ABEYCHAIN Launches XSWAP: Decentralized Exchange Trading Platform
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Hot on the heels of launching the ABEYCHAIN 2.0 blockchain in May, ABEY Foundation, a non-profit firm dedicated to supporting and fostering its adoption, is entering the DeFi sector with its decentralized exchange.
XSWAP is designed to enable DeFi users to explore core products within a secure platform. The DEX comes with different products, including yield farming, staking, lending, and borrowing.
Users can easily swap between tokens with low gas costs. XSWAP also has low slippages (reportedly). Liquidity providers (LPs) on the DEX are adequately incentivized to stake their assets within supported pools. Apart from a cut from transaction fees, LPs also receive XT tokens as extra rewards for providing liquidity on XSWAP.
XSWAP can maintain decentralization and accurately determine the prices of listed tokens using the automated market maker (AMM) system. This method is popular among the DeFi sector and is used by most DEXs to determine the actual value of assets.
The AMM system adjusts the price of tokens based on their respective pools’ supply and demand ratios. This way, an actual value can be determined that provides competitive pricing for users on the DEX.
The XT Tokens
XSWAP, like other products within the ABEYCHAIN ecosystem, has its native token called XT. The XT token is a reward token used to incentivize liquidity providers that stake their assets to ensure transactions are facilitated.
It also provides its holders with the right to vote for new developments for the DEX. Some include changes to its operation and the amount of XT that will be allocated as rewards.
Speed, Decentralization and Security
The core of the ABEY Foundation product is the ABEYCHAIN blockchain network, which provides a high-speed and scalable platform focused on web 3.0 development and sustainability. Its blockchain architecture is perfect for projects that want to build innovative products that can be scaled with minimal problems.
The ABEY Storage Network provides an innovative way to store files and documents online without the dangers of centralization. Storage miners are rewarded for saving users’ data with the native token AST that can be swapped on XSWAP and is pegged at 1:1 with popular altcoin Filecoin.
The dedicated NFT platform provides NFT enthusiasts with an enabling environment to tokenize their works. As a result, artists can easily mint NFTs and list them on the NFT marketplace without spending a lot on gas fees.
NFT collectors are provided a fair bidding system and can partake in auctions without any restrictions. In addition, lenders and borrowers within XSWAP can leverage the aCash Token to hedge against volatility.
This stablecoin is pegged at 1:1 parity with the USDT and has a specific mining mechanism that ensures its stability. You can get more information about XSWAP by visiting xswap.
Read more: https://cryptopotato.com/abeychain-launches-xswap-decentralized-exchange-trading-platform/
Text source: CryptoPotato
