In what promises to be an exciting development, blockchain protocol ABEYCHAIN has launched its native DEX platform XSWAP.
The ABEY Foundation made the announcement, which heralds the beginning of DeFi activities on the fast-growing blockchain protocol.
Home of DeFi on ABEYCHAIN
With over $50 billion locked in DeFi protocols, leading smart contract protocol Ethereum has become congested and expensive. This has led to DeFi users looking for new protocols that offer scalable and cheaper transaction fees.
XSWAP is built on the ABEYCHAIN blockchain network, which integrated a hybrid consensus mechanism to scale transactions while offering advanced security and quick confirmation times. In addition, the DEX offers low gas fees and high transaction throughput using the Automated Market Maker (AMM) model.
XSWAP users will also be able to stake their assets, provide liquidity, and leverage multiple yield farming opportunities. DeFi enthusiasts can leverage the DEX and add liquidity to supported staking pools for potential rewards.
XSWAP is able to match trades by utilizing an automated liquidity system that ensures trades are completed as long as there is sufficient liquidity in their respective pools. Liquidity providers get rewarded from transaction fees made on staking pools which can be paid in the staked tokens or via XSWAP’s native token XT.
XSWAP also features dedicated lending pools, and users can put their crypto assets to work by lending them out for interests. As a result, users can borrow digital assets and leverage other earning opportunities without over-collateralization of assets.
The automated maker market model also ensures that tokens listed on the exchange are competitively priced. This system adjusts the value of tokens based on the market demand and supply in their respective pools. In addition, XSWAP is kept secured by the ABEYCHAIN blockchain, which is immutable and records all transactions on the blockchain.
As a next-generation DeFi platform, XSWAP integrates an intuitive user interface that is easy for beginners and expert DeFi traders. Users only need to connect a supported wallet like MetaMask or ABEY 2.0 wallet to begin trading. Since it is built on the ABEYCHAIN network, users must hold the ABEY token, which serves as gas to complete trades and transactions.
XSWAP also offers a native token called XT that serves governance purposes. Liquidity providers are incentivized using this token, and there will be periodical airdrops of the token. In addition, XT token holders can vote for new proposals and changes to the distribution system.
XSWAP has already conducted its first airdrop of the token to great demand from the crypto community. XT token will be listed on more exchanges to foster adoption, and early holders stand a chance to make massive profits in the future.
A Fast-growing Blockchain Ecosystem
ABEYCHAIN has continued to attract the interest of developers and end-users thanks to its high-speed blockchain. The blockchain platform can achieve scalability levels of up to 10,000 TPS, and many developers are trooping to ABEYCHAIN to develop novel decentralized apps.
At the time of publication, ABEYCHAIN has over 100,000 users that interact with the blockchain protocol. Furthermore its ecosystem has grown with key products including the ABEY Storage Network, a decentralized storage system.
The aCash Token (ACT) serves as the official stablecoin of the ABEYCHAIN, and there is a dedicated NFT marketplace for creators and NFT enthusiasts to mint, list and sell their collections.