South San Francisco, USA, 21st February 2023
Yellow Network team is delighted to announce that Duckies, an NFT and reward-driven platform featuring $DUCKIES community reward token, is upgrading today as Yellow Canary Network.
Join the Duckies Squad today and explore the suitable role for you as a contributor.
Duckies are to serve as a proving ground where Yellow Network community can test and experiment with the technology behind the upcoming cutting-edge Web3 platform in a live environment ahead of Yellow Network launch on the mainnet.
Events Leading to the Announcement
"Our approach embraces Web3 technologies for more convenient and secure trading, which is a must-have in the crypto sector, given the cracks in the industry that we have all witnessed and which are impossible to ignore," said Louis Bellet, CEO of Yellow Network.
"One of the most incredible features of OpenDAX v4 is the ability to participate in Yellow Network and pool liquidity, performing ultra-fast low-cost trading. This makes it possible for brokers and market makers to offer their users a wide range of trading options and bring in extra liquidity, all within a single platform.
But such complex solutions are also associated with high risks and must be cautiously approached by both developers and brokers. We strived to create an environment where risk stimulates the incentive for security, which is vital to building the best-in-class architectures. We started looking into creating a sandbox environment that would work similarly to Yellow Network but at a smaller scale.
Duckies platform was a hit for our community upon its launch in September 2022, with the number of token holders growing from 0 to over 200,000 within two weeks. We are thrilled to see the excitement, and as originally intended, Duckies were always intended to be not just for fun; they are for serious business too. So, today, we are announcing the evolution of Duckies as an educational, testing, and experimental canary network of the Yellow ecosystem," continued Mr. Bellet.
What is a Canary Network?
The concept comes from the habit miners formed during the nineteenth century to help detect carbon monoxide leakage. Canary birds immediately showed distress in the presence of gas, which signaled miners to leave their workplace to avoid deaths caused by toxic fumes.
Similarly, software engineering uses a canary deployment strategy to minimize failure risk while releasing new versions. The code performance can be monitored closely before it is deployed to a more extensive user base. Since the canary is only accessible to a limited number of users, it significantly reduces the risk of widespread poor performance or user experiences. A canary test is an excellent way to set up a beta program with real selective users to collect their valuable feedback before a significant code release.
Duckies as Yellow’s Canary Network tests the innovations of Yellow Network in a real-world environment, including the latest versions of smart contracts and software components.
Duckies Network will be used to trade tangible assets like the production Yellow Network, but with smaller transaction value. It minimizes the risk of releasing vulnerabilities while risking small amounts of money. The $DUCKIES token is used on Duckies to connect to the network and pay the fees, acting like the $YELLOW token for Yellow Network.
What Duckies Put Forward as a Canary Network
- Identify and address issues
By creating a canary network for Yellow, the team can identify and address issues in a testing environment before deploying new features and upgrades to the main network.
- Iterative development process
Yellow’s canary network testing is part of an iterative development process that allows developers to identify and address issues promptly and quickly. This agile process allows continuous improvement, ensuring the network constantly improves and evolves.
- Community engagement
The Duckies environment is built to be a highly engaging and reward-based community for developers, validators, and users who participate in testing and provide feedback. It was designed to be an environment that allows developers to test new features and upgrades in a real-world environment.
How to Join Duckies, Yellow’s Canary Network
Anyone can participate and try Duckies Network in just a few steps:
- Sign-up and create a profile on the Duckies platform.
- Get $DUCKIES token as a community event reward, or just swap other tokens for $DUCKIES on QuickSwap.
- Join the Ambassador Program:
- Become an Evangelist if you want to be the community force that spreading the word about Yellow & Duckies
- Become a Broker if you want to help test and grow Yellow Network and the technology behind it.
4. Watch your email for a letter from Yellow Network team within 2–3 weeks detailing the next steps
Or explore other opportunities to contribute:
- Join the hunt for Ducklings NFTs and start minting your Duckies collection to get more $DUCKIES to be used on the canary network.
- Join the Duckies community on Discord to find more opportunities to contribute and keep up with the news.
How to Use Duckies Network
Yellow Network team is finalizing the last touches on the Duckies Network and will be distributing the environment within a few weeks from this announcement.
Shortly, they will share the smart-contract address of ClearSync, a protocol that helps to synchronize financial transactions and facilitate their clearing; after that, users can open trading channels by depositing a small amount of $DUCKIES and a stablecoin collateral.
Once the channel is opened, they can start trading without deposit and trading fees with the existing members of the network. After the trading session, users must settle and clear all their positions using a smart escrow contract or other atomic swap systems.
With Duckies, anyone can create a trading bot for market making and arbitrage or even open their exchange using our SDK. This canary network is the best place for startups and developers to start experimenting with Yellow Protocol.
The first deployment will be on the Polygon network, but we will also deploy it to other chains as we go along.
About Yellow Network
Yellow Network is a Layer-3 P2P financial network that offers high-speed and decentralized trading between brokers and aggregates liquidity from connected nodes. Its sophisticated communication and liquidity network is powered by state channels technology.
Anastasiia Bobeshko, Chief Marketing Officer