ABEY Foundation, the non-profit body that oversees the activities on ABEYCHAIN made the announcement this week. The launch of XSWAP represents a significant milestone for ABEYCHAIN and introduces users to the world of decentralized finance.
Making DeFi easier on ABEYCHAIN
XSWAP is an innovative decentralized exchange built on the ABEYCHAIN blockchain and provides a highly scalable trading platform with low transaction fees. The DEX provides a low barrier of entry for DeFi users, and projects can list their tokens at minimal costs compared to centralized exchanges.
XSWAP also has some of the lowest gas fees and slippages in the DeFi field. In addition, users can swap between tokens and maintain more value than on other DEXs. The DEX also supports all AR-20 tokens and cross-chain tokens like BTC, ETH, Litecoin, Binance Coin, Polkadot, and ABEY Storage Token).
What makes XSWAP unique is its innovative operation mechanism that integrates automated liquidity and an automated market maker model.
Centralized exchanges are faced with the constant fear of losing liquidity. XSWAP solves this problem with a new trading model called automated liquidity protocol.
With this model, users are incentivized to trade on the exchange and become liquidity providers (LPs). Liquidity providers stake their tokens in staking pools that the DEX pooled together to execute transactions on the trading platform.
New tokens listed on the XSWAP platform will be provided to their respective pools which LPs can provide digital assets in exchange for rewards in either the asset staked or XSWAP’s native token XT.
The decentralized nature of the DeFi sector means that it could be challenging to get the actual value of tokens. Therefore, XSWAP has introduced a unique pricing system using the innovative automated market maker to determine the price of individual tokens on the platform. This method uses the current market supply and demand as the primary metric and adjusts the price of an asset accordingly.
ABEYCHAIN also ensured that the design of XSWAP is user-friendly, and users only have to connect supported wallets like MetaMask and ABEY 2.0 Wallet to access features. Once connected, users can stake assets in liquidity pools and swap between supported assets. ABEYCHAIN’s native token ABEY serves as gas for the DEX. Thus users have to hold ABEY tokens to make transactions on the decentralized exchange protocol.
A Unique Governance Token
XSWAP has a native token called XT that serves as the governance token for the exchange. The token will be distributed to users via airdrops and as rewards for staking liquidity into staking pools. Holders will be able to vote on major proposals and changes on the decentralized finance platform.
XSWAP has already conducted the first airdrop of the XT token on August 17, 2021. The airdrop was concluded in just four hours, showing the growing demand for XT within the crypto community. ABEY Foundation has stated that more XT airdrops will be made available in the future.
ABEYCHAIN is a multi-layer blockchain protocol that is built on a hybrid consensus infrastructure. This ensures that the blockchain can process high volume and high-speed transactions while maintaining security and efficiency.
Developers can leverage ABEYCHAIN to build innovative applications, and its architecture can be scaled to process 10,000 transactions per second. Since the launch of ABEYCHAIN 2.0 earlier in 2021, its ecosystem has expanded massively.
Disclaimer: This is a sponsored post brought to you by XSWAP.
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