by Nicolas Ochem

Liquidity Baking has been submitted to Tezos on-chain governance. Several publications explain what it is (Agora post, TZIP, Nomadic Blog Post), in this blog post we attempt to show the concept under a different light, by explaining what will actually happen when/if it goes live on-chain.

TLDR: the Granada proposal adds a new Decentralized Exchange contract to the Tezos protocol between tez and tzBTC. This contract is “special” because the protocol itself creates tez at every block and adds them to the contract. This incentivizes users to provide liquidity to the contract in order to capture a…

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