ABEY Foundation’s DeFi Platform XSWAP Launches On ABEYCHAIN
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.
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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.
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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.