ABEYCHAIN Expands Ecosystem with the launch of Decentralized Exchange XSWAP
ABEYCHAIN, a hybrid blockchain protocol, has launched a decentralized exchange called XSWAP. XSWAP is the dedicated DeFi platform for the ABEY ecosystem and is expected to lead to massive growth.
This is a major development for ABEYCHAIN, whose community has grown to over 100,000 users since its launch. It shows that the team is following through on every milestone on their roadmap.
A Mission to revolutionize the DeFi sector
One of ABEYCHAIN’s goals is to introduce new products and improve on existing crypto concepts. DeFi is one of the trending sectors in the blockchain industry, with over $50 billion worth of assets locked in DeFi protocols.
XSWAP provides an environment for DeFi enthusiasts to trade and explores new features to increase their earning potentials. The DEX is built on the ABEYCHAIN blockchain that is capable of scaling up to 10,000 TPS. Ethereum, in contrast, supports around 15 to 20 TPS, which has led to congestion and high transaction fees on DEXes built on its network.
Trading on XSWAP is seamless with some of the lowest transaction fees in the market, and transactions are confirmed near instantly. XSWAP also utilizes a beautiful user interface that beginners and advanced users can easily navigate.
XSWAP supports all ABEYCHAIN tokens (AR-20) and other cross-chain coins like Bitcoin, Ethereum, Litecoin, Polkadot, Binance Coin, and Abey Storage Token. All required is to connect a supported wallet like Metamask and ABEY 2.0 wallet to access all features.
All-new trading model
XSWAP introduces a unique trading model that combines automated liquidity and an automated market maker system to good effect. In addition, unlike centralized exchanges that face liquidity problems, XSWAP has implemented measures to ensure constant liquidity for trading pairs.
The DEX incentivizes Liquidity providers who stake their assets in supported pools in exchange for rewards. XSWAP liquidity pools offer some of the best APY in the market, and rewards are received using the staked asset or XSWAP native token XT.
The automated liquidity ensures that the system works efficiently by matching trades made on the platform as long as there is enough liquidity in their respective pools to facilitate trades. Thus traders can enjoy a smooth and seamless trading experience on XSWAP.
The automated market maker system is common within DEXes, and XSWAP integrates this system to determine the price of assets on its platform. Prices of tokens are adjusted based on market demand and supply. This is determined by the ratio of coins that are in a respective pool and a proprietary mathematical algorithm run by the XSWAP protocol
Thus traders are provided competitive prices for tokens and get full value for their trades on XSWAP.
DEX governance token
ABEYCHAIN also launched XT token, which serves as the governance token of XSWAP. XT is mainly used to incentivize liquidity providers on the platform and will initially be distributed via airdrops.
An initial airdrop was performed on August 17, 2021, and completed in just four hours. More airdrops are scheduled to be held in the future. XT provides benefits to holders who can vote on new developments and changes to XSWAP. In addition, they could make good profits as early adopters once the token gets listed on other exchanges and gains value.
An ever-expanding ecosystem
The launch of XSWAP is a major plus to ABEYCHAIN, whose ecosystem continues to expand in recent months. More developers are creating innovative applications on its blockchain, which has led to the adoption of its token ABEY.
ABEY token is currently up by 400% in value since its launch in 2020, and there are plans to list the token on several centralized exchanges in the coming weeks. For more information, visit https://xswap.com/.
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Text source: Blockonomi
