By
Steve Muchoki
April 19th, 2024
BananaSwap intends to venture into the digital artwork industry by enabling non-fungible token (NFT) transactions.
BananaSwap, a decentralized exchange (DEX), is set to be unveiled on the Solana blockchain. Different from the traditional AMM exchange, it will incorporate AMM’s liquidity aggregation and support a range of limit orders.
According to the firm through a Medium post, it intends to provide liquidity at different price ranges, a flexible price model, heterogeneous liquidity proof, and time-weighted average price (TWAP) historical Oracle. Additionally, BananaSwap will also provide users with a more diversified info dashboard to let the asset information be intuitively observed.
Other perks of the innovation include a user-friendly asset transaction dashboard to allow users to seamlessly swap different crypto assets. Notably, the platform will offer a significant improvement in assets capital utilization rate. Additionally, the platform will have a chain of playability functions to accelerate the development of DeFi Lego profiles.
Solana protocol was the ecosystem of choice for the BananaSwap DEX based on its attributes. Notably, the Solana protocol has a high throughput and is significantly scalable. Moreover, the network supports cheaper transactions and offers smart contract execution.
The launch of BananaSwap on Solana is set to bring more utility to the ecosystem and help consolidate market liquidity. In this way, the platform will be able to meet the revenue demands from complex users and alter decentralized exchange locations. The product is also expected to raise a competitive advantage over other liquidity providers by offering better and frequent interventions in addition to liquidity pooling.
BananaSwap and Future Market Perspective
The project outlined its roadmap from the second quarter of 2021 through the second quarter of 2022. Furthermore, it was prudent based on the level of competition in the decentralized exchange ecosystem. BananaSwap will be entering a sector that has been dominated by Uniswap from the Ethereum ecosystem, PancakeSwap from the Binance Smart Chain and many more.
According to the firm, it intends to conduct Code auditing during the second quarter of 2021. Additionally, the project intends to release its test version on the Solana protocol and complete the overall design architecture.
During the third quarter of 2021, the firm anticipates enabling AMM liquidity aggregation. Additionally, the firm plans to support range limit orders, provide price range liquidity, and enable heterogeneous liquidity proof.
Notably, BananaSwap intends to venture into the digital artwork industry by enabling non-fungible token (NFT) transactions. The platform intends to incorporate the NFT features during the fourth quarter.
During the first quarter of 2022, BananaSwap developers anticipate launching derivatives and also synthetic assets. Additionally, the firm announced it intends to launch leveraged lending, perpetual contracts, binary options.
Later during the second quarter, the platform expects to unveil multi-chain capabilities, and also cross-chain asset exchange. BananaSwap will use the BANA token as the governance token among other uses.