The first of many DeFi decentralized applications (dApps) developed by the ABEY community, XSWAP, a fully-decentralized cryptocurrency exchange, was released this week
XSWAP solves several critical issues with legacy exchanges by innovating an all-new trading model using an automated liquidity protocol and an ‘automated market maker’ system which is neither operated nor controlled by a central intermediary.
The XSWAP DeFi (decentralized finance) platform is built on top of the ABEYCHAIN and fully compatible with all ARC-20 tokens, multiple cross-chain assets (such as BTC, ETH, LTC, BNB, DOT and AST) and infrastructure including non-custodial, open-source wallet services from MetaMask and the ABEY Wallet.
XSWAP solves a liquidity problem faced by many centralized cryptocurrency exchanges by incorporating an all-new trading model: automated liquidity protocol. Users are incentivized to trade on the exchange to become liquidity providers (LPs.
XSWAP’s decentralized userbase pools their assets creating a fund used to execute all trades on the Decentralized Exchange (DEX). Each token listed in the XSWAP platform has its own pool for user digital asset contribution in exchange for an Annual Percentage Yield (APY) at the value the user has staked to XSWAP’s LP. This APY amount is returned either in XSWAP’s own XT tokens or in the form of other tokens, according to user preference.
With automated liquidity protocol, a buyer or seller no longer must wait for an opposite party to appear to complete a trade. XSWAP’s liquidity pool is algorithmically defined. Traders can execute any trade instantly at a known price if there’s enough liquidity in the pool for the trade.
XSWAP’s ‘automated market maker’ system determines the price of each token by adjusting the price based on supply and demand, with price dependent on the ratio of how many coins are in a respective pool and determined using a proprietary mathematical algorithm run by the XSWAP decentralized protocol.
To use XSWAP, users must have a supported wallet such as MetaMask or the ABEY 2.0 Wallet. Once the wallet is in place, users can add the ABEY token to trade on XSWAP and make gas payments (transaction fees). Gas payments per transaction are variable, depending on network usage and selected transaction speed.
1.2 billion XT tokens, XSWAPS’s native token, will be distributed to users through liquidity mining on the platform. XT is XSWAP’s governance token giving holders the right to vote on new developments and changes on the platform, including how minted tokens should be distributed to the community and changes to fee structures.
XT will be traded on XSWAP and soon on other exchanges. The first airdrop of XT, on August 17, 2021 was completed in just four hours. More XT airdrops will be available soon to match the demand identified by the first airdrop.
XSWAP is made possible by ABEYCHAIN 2.0’s hybrid multi-layered programmable blockchain system which incorporates Delegated Proof of Stake (DPoS) and Proof of Work (POW) consensus for high-volume high-speed transactions and heightened security to protect the efficiency and integrity of the protocol’s decentralized blockchain ledger.
With more than 100,000 users, ABEYCHAIN empowers developers to leverage smart contracts and create robust Decentralized Applications (dApps) that are significantly faster and less expensive to execute on the ABEYCHAIN than on many of its rivals.
For more information go to: https://xswap.com.
The ABEY ecosystem features the ABEYCHAIN, a leading public chain implementing a secure PoW+DPoS hybrid consensus; the ABEY Storage Network and the ABEY Storage Token (AST); the aCash Token (ACT), the official Stablecoin of the ABEYCHAIN; and among the multitude of on-chain apps built on the ABEYCHAIN are XSWAP.com, home of the latest DeFi platform; and the ABEY NFT platform. For more information, please visit https://abey.com
About the ABEY Foundation
The ABEY Foundation, a registered non-profit organization in Vaduz, Liechtenstein, contributes governance, research, and guidance while maintaining the integrity of the ABEYCHAIN technology for today and for the future. For more information, please visit https://abey.org