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ABEYCHAIN-Based XSwap Hits $60M TVL in First Week

UTC by Julia Sakovich · 3 min read
ABEYCHAIN-Based XSwap Hits $60M TVL in First Week
Photo: XSWAP

Up to 1.2 billion XT tokens will be distributed via liquidity mining on the XSWAP protocol for users. 

Over $60 million in total value locked (TVL) – that’s how much XSWAP has gained in only one week. Launched on November 6, decentralized trading, liquidity mining, and staking are among XSWAP’s leading features, with staking being the most popular due to its compatibility with other blockchains.

Eman Pulis, the SiGMA group founder, said:

“AIBC Europe 2021, opening today in Malta, is thrilled to welcome the ABEY Foundation to the conference, and we congratulate the XSwap team on achieving more than US$60 million in their DEX’s TVL in only one week. AIBC is a key link in the international blockchain community, and ABEY’s partnership in AIBC has added substantial value to our conference.”

From November 13-15, the exchange added almost $12 million in total liquidity every day, with the 15th recording over $75 million in total volume. In line with the hype, an average daily volume of over $9 million was shown.

ABEY Foundation’s spokesperson Simon Cousins said:

 “According to our research, we believe that XSwap is one of the most successful DEX launch in history, especially considering the important metric of total value locked.”

Bringing good exposure to ABEY is its nomination for “Blockchain Solution of the Year” and “DeFi Project of the Year” awards at the Europe AIBC Awards 2021. The event was held on November 16th in Malta.

Holders of XT, XSWAP’s governance token, allow voting for improvements and recommendations for the protocol’s greater good. Up to 1.2 billion XT tokens will be distributed via liquidity mining on the XSWAP protocol for users.

A massive 2,600% gain was witnessed since XT’s debut until November 15. The price went from $0.02 to $0.55 XSWAP at this period. The project also made $11 million in 24 hours and over $20 million in two days, with almost 3.5 million XT mined in 7 days.

What makes XSWAP unique is its decentralized governance framework and innovative feature which combines the concept of an automated liquidity protocol and an automatic market maker concept. Unlike other exchanges, this concept eliminates any central authority.

ABEY’s speed has drawn the ETH network’s attention as ABEY is more efficient and cheaper. XSWAP’s pioneer economic model aims to give a more stable trade protocol to its community.

Proving its interoperability, XSWAP supports all ARC-20 tokens as well as leading cryptos in the market like Bitcoin, Ethereum, and DOT. In terms of storage, XSWAP also supports MetaMask and ABEY 2.0 wallets.

Using a supported wallet, a user may transact on XSWAP and pay ABEY tokens as gas fees or transaction costs. Bear in mind that quicker transactions need more gas to compensate faster validators.

Altcoin News, Blockchain News, Cryptocurrency news, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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