- Following its successful limited releases, XSWAP will finally open to the public.
- XSWAP was initially launched in August and had a successful closed beta test.
- It will be ABEY Foundation’s first of many dApps made for its community.
- Two nominations for ABEY – Blockchain Solution of the year and DeFi Project of the Year.
Following the previous campaign on XSWAP’s limited release testing, XSWAP will soon be available to the public. To note, XSWAP is a fully decentralized cryptocurrency exchange that is built on top of ABEYCHAIN.
In detail, XSWAP was launched in August. Since its inception, it has undergone a series of limited release testing. Its beta test was very successful — making XSWAP one of the many DeFi decentralized applications (dApps) that the ABEY Foundation aims to deliver for the ABEY community. What’s more, the XSWAP DEX (decentralized exchange) protocol is also built on the same network — ABEYCHAIN.
ABEYCHAIN, on the other hand, is one of the world’s fastest-growing blockchain projects today. Reportedly, ABEY has been adding an average of 20,000 active ABEY addresses each week since its launch last August, which means there are now more than 138,000 users in the ecosystem.
These users, moreover, power the developers to leverage smart contracts and create robust decentralized applications (dApps) that are faster and less expensive to execute on ABEY, compared to other networks like Ethereum.
In fact, the significant evolution and momentum of ABEYCHAIN made it Ethereum’s rival — especially with its low-cost and high-efficiency. With this, XSWAP’s new token economic model aims to provide users with a more reliable trading protocol.
XSWAP opened to the public on November 6, 2021, with trading, liquidity mining and staking immediately available to users. XSWAP is operated and managed by its global community — meaning, XSWAP provides a wealth of crypto assets application channels like trading, liquidity, mining, and staking, all with the use of high-level compatibility between major blockchain ecosystems.
XSWAP users were immediately ready for the opportunity to use the new exchange. Within the first 24 hours of availability, XSWAP had attracted over US$11 million in Total Value Locked-in. (TVL).
According to its team, XSWAP will solve several issues other exchanges have by innovating an all-new trading model. This model will use an automated liquidity protocol and an ‘automated market maker’ system — which is neither operated nor controlled by a central intermediary. If you think about it, it’s completely different from traditional, centralized exchanges.
Finally, the official governance token of XSWAP is XT — one of the most innovative features of the protocol. The team says 1.2 billion XT tokens will be distributed to users through liquidity mining on the protocol. More so, XT will give holders the right to propose or vote on new developments and changes in the protocol, through XSWAP’s decentralized governance mechanism. In detail, this includes modifications to which newly minted tokens are distributed to the community, as well as the changes to the protocol’s fee structures. To conclude, XT airdrops will be available soon.