-friendly interface and efficient process for generating and submitting VDFs makes it a valuable tool for AMM users looking to protect their trades from MEV.

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Design

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Swap:

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Confirm Swap:

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Liquidity Pool:

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Add Liquidity (Select Token):

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Add Liquidity (Token Selected):

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Pools Overview:

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