While the team is focused on attracting liquidity and new integrations, the product is also moving forward. We've gathered three major updates and a bunch of small but pleasant fixes. 👇

1. A new pool list view

Previously, it was just a regular list. A bit boring.

Now each pool has its own block with puzzle pieces (tokens), where the size of each piece reflects its weight in the pool.
A small thing? Perhaps. But it's precisely these kinds of details that create the feeling of a product you enjoy coming back to.

2. The Docs tab on the website

Now all of Ranges' technical base is in one place, right on the website.

Inside:
How the Ranges technology works (virtual balances, leverage, price ranges)
Guides for LPs: how to add and withdraw liquidity, how yield is calculated
Everything for traders: swaps, slippage, arbitrage
Technical documentation for developers and partners

Docs are now the single-entry point for anyone who wants to understand how Ranges works.

3. Improved swap route

Previously, swapping was only possible within a single pool. If the required token wasn't in the pair, the swap was impossible.

Now the routing can utilize multiple pools, finding the optimal path.
Example: swapping Apple from Ondo Protocol for the $ROME stablecoin can now be done directly, even if there is no direct pair:

This opens up many more scenarios for traders and makes liquidity within Ranges more interconnected.

Small but important fixes

1. Added our own API - without it, some pools were not displayed.

2. Added 30day volume display.

3. Added Important Notice & Disclaimer.

4. Fixed TVL sorting display.

5. Fixed token icons.
   

As usual, if you have ideas on what else could be improved in the product, don't keep them to yourself. Feel free to write to us in our Community Driven Development section. 🧩

1. We’ve added a single-token deposit system

This makes interacting with liquidity top-ups in Ranges way smoother. Now, instead of manually swapping all the tokens, you just need to have one token from the pool in your balance. The mechanics under the hood do the rest for you: swaps the tokens in the right amounts and adds liquidity to the pool.

2. Liquidity inflow stats for pools have been added

Before, you had to use third-party services to track this. But now, just click the little arrow on the pool page and you can check the liquidity data for 24 hours, 7 days, 30 days, 90 days, or 1 year.

3. pWAVES

Liquid staking for WAVES, built on community-run nodes. The goal of pWAVES is to diversify your yield from leased WAVES. We honestly and transparently make sure the nodes keep their promises — and we reserve the right to delist them or lower their rate if needed. Right now, APR is above 30%, which is pretty awesome. Oh, and we've added the token to an aggregator — more on that in the next point.

4. Aggregator update: concentrated pools from SWOP.FI

We've added concentrated pools from swop.fi to our alligator. Now routes can go through them, which could open up new opportunities for our arbitrage traders.

5. Ranges are live on Ethereum

We're excited to share some big news you might have missed — Ranges is now available on Ethereum. This is a major and important step for both the team and our community.

For a year, Ranges were actively tested and used in Puzzle’s native blockchain – Waves Protocol. And now, 29.04.2026, they are officially live on the DeFi’est chain ever – Ethereum Mainnet. - https://paragraph.com/@puzzle-network/ranges-are-live-on-ethereum

And here you can check out the full list of implemented ideas. Which one do you like the most?

Also, don't forget — you can suggest ideas for improving Ranges on Ethereum via the link below.

Telegram / X / CDD / Ranges Finance

One link: RANGES.FINANCE

Let’s take a look at existing Ranges with a total of $30k liquidity, which are already set up by the team to show different use cases. 

1. Leveraged megapools

This is similar to traditional Balancer pools, but leveraged. Each token can be boosted to maximize its efficiency. We are introducing virtual balance to make this easier to understand. 

2. RWA indexes 

Yes, you can now trade GOLD, OIL, AAPL on Puzzle! And even provide liquidity to a megapool with all of them. Currently we are using RWAs hosted by Ondo Finance, but technically any other ERC-20 token can be used. 

Our pools are better than traditional indexes, because they generate YIELD from fees. Let’s dream big and hope one day we would launch an on-chain yield-generating SP500.

3. VERY adjustable pairs

With Ranges, you can launch pairs – pools with just two tokens. Thanks to the presence of leverage and weight parameters, they would be more efficient than Uni v3. 

We are pioneering this with a new pair for ROME stablecoin, set up to efficiently locate its liquidity in the $0.97-1.01 range against USDT. 

Ranges are live! Provide liquidity, trade to use arbitrage opportunities or simply read the docs to enjoy the magical power of DeFi. However, keep in mind that we are still in alpha, only use it with what you can afford to lose. 

Thank you for your support and sharing this breakthrough moment with us!

Answering what you would probably ask…
Q: How much can liquidity providers earn?
A: Research shows the value differs from 10 to 50% APR, depending on tokens trading volume and their leverage in pools. For extremely leveraged positions it can go to as high as 300%, but this comes with a risk of impermanent loss. Remove more about this research in our Medium articles. 

Q: How does protocol earn?
A: Similar to Puzzle on Waves, protocol takes 40% from all swap fees. They are collected to a special address (0x58ea…2bad). We commit that for the next year all earnings will be manually added to Puzzle King Address in order to buyback PUZZLE and distribute it to stakers. In a year, after 29.04.2027, this will be reconsidered depending on Ranges expansion strategy. 

Q: Is there an audit?
A: No, there is no 3rd party audit. However, we spent quite some time auditing smart contracts internally with multiple AI models. We are planning to purchase an external audit (which is pretty pricey and starts from $150k) after reaching a few million in TVL and, hence, proving the product is really demanded. Upon then, we stay in alpha mode and, while also heavily providing liquidity by ourselves, urge our users to only put what they can afford to lose. 

Q: How does this benefit the Puzzle ecosystem?
A: Besides additional payments to Puzzle stakers for the next year, Ranges leverage existing Puzzle tokens (first of all, PZL and ROME) by providing access to them for creme-de-la-creme of DeFi users in efficiently designed pools. Especially for ROME – Ranges are expected to have a high impact on its peg. 

Q: Ethereum is very competitive, how can Ranges get traction? 
A: Usually protocols face a chicken-egg problem: to get users, they first need users. However we have a growth hack with Ranges. Our pools are already being used by arbitrage bots, hence they already generate income. We are also willing to be in touch with aggregators, such as 1inch and CowSwap, who would organically generate more volume for Ranges. So, we plan to attract TVL, while volume is generated by financially motivated 3rd parties. That’s the power of a decentralized network, which Ethereum is. 

Q: Any plans for other chains?
A: Puzzle team is launching Ranges on Ethereum with an opportunity to scale to other EVMs, such as Arbitrum. Meanwhile, since Solana remains a hot topic, we’ve partnered with another project who will launch a fork of Ranges in there. More news on this soon!

Q: How to create my own pool?
A: You need to be whitelisted to create a Ranges pool, while we are in alpha. Please reach out to any admin in our Telegram chat to be granted access. You need to meet one of the following criteria: provide a plan for a pool with $10k+ TVL which you are going to implement and provide liquidity to, or represent a project which wants a pool to be launched for its native token. 

Q: How can I report a bug or contribute to Ranges development.
A: Please use puzzleswap.org/ideas and get rewarded for this!

How you can use pWAVES

On a freshly designed page, users can mint pWAVES with WAVES and redeem it back to WAVES.

As of the moment of writing, there is neither a fee nor waiting delay for these operations. pWAVES grows in price together with any reward payout received by address, hence, after a while, can be redeemed back to more WAVES, than what it had been minted for. 

Initially after new minting WAVES are leased to a defaultNode, then, once in 100 blocks (± 1.5 hour) the total WAVES bag is rebalanced across all nodes. Please bear in mind that due to that mechanics withdrawal of WAVES per 100 blocks is only available for the amount leased to defaultNode. 

Plans for extending decentralization

pWAVES is launched on top of 11 community nodes. The list is taken from recent community questionnaire responses with the subw@r node added, because they provide the best available sticker pack with a duck drinking tea. The list of nodes will be reconsidered once in a while to exclude ones with unpleasant behaviour, particularly the ones who don’t payout the promised rewards. For example, we would keep an eye on Elysium node who stated the rewards will be 100%, but isn’t paying them out yet. 

Surely, we want to extend the list and are eager to introduce mechanics for node inclusion and their ratios redistribution. However, we would love to see some adoption for pWAVES first, hence, let’s wait for a significant milestone of 1 mln WAVES locked in pWAVES to introduce the dynamic nodes list. 

There are multiple ways we can make WAVES leasing ratios dynamic: PZL governance, bribing mechanics or even a separate Child DAO on Power framework.

Mint pWAVES and join our chat in case you have any questions.

Over the past months, we have been collecting suggestions and feedback via Google Forms. We are grateful to everyone for sharing their opinions, there was a total of 56 ideas submitted and 26 – implemented. Although user suggestions have led us to implement a few key features, we realized that

we need some more transparent and convenient way to interact with our community.

That’s why today we are taking an important step forward.

From a Google Form to full-fledged Community-Driven Development

We have created a page for Community-Driven Development (CDD) — a space where each user’s contribution becomes a part of the product’s overall development system, giving them the opportunity to earn rewards and receive Idea Guru status.
Here is a look at what the new page offers:

1. The first thing you will notice is the leaderboard, where you can track your position in the rate and see how others are doing. It displays the number of ideas, points, and rewards associated with a specific address. This is designed to identify who is ultimately the top contributor.

2. The second section includes some info about the amount of implemented ideas and the total reward payouts in $PUZZLE. This data allows you to acquaint quickly with the overall progress and achievements of CDD.

3. Here is the third section comes, where all of your ideas are presented. Here you can check the status of a certain idea, like or dislike it, and read the idea itself. Above this section, there are buttons that sort ideas by status:

Open — ideas that have been submitted and not yet assigned a status.
All — every idea submitted by our users.
In Progress — ideas that are currently under development.
Completed — ideas that have been implemented, with rewards already paid out.
My Ideas — ideas associated with your connected wallet address.

Everything looks great, but how can you submit an idea? — Click the button under the number 4, and here will be  a window in front of you. Here you can provide your Telegram username for communication purposes. However, we have also taken user anonymity into account and made this field optional — here is one more innovation about the Google Form.

Next, you are to describe your own idea in the field below and, if desired, attach a link to screenshots. After that, you sign the transaction and voilà: your idea is in the list of all ideas. Innovatively, you can do it even without WAVES in your wallet, because no fee is charged for this action – ideas are stored in a database.

Rewards and Points

We believe that community contributions should be both valuable and measurable. That is why Community-Driven Development includes a motivation system that takes into account not only the number of implemented ideas but also their real impact on the product.

Each implemented idea is rewarded with 0.5 $PUZZLE or even more if the idea is particularly valuable.
In addition, every idea is evaluated with points: a standard implemented idea earns 1 point, while a truly important and in-demand feature -  whose implementation required significant time and resources—is awarded 2 points. This approach allows us to recognize both the activity level and the quality of submitted ideas.

Accumulated points form the leaderboard, where the most active members of the community are highlighted.
If a user succeeds and completes 10 tasks or earns 15 points, he gets 15 $PUZZLE extra as a reward. Thereby, participation in Community-Driven Development becomes a meaningful contribution to the product’s growth, receiving real value and recognition.

Informational Chat Bot

To make participation in Community-Driven Development as convenient as possible, we have launched a dedicated bot to help the community stay informed all the time. The bot automatically sends notifications to the chat when a new idea is submitted, when a proposed idea is successfully implemented, and when a user reaches the milestone of 10 completed tasks and receives his bonus reward—so the entire community can celebrate the achievement together.

You can get notifications and follow the updates in [Puzzle Chat].

We appreciate your initiatives and want every participant to feel their contribution to the project’s growth. And by the way, if you have any ideas or suggestions for improving CDD itself, we would be happy to hear them RIGHT NOW. Submit them directly through the brand new Community-Driven Development form.

How liquidity is distributed and why the ranges turned out different

By liquidity volume it is clear that the team is not betting on only one scenario, meaning they are testing several approaches at once.
At first glance, SBER and SBER2 look almost identical: in both ranges the same assets are used: Solana, Ethereum, Bitcoin and Rome. But if you look at the liquidity distribution, it becomes clear that these are two different approaches.

SBER looks like a more directional range. Almost half of all liquidity here is concentrated in Solana, which immediately makes it clear that this range depends more strongly on the movement of SOL. The other tokens: Ethereum, Bitcoin and Rome complement it by creating trading pairs.

SBER2, on the contrary, looks more balanced. Solana, Ethereum and Bitcoin are distributed in almost equal shares. Due to this, the range depends less on a single specific asset. But Rome occupies a minimal share here. And at the moment, it is the second option that shows a higher APY.

By liquidity volume, SBER2 is also noticeably larger and looks like a range designed for stable operation, but SBER can deliver a higher result during periods of active growth of Solana.

At the current stage, it is impossible to say unambiguously which of the ranges is better. And this is normal. These ranges initially look like an experiment with different strategies. Most likely, in a few months it will become clear which approach shows stronger performance.

How much can the new ranges actually bring to stakers?

The launch of ranges is additional income for Puzzle stakers from trading fees.

Let’s calculate how much yield this decision will bring to stakers.

To make it easier, I will explain step by step. Each range has its own APY, which can be seen on the ranges page. Usually this is a range from 10% to 50% annually, depending on trading activity.

But there is an important point:
the fee is split equally between the liquidity provider and the protocol.

That is, the liquidity provider earns their 10–50%, and exactly the same amount is earned by the protocol. The Puzzle team has added $100,000 of liquidity into the new ranges, which means that:
- with low activity (10%) — the protocol earns about $10,000,
- with medium activity (30%) — about $30,000,
- with high activity (50%) — up to $50,000.

This is not an exact forecast. These are three scenarios. This approach is usually called benchmarking.

And now to the most interesting part — how does this affect $PUZZLE stakers?

All these fees are exactly additional income for stakers. Right now, about 163K $PUZZLE is staked and the protocol earns from $10K to $50K. This means that for each staked $PUZZLE there is from $0.061 to $0.306. Wow!

If we remove all the numbers and percentages, everything comes down to a fairly simple thing: the effectiveness of ranges directly depends on trading activity.

There will be trades — there will be fees.

On our side, we have created the infrastructure and provided liquidity. After that, everything is decided by the market. And, of course, by people who know how to find differences between networks and pairs.

It is hard not to say the obvious here:
our arbitrageur friends, you definitely have room to roam!

The year began calmly, almost winter-quiet, but already in January our ecosystem came to life with special colors - one of the users independently created a service for tracking limit orders. A new convenient tool born from initiative and faith in Puzzle, thank you Michal. And we launched the megapool WEBu (WAVES, WBTCu, WETHu), which brought a significant influx of liquidity and increased staking rewards. In addition, we caught the meme wave and the early-2025 trend together with I.MEME, setting a bright and energetic tone for the very beginning of the year.

February gradually warmed up the pace; we conducted a buyback of 150,000 PLUTO (≈19,317 WAVES), creating more favorable conditions for growth. And the Puzzle team also went to Istanbul for the Units Network hackathon: an inspiring trip, new ideas, new acquaintances… All of this became fuel for the next steps.

Spring greeted us especially brightly.
March turned out to be as eventful as the first sunny days: the Arkimals team, with our support, presented Arkimals Puzzle Eagle, and users received a new way to interact with PUZZLE. The Rome Dashboard appeared, the RE:WIND pool opened, MegaMeme on Solana was released, and the Puzzle Network team proudly presented the Litepaper. At the same time, Puzzle Lend expanded - a New Market appeared, and PUZZLE staking became more profitable and beneficial for the entire ecosystem.

April continued this wave. We added auto-staking for RE:WIND, expanded the availability of $ROME through the ETH–ROME pool on UniSwap, and acquired a new domain - puzzle.network. And here we again want to ask our community: which domain do you use more often?

In May, when the air is already filled with the feeling of approaching summer, we listed $ROME on CoinGecko. Along with this, MegaMeme was released - an index of top memecoins available on WAVES and SOLANA. We felt the community becoming more active, and the ecosystem blooming.

And then came June - one of the busiest months of the year. The new Puzzle Lend design, the launch of $ROME on Curve Finance with a TVL of over $100,000, the updated Rome Keeper with a smart treasury, a separate website rk.puzzle.network, Puzzle Node taking third place in transaction count - and of course, the crucial announcement of Ranges. All of this became a real foundation for future major updates.

July confirmed that we are moving in the right direction: Puzzle Lend broke an ATH in supply - over $8.2M. And most importantly, we launched the first RANGE in history, turning the idea voiced in June into a real working tool.

In August, riding the wave of growth, Vladimir started the series of articles Inventing Ranges, and then the alpha test of RANGES took place. The community actively participated, gave great feedback, and helped refine the mechanics to perfection. And the result didn’t take long: on August 27 we officially launched RANGES.

Autumn began with a bright September. A podcast by Vladimir and Chris was released, Puzzle Aggregator expanded to more than 600 pools, including 181 RANGES. The Inventing Ranges series continued, a 30-day buyback began, and PUZZLE staking hit a new ATH - over 160,000 PUZZLE. All this became a reflection of the growing activity and your support.

October became a month of further strengthening of the RANGES model: the team’s pitch, new research, Inventing Ranges Pt.4 - Vladimir step by step revealed the internal mechanics of concentrated pools, making it understandable for everyone.

In November, we opened the doors to a multichain future by launching $PZL - the wrapped & staked version of PUZZLE. And along with that, we launched Community Driven Development based on a Google Form and a Telegram notifications bot. Now our users can share their ideas for improvements of the ecosystem. Many of them are already implemented - and this is an especially warm part of our shared history.

And finally, December - the month of summing up and giving thanks. And it was in this month that one of the real New Year miracles happened - Vladimir announced three goals for the next year in this video: https://youtu.be/YCYX-dDk3Uc?si=qzYcQH2Nti_DkVns and one of them became especially inspiring: the expansion of RANGES into EVM, marking the debut of Puzzle Network beyond its original blockchain. We had long spoken about growing outside a single ecosystem and bringing RANGES to Units Network will become a powerful step toward a truly multichain future, opening new possibilities and broader horizons ahead.

This year has been special. We grew, experimented, made mistakes and corrected them. Together. Every update, every launch, every victory - this is not only the result of the team’s work, but also the result of your involvement.

Thank you to everyone who was with us: testing, writing ideas, using the products, supporting us in difficult moments, and inspiring us with your expectations.
May the New Year bring us even more discoveries, innovations, and reasons to be proud of what we are building. May it be as bright as this path we have traveled together.

Happy New Year, Puzzle Family! 🎄

The first step in our series of improvements was a complete revision of the NFT Staking page. We took your feedback into account and prepared an updated design to make the page more user-friendly. It now displays the earnings of your NFT Eagles and NFT Ania, with the ability to choose time frames: 1 day, 7 days, and other periods - so you can better track your income dynamics. Additionally, we’ve added the option to claim your accumulated staking rewards directly on the same page. Forward, EAGLES and ANIA!

Another important update is the addition of the ability to enter the desired amount of tokens in the Receive field on Puzzle Swap. Users can now specify the amount they want to receive, and the aggregator will automatically estimate how many tokens need to be sent to complete the swap.

On the Ranges page, we’ve also implemented a number of useful improvements based on your suggestions. You can now switch the pool fees display to USD, making the metrics easier to understand. We’ve also changed the default time range on the ranges list page. Now, when you open the page, the statistics are automatically shown for the past month.

Some of your suggestions require a deeper and more structured approach, which is why their implementation takes more time. We aim to deliver such changes with the highest quality and thoughtful execution. For example, we’ve started working on one of the user experience improvement ideas by creating a detailed layout for a new page.

In addition to the updates listed above, we’ve implemented several more ideas from your feedback form. You can view the full list of implemented improvements at the link: https://docs.google.com/spreadsheets/d/1jO0X_RqLquaili65QHcCIFMI8tmPKIfp5rvZu2Rgqnw/edit?gid=1172185192#gid=1172185192
You can also suggest your own improvement: https://forms.gle/FFGjfd4t8dKEAyJg8

We thank all the users who shared their ideas and contributed to the development of Puzzle Network. Your suggestions help us move in the right direction and make the product better, more convenient, and more valuable for the community. We will continue working on new improvements and will definitely keep you updated on upcoming changes.

Thank you for staying with us.
Puzzle Network continues to grow, together with you.

Puzzle Network is a central DeFi protocol on Waves, consisting of an aggregator, a lending protocol, and innovative megapools with concentrated liquidity. PUZZLE is the highest-performing token in the ecosystem, with growth from $4 to $16 this year. Notably, PUZZLE has no additional emissions FDV = market cap.

We believe this supreme DeFi token could be offered to DeFi enthusiasts outside the Waves chain. Therefore, we are launching PZL - wrapped staked PUZZLE available cross-chain.

Staked PUZZLE (PZL) is a token pegged to PUZZLE that grows steadily along with its staking yield. Any user can mint it with regular PUZZLE and redeem it for PUZZLE without limitations. Used PUZZLE is being automatically staked, its yield is reinvested, increasing the price of PZL.

Example: The current price of PZL is 1 PUZZLE; the PUZZLE staking APY is 10%; then, in one year, the projected price of PZL will be 1.1 PUZZLE.

The token design is similar to other liquid staking derivatives (LSD), like Lido's stETH.

BURN and Referral Mechanics

In addition to its main staking mechanics, PZL has two more objectives: (1) an additional source of PUZZLE deflation and (2) incentivizing the active community. This is achieved through the only fee PZL charges: the minting fee.

The PZL minting operation has a 0.1% fee, which is split into two equal parts:

• 0.05% of the PUZZLE spent on minting is burned instantly to increase PUZZLE scarcity.

• 0.05% is paid to an ambassador, chosen by a specific user in the user interface.

All operations are performed exclusively through the PZL smart contract. You can track burns directly in the explorer 🔥

Would you like to become an ambassador and receive your referral bonus? Contact @martino_mansory on Telegram. You'll need an active audience of over 1000 followers or a clear vision of how to promote PZL. 

STAKED PUZZLE IS NOW AVAILABLE ON ETHEREUM 🤩

The launch of PZL is supported by WavesBridge, who minted the Staked PUZZLE (PZL) token on Ethereum and hosted the Waves ↔ Ethereum bridge for its operation. Please note that WavesBridge charges an independent bridge fee and, as its issuer, has full control over the ERC-20 version of PZL.

The integration of PZL with Ethereum represents a major step toward cross-chain interoperability adoption. Staked PUZZLE can be further integrated through Ethereum's native bridges, even bridged to such uncommon chains as TON or Algorand. 

$40,000 LIQUIDITY DEPLOYED

The Puzzle team is very excited about Puzzle's adoption on other chains and is pleased to support its launch with initial liquidity. A total of 1200 PZL and 20,000 ROME have been deployed in three different Uniswap pools. The main position can be viewed at the following link: app.uniswap.org/positions/v4/ethereum/99000.

Interestingly, this pool became Uniswap's number 99,000. What a number! What was the chance? 

The best way to trade PZL is through CowSwap, the most profound and cost-effective DeFi aggregator on Ethereum. Visit swap.cow.fi and search for PZL by entering its ID: 0x37f3eD0186AaDF2966BD75cf702aD0f31AB13318.

We know that you love arbitrage. You can already take advantage of it by finding price differences between PZL on CowSwap and PUZZLE on PuzzleSwap 🎉

We invite all OGs and new non-Waves enthusiasts to use Staked PUZZLE (PZL) on multiple chains and gain exposure to Puzzle's staking yield, as well as the protocol's growth!

LINKS

Mint PZL: https://puzzleswap.org/pzl 

PZL Bridge: https://wavesbridge.io/bridge?from=WAVE&to=ETH&asset=PZL.

Ethereum Mainnet ID: 0x37f3eD0186AaDF2966BD75cf702aD0f31AB13318

Waves ID: DgER5m4fWpSFXhXDBxBye1B4HHCwdRttsbU5LBz6XEYs

Any questions?: https://t.me/puzzle_network

There was a new frontend team member added recently and we started an internal process to track the development of UI. All for one goal: improve your user experience. Now, as many as 19 bug fixes and UI improvements are awaiting you at swap.puzzle.network 😋

These top-5 improvements are the most important ones and deserve a detailed explanation:

1. Connecting the custom Waves node and custom backend.

The default nodes list consists of nodes.wavesnodes.com, nodes.wx.network, and others. Those might be not available from such regions, hence usage of Puzzle might have been unavailable for you without VPN. A simple solution is here: go to settings on the Swap page and insert a Node URL which works for you.

Similarly, if you host your own backend for Puzzle Swap, you can switch to it in the settings. This URL affects the version of the aggregator and megapools API that your web app is using. The default link is swapapi.puzzleswap.org.

PS: You will need to reload the page after inserting the changes to apply them.

2. Partial unstake of LP tokens (a.k.a. PZ-tokens)

Some of you use them for minting ROME, others combine them into a mega megapool. We have introduced a convenient form to choose an amount of PZ-tokens to unstake in your position. That’s a great step towards higher adoption of PZ-tokens as efficient crypto assets.

3. Advanced single token deposit

Since now, you can choose any token from pool composition to use for single token liquidity provision (STLP), not only the base token. Use the freshly introduced popup window for it.

Be careful with slippage, as your deposited token is still being swapped to others in the pool. Don’t put much liquidity with a single transaction! Split to a bunch of smaller ones.

4. Detailed info on PUZZLE staking APY

The PUZZLE token is getting its spotlight nowadays. To ease an onboarding of new stakers and provide more info on the official website, we’ve added detailed stats on performance of its APY. You can see PUZZLE staking APY (annualized) based on the data from the previous week / month / year.

5. Correct tokens pricing

For a long time, Puzzle Swap interface used onchain data to calculate the prices of listed assets, which made the interface slooooow and some values incorrect.

We have fixed this by developing a special backend endpoint which uses historical data to instantly provide the entire list of prices to UI. We send a big gratitude to our user Cme, who suggested an algorithm to most exactly calculate those prices 🫶

…

Besides these 5 significant improvements there are at least 14 more, which might be less visible but still important for enhancing the experience for megapools and aggregator users. We appreciate your feedback and bug reports! Check them out and enjoy the fresh swap.puzzle.network.

To furtherly extend the user experience on Puzzle, we have already started work on updates for Puzzle Lend and Rome.

Moreover, we are thinking of a transparent and decentralized flow for bug reporting, where our users could submit an issue or an idea to an open-source tasks board and get rewarded with PUZZLE if it gets implemented. What do you think about this? Would you join? 🤔

Ranges is a new model for AMM (DEX) invented and designed by ourselves on top of MEGAPOOLS. It utilizes the power of concentrated liquidity and multi-token pool setup to help liquidity providers EARN MORE without tokens printing, purely from math optimization.

It introduces a few new entities to our well-known megapools: leverage, min/max prices, fact/virt balances – described in the article “Inventing Ranges” and analyzed in “Inventing Ranges pt. 2”.

For the last month Ranges’ve been through Private and Alpha Testing, where our friends and users created more than 100 of them. Based on their experience, that’s what you can use Ranges for:

• leveraged megapool, for example MEGA RANGE,

• stable pool, for example ROME-USDT,

• Uniswap-v3-like pool, for example Puzzle-ROME.

Creating ranges is FREE (only gas commission). Providing liquidity earns you APY from trading swaps. You can withdraw anytime. Just be careful with the leverage you set.

IMPACT ON PUZZLE

Ranges open a new chapter for Puzzle Swap, similarly to how Uniswap v3 changed everything on Uniswap. Old megapools will not be removed from the interface and you still create them, however Ranges have more advanced functionality, including security measurements such as particular token shutdown and max-sell-off, preventing liquidity draining in case of any token exploit. With Ranges, Puzzle becomes safer.

Ranges have already boosted PUZZLE staking rewards, earning about $8,000 during the month of testing, and we are looking for more, as the entire protocol fee (50% from swaps) goes to PUZZLE stakers.

FURTHER PLANS

While we are launching the first “PZ-3.6.0” version today, there are three directions we will keep digging into to enhance the experience:

• single token liquidity provision/withdrawal, which requires more research,

• staking of assets inside the Ranges (ROME, PUZZLE, WAVES, PZ-tokens, PLUTO) to make them ultra efficient for liquidity providers, which requires more development,

• code and math optimization to handle edge cases, for example memecoins with tiny prices and big numbers.

We are so excited to share Ranges with you and the entire DeFi space as something truly unique and what we invented ourselves… We believe that the usecase potential for this technology is limitless and ask you for your support: please create ranges, provide liquidity, share your experience!

With big love,

Puzzle team.

RESOURCES

• RANGES

• GitBook

• Video tutorial: How to create?

• FAQ

• Telegram chat

Waves-native stablecoin ROME exists for 18 months and has grown to 2.4M in circulation while sustaining an amazing APY for its holders, averaging 35% APY from day 1. However a significant issue persists: sometimes the stablecoin gets depegged.

There are multiple common reasons for ROME depeg: (1) explosive growth of minted amounts without a sufficient demand increase and (2) volatility of the tokens which it has liquidity pools with.

ROME does have peg mechanics such as Rome Keeper by design, but they seem to be not powerful enough to maintain the peg and are not implemented on the core protocol level, more like a derivative product on top.

Hence, we are willing to propose an implementation of the new core mechanic aiming to make ROME undepeggable. The idea is inspired by the fact that the depeg periods are an amazing timing for ROME minters to buy cheaper ROME and repay their debts.

Proposal: Enable “repay my ROME at discount” functionality for ROME minters.

This is how it would work:

1. ROME minters can individually set a non-obligatory RomeDiscountForRepay parameter, for example 2%

2. repayRomeAtDiscount() function is added to smart contract: it can be invoked by anyone with ROME payment attached

3. The invoker gets minter’s collateral in exchange, particularly the amount calculated as: (RomeAttached/CollateralPrice) * (100%-RomeDiscountForRepay), with CollateralPrice being received from Puzzle Lend oracle

This system would be beneficial for all stakeholders by providing a win-win-win solution in situations of depeg:

• minters get their debts automatically repaid at discount,

• invokers get the premium of a difference between ROME market price and minter’s discount,

• ROME holders get it brought closer to the peg.

If enough minters set RomeDiscountForRepay parameter, this would basically make ROME undepeggable, as any depeg situation will force its buyback.

Example

There is a Minter with 1m ROME minted with 1k WEBU as collateral. 1 WEBU = $2000. The minter sets RomeDiscountForRepay at 2%.

ROME is now traded at 0.96 USD. Bob has decided to take advantage of it by doing an arbitrage with 100k ROME.

Bob invokes repayRomeAtDiscount() attaching 100k ROME. 100k ROME is immediately used to repay Minter’s debt. Bob receives 49 WEBU back, worth $98k, and sells it back to ROME, getting 98,000 * 1.04 = 101,920 ROME.

Outcome: Bob earned 1920 ROME. Minter got a 2000 ROME discount at repaying their debt. 100k ROME has been bought back.

Next steps

We ask you to share your opinion on the RUP proposal in Puzzle Telegram Chat, especially if you disagree with this proposal or have something to add to it. There will be a discussion period of 5-10 days, after which it will be immediately brought to the implementation phase (up to 30 days) or, if there won’t be an agreement in the community, being voted on by ROME holders, which would require an additional development of voting SC (another 15 days).

Thank you for your attention to this matter! Let’s bring peg to ROME!

PS. References for the proposal

For deeper understanding of the proposal the following references are recommended for community consideration:

1. Something similar was implemented in the LUSD protocol. However they allow repayment for a user with the lowest health without any discounts. Our idea moves it to the next level.

2. The concept was also discussed a few years ago by the following article: medium.com/@izhur27/island-isl-undepeggable-stablecoin-model-b33b4e2e0488 – under the name of “Island” stablecoin.

Pete's price performance after utilizing LiqLock proved the potential for the tool and its ability to transform the memecoin market. We consider the launch of LiqLock to be a significant success.

People are tired of usual memecoins. Time is coming for memecoins with smart mechanics behind them to shine.

We are excited to announce that, based on the LiqLock1 success, we are launching LiqLock2, which offers more advanced mechanics and features for liquidity management and community engagement.

What’s new in LiqLock2

We are launching LiqLock2 with improved functions and mechanics targeting the incentivization of the whole community. The main innovation is that once the target price is reached, the locked LP tokens are automatically withdrawn to the collateral assets and used as follows:

• Asset1 (the meme token) to be burned, reducing the total supply of tokens in circulation.

• Asset0 (USDT) will be distributed among all meme token holders. In the case of the Pete project, the tokens will be distributed through a staking contract, meaning that only those staking Pete will receive the tokens. This is designed to incentivize staking and generate additional interest from the community.

This differs LiqLock2 from the previous version, where the unlocked LPs were received by just one trader. LiqLock2 aims to incentivize the whole community instead!

LiqLock2 is available in the new smart contract by the address 3PEYw8BkEzYwk4NXEDdDDAanyduYZPCEbYr.

How to use LiqLock2

To redeem the tokens once the target price is reached, follow these instructions based on the current setup of the Pete project, where the unlock will occur once the target price of $2 is reached:

1. As soon as the meme token price reaches the target value, anyone can visit the Waves Dapp page

2. Then, you need to call the function submitAchievement (see the screenshot below), specifying the Pete lock ID as an argument: G7k3qxymroz3yujBoWsnp8ejxtbAwDWKJbJmqBWboZqH.

If you want to lock your liquidity using LiqLock2, follow these steps:

1. Go to the same Waves Dapp page

2. Call the function lockLiquidity, specifying the parameters of your lock (asset0, asset1, target price, etc.)

3. Complete the transaction

This simple process allows any project manager to take advantage of liquidity locking under the conditions they set for their community.

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We continue to develop LiqLock and hope that LiqLock2 will mark a new phase in expanding opportunities for users, while also unlocking additional use cases for the Puzzle community and benefit PUZZLE. Let’s make memecoins smart!!!

ROME was launched in November 2023 and managed to get some traction on the Waves blockchain thanks to its unique mechanics based on the Puzzle Lend integration and LP tokens backing.

However its peg to the price of 1 dollar remains an issue: despite it tends to vary around this price and is backed to guarantee enough collateralization, in short periods of times historically it fluctuates too much, sometimes as much as 15% from the peg.

Rome Keeper is launched to solve this and to KEEP THE PEG.

Solution

The Rome Keeper tool contains two main parts: treasury and LP token called ROME-KEEPER.

Treasury consists of the two tokens, ROME and USDT, and uses them to support the peg in extreme market conditions. Those tokens are provided by anyone in the ecosystem in exchange for the ROME-KEEPER token.

Treasury strategy is the following:

If ROME price is below 0.98 usdt, swap 30% of treasury to ROME;
If ROME price is below 0.95 usdt, swap 50% of treasury to ROME;
If ROME price is below 0.90 usdt, swap 80% of treasury to ROME;
etc…

This strategy creates a buy pressure on ROME, when it’s needed to prevent the depeg down and sells it to prevent an upper depeg.

The values above are just an example: parameters can be changed dynamically (later on they are expected to be managed by the Puzzle DAO) and work both ways, e.g. if ROME depegs in the upper side, it gets sold by the treasury.

By following the strategy and assuming that both assets long-term price is 1 usd, Rome Keeper makes an arbitrageur’s profit, 100% of which is taken by ROME-KEEPER holders.

How to use it

Rome Keeper enables a simple and efficient strategy to all DeFi users. Anyone can buy ROME-KEEPER and keep it in their wallet. The token gets more expensive automatically with time together with arbitrageurs profit accrued, so later on they can sell it and keep the profits.

Example:

1. Alice buys 100 RK today for 100 ROME.

2. For the next month, Rome Keeper is performing a small arbitrage making 0.1% profit daily.

3. This makes RK token grow in price by 0.1% per day and at the end of the month it costs 1.03 ROME per RK.

4. In a month Alice sells her 100 RK for 103 ROME taking a profit of $3.

The risks would be that ROME or USDT depegs last too long and Rome Keeper runs out of liquidity, which should be taken into assumption when making an investment decision.

Useful links

1. Buy ROME-KEEPER from the market: https://puzzleswap.org/trade?asset1=HTaRkjbyQ33UmpPVm839o8psfaHg9R4cStGWH8hCtYqv

2. Rome Keeper smart contract: https://w8.io/3PCcmcLtBrjHD68ybfMqC4Fd1k6y1aLgQRw

3. Rome Keeper interface, which enables minting RK and redeeming it to underlying (to be implemented): https://waves-dapp.com/3PCcmcLtBrjHD68ybfMqC4Fd1k6y1aLgQRw

4. Rome twitter: https://twitter.com/romestablecoin

In a nutshell, you can call LiqLock to lock an LP token from Puzzle Swap megapools and set a token’s price target, after which your LP can be unlocked.

EXAMPLE

Bob launches his own BobCoin, however no one wants to buy it, because they don’t trust Bob. Potential buyers are afraid that Bob will withdraw entire liquidity for BobCoin and run away doing a “rug pull”.

To prove his good intentions, Bob decides to use LiqLock and lock his part of BobCoin liquidity, until it reaches a price of $1000. As a result, potential buyers instantly have their confidence in Bob risen and are more likely to hold BobCoin.

…

To make an experience even more diverse, we added an unlock delegation function, which enables LP locker to enable withdrawal to anyone, who drives a price to the target first. In case of Bob, this means he can state that whoever drives BobCoin price to $1000 can get his LP tokens.

GUIDE 👅🔒

To lock your LP tokens, first choose a pool on Puzzle Swap, provide liquidity to it and unstake LP tokens.

Then, proceed to the LiqLock Waves Dapp page and find the “lockLiquidity” function.

Fill all the arguments, particularly:

• poolId - smart contract address

• targetPrice - price of asset1 in relation to asset0, use decimals of asset0

• unlockDelay - delay in blocks (approximately equal to minutes) after the LP tokens are unlocked

• unlockTo - specify the address which receives LP tokens unlock; you can keep it empty to enable anyone to unlock LP tokens

• Payments: attach LP tokens to lock

In the image above, there is an example of LP lock for PUZZLE-WAVES pool, which gets unlocked after PUZZLE reaches the price of 3 WAVES per PUZZLE.

After the target price is reached, it’s possible to claim LP tokens by calling “submitAchievement” with lockId as an argument.

Achievement is automatically confirmed by the oracle, if after “delay” amount of blocks, price stays above the target level.

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By launching LiqLock we put our expectations on the appearance of more liquidity pools on Puzzle Swap and new use cases for it. Moreover, we hope it will get some attention from memecoins creators, since this solution especially targets the issue of memecoin rug pulls.

LiqLock on Github: github.com/puzzlenetwork/puzzleswap-contracts/blob/main/liq-lock.ride

Puzzle chat in Telegram: t.me/puzzle_network

Megapools are designed to enable liquidity provision into one pool with multiple tokens instead of classic two-sided pools. For the 2 years of their existence, Puzzle Megapools proved its capital efficiency and the potential to generate much more protocol income than the traditional AMMs.

Today we are introducing a significant update to their functionality in the grand 1.2 release.

Megapool as a piece of digital ownership

In this update, the specific focus was made on personalizing the ownership of a megapool. Since anyone in Web3 can run their own megapool for just 20 PUZZLE, it’s important to make every megapool feel personal, similar to a piece of digital ownership.

Therefore, there are 2 new callable functions introduced.

transferOwnership - this function is available for the pool owner to transfer the ownership of the pool. Potentially, this opens access to many use cases, such as pool ownership trading or fractionalized ownership.

Why is pool ownership important? Because the pool keeps generating revenue for the owner from the trading fees. Moreover, the pool owner has access to pool settings updates, such as changing the composition via rebalancing and/or fees.

stakeIndexFor - this function enables index staking on behalf of a second user. Index is an LP token in the Puzzle megapool. This function is already widely used in DeFi apps like Puzzle Lend and Neutrino to easily operate with megapools.

Rebalancing to change megapool settings

Indeed, the most significant part of the 1.2 Update is Rebalancing. This grand feature, which required significant R&D and coding work, enables changing the pool settings by introducing a group of callable functions available exclusively to the pool owner.

setFee - enables changing the trading fees in a megapool, is available to the pool owner.

setRebalancingPlan - shall be invoked by the pool owner to initiate the rebalancing process. The rebalancing is the flow of gradually changing the pool composition, i.e. replacing some of the tokens with the newer ones, adjusting the token weights in the pool and any other combinations of previous two.

doRebalancing - this function can be called by anyone, once the rebalancing is initiated by the pool owner. What it does is gradually updating the weights in the pool. By default, the function is run by a team owned daemon bot.

doRebalancingWithNewTokens - similarly to doRebalancing, this function does a step of rebalancing. Has to be used in case if the new tokens appeared in the pool composition and/or some of the previous tokens have been completely removed.

The detailed rebalancing tutorial is available in a guide.

Please pay attention that while rebalancing enables pool recomposition and change of the fee, you can also request update of megapool logotype and title via a separate form.

Other features, verifier and safety

Besides important strategic updates, this release also includes fixes and adjustments to the previous releases. Particularly:

• adding global_volume_usd data entry to simplify stats calculation and track volumes,

• adding evaluateClaim and swapReadOnly functions which can be used to evaluate (but not perform) smart contract actions,

• adding a config address 3PPEBRg4s2af2rQ2ZbLvdu1Hfd4Vo6QVDTo, which is used by all pools as an absolute reference to enhance security,

• extending Verifier function,

• fix protocol fees, which in previous versions led to wrong fee calculation for LPs.

Puzzle’s goal is to make megapools as autonomous as possible, hence in frames of this release the power of control was shifted to the pool owners.

…

We are pleased to announce Megapools 1.2 Update, which was in R&D and development for more than a year. It’s a big pleasure to see pool owners and LPs getting autonomy and we will keep working in the same direction.

Particularly, the following features are currently in the R&D stage:

• Autostaking of underlying assets to maximize LP profits,

• Max volatility to prevent critical impermanent losses,

• Dynamic fees to maximize LP profits,

• Priority swapping for pool owners and LPs,

• Puzzle DAO to automate rebalancings,

and the most important thing, which might become the next grand update for Puzzle: megapools with a concentrated liquidity.

All described updates and the future releases can be observed in the official GitHub repository of Puzzle Network:

https://github.com/puzzlenetwork/puzzleswap-contracts

Also make sure to follow us on Twitter and join Telegram chat.

To rebalance a pool, you need to be a pool owner and have an approval granted from liquidity providers (LPs) of the pool.

Generally, your steps would be:

• discuss pool composition update with LPs and get agreement from the majority (skip this if you are a solo LP in your pool),

• prepare a setRebalancingPlan transaction (as described below) and broadcast it,

• wait for one of the rebalancing delegates to approve your rebalancing.

How to setRebalancingPlan

For the showcase, let’s use the Forbes pool as an example. Currently, it consists of 2 tokens, Puzzle and Waves, in equal shares (weights).

In case I want to update its composition to add USDT token, as a pool owner I have a feasibility to do so. For this, I shall go to the Waves Dapp interface of this pool to interact with the setRebalancingPlan function.

According to the fields filled above, the pool will be recomposed to include USDT with a 10% share by diluting the share of PUZZLE from 50% to 40%.

Let’s take a deeper look at each of the arguments and what you should fill in them.

assetIdsStr: stores a list of all asset ids, divided by comma “,” (do not add spaces in between!). Important: string in the example is just a showcase, in reality you would need to replace PUZZLEID and USDTID with the whole asset ids.

assetWeightsStr: a list of asset shares, according to the order in the previous argument. Important: to define a share of 40% you need to pass the integer 4000 with 2 extra digits.

baseTokenIdStr: defines a token which will be used as the main one in composition, particularly this token will be used to provide liquidity with one token. It’s recommended to pick the one with the biggest share to be a base token (WAVES in this example).

stepsAmount: defines an amount of doRebalancing steps needed to finalize the rebalancing. The more steps, the smoother rebalancing will be. It’s recommended to pick the value from 50 to 100, or 1 step per 50 usd in a pool.

stepsInterval: defines an interval in blocks (approximately in minutes) between steps. Usually it’s enough to set it to 1. Don’t set it higher than 3.

Payments: needs to be included in case you add a new token to composition (USDT in this example). Ideally you should attach the dollar equivalent of the first rebalancing step, however even if it’s 1 USD, the pool will balance itself. Important: you won’t get this amount back, as a pool owner you should consider this payment as a small donation to your liquidity providers.

That’s basically it. After the transaction goes through, your job is complete - everything else will be done by rebalancing daemon, IF rebalancing is confirmed by a delegate.

…

Important: carefully double check all the inserted values. If you miss-spell some of them, it will take much longer to restart the entire process. To verify yourself, follow these bullet points:

• make sure you used the right asset ids (you can double check asset ids on wavescap.com),

• check there are no spaces between items of assets and weights lists,

• carefully go through assets one-by-one to check if weight corresponds to the right asset id.

In case something is unclear, please ask for community support in the Puzzle Telegram chat.

Limitations

Rebalancing has already been used many times in different pools, however it’s still highly experimental, hence we recommend to proceed with it slowly. For example, if you want to replace as many as 5 tokens in your pool, it’s recommended to proceed with multiple rebalancings, changing tokens one-by-one, no more than 2 tokens at one time.

Some of the limitations are inherited from the megapool settings, particularly:

• there cannot be more than 10 tokens in a megapool,

• the minimum weight for a token is 1%.

Tips from Ivan Burn-Xtn

• Go to the pool page to find the smart contract address, which you need as input in Waves dApps.

• For the first rebalancing you use the following info: Click the link to wscan, click tab ‘Set DApp’, mark the oldest date of ‘Set DApp’ transaction. Refresh the wscan page, click tab ‘Date’, input the oldest date, click the ‘preInit’ transaction. You can use the 2 data fields for all current asset ids and pool weights: static_tokenids, static_tokenWeights.

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Good luck with your rebalancings!