ABEY Foundation’s DeFi Platform XSWAP Launches On ABEYCHAIN
20 Agosto 2021 - 2:18PM
NEWSBTC
ABEY Foundation recently launched its DeFi platform, XSWAP, on the
ABEYCHAIN blockchain. XSWAP functions as both a decentralized
exchange (DEX) and a decentralized finance (DeFi) platform. The
XSWAP platform is the first of what the ABEY Foundation hopes will
be many DApps built on the platform by the ABEY developer
community. The ABEYCHAIN ecosystem itself provides an alternative
to blockchains like Ethereal, which serves as a home to a host of
DApps. XSWAP provides an alternative to the overly expensive and
inefficient Ethereum network. XSWAP brings solutions to the market
for issues that have negatively impacted the DeFi community. The
platform solves these issues by innovating a new trading model near
before seen in the market. It uses both an automated liquidity
protocol, as well as an ‘automated market maker’ to solve highly
impactful issues with legacy crypto exchanges. Its automated market
maker system works independently of any central intermediaries. It
determines the price of each token based on the supply and demand
of the asset. Using the ratio of the number of coins present in
various pulls to determine “supply” and “demand.” Then setting the
price according to the outcome. This is done using a proprietary
mathematical algorithm that is run by the XSWAP protocol. Ready For
Take-Off XSWAP is currently up and running. The decentralized
exchange and finance platform is compatible with all ARC-20. While
also supporting cross-chain assets such as Bitcoin, Ethereum,
Litecoin, BNB, DOT, and AST. XSWAP also supports non-custodial,
open-source wallet services from MetaMask and the ABEY Wallet,
which are required to operate on the XSWAP platform. XSWAP’s
automated liquidity protocol is one of the first of its kind in the
trading world. A protocol that allows a buyer or seller to complete
a trade regardless of whether the other party is present or not.
Traders who use XSWAP’s liquidity protocol to trade can become
liquidity providers (LPs) on the platform. Users on XSWAP can also
contribute digital assets in exchange for an annual percentage
yield (APY). These assets go to the user’s preferred token pool
which is provided by XSWAP for each token listed on the exchange.
Users are given the choice to either accept their APY in XSWAP’s
native token, XT, or any other token they desire. XSWAP’s Native
Token, XT, Launch The XSWAP native token, XT, was launched with an
airdrop completed on August 17th, 2021. The demand was so high for
the tokens that the airdrop was completed in a matter of mere
hours. The team plans to conduct more airdrops to match the
mounting demand for the XT tokens in the market. 1.2 billion XT
tokens are also set to be distributed through the liquidity mining
feature on XSWAP. Holders of the XT token get the right to vote on
any new developments or changes taking place on the platform. The
XT token is also important for trading on XSWAP. Users will need to
hold XT in order to pay for “gas” fees on the network, which varies
depending on the network traffic at the time of the transaction. To
trade on XSWAP, users will need a supported wallet like MetaMask or
the ABEY 2.0 Wallet. These wallets will facilitate trades between
the trader and other users on the XSWAP exchange. To learn more
about XSWAP visit the website https://xswap.com.
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