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According to Shawn You, co-founder of Chocoswap, “the large user base of ONTO will become the cornerstone of Chocoswap’s further development.”
Chocoswap, dubbed a cross-chain decentralized crypto exchange, announced a strategic partnership with ONTO data wallet from Ontology. According to a medium post by Chocoswap, there are several notable benefits of the partnership between the two entities.
One, as a result of the partnership, the two companies can provide comprehensive asset management to their customers. Secondly, users from both entities can now access cross-chain swap services, thus reducing the threshold of user participation. And lastly, users on both ends can now access better user experience services.
According to Shawn You, co-founder of Chocoswap, “the large user base of ONTO will become the cornerstone of Chocoswap’s further development.” He further indicates that users can expect to enjoy safer and more user-friendly decentralized exchange services.
You concluded by saying that the company is focusing on developing the ontology ecosystem to enable future developments.
Chocoswap and ONTO
Notably, Chocoswap cross-chain decentralized system runs on the ontology network. Whereby Ontology is dubbed as an advanced blockchain and distributed ledger network that operates to ensure different systems are interoperable.
The ontology ecosystem works by combining the distributed identity system with distributed data collaboration, distributed communities, and distributed procedure protocols. As a result, it provides an infrastructure that is peer to peer with cross-chain capabilities.
ONTO data wallet is a one-stop destination for users who need to manage their digital identity online, hence having overall control of their digital data. With their strategic partnership, Chocoswap and ONTO anticipate better competitiveness in the future as the blockchain industry evolves away from only cryptocurrency use.
Chocoswap has been working since its inception to provide better-decentralized exchange services including lower fees, better user experience and also cross-chain asset exchange. All these are made possible by the use of dual token model systems. Whereby Chocoswap has two token systems including Choco, the utility token and the VNLA, which is the governance token.
Chocoswap previously indicated that it will share the profits with the ecosystem members. This will be sustained by not only buying back Choco from the secondary market but also sharing the dividends with the Choco holders.
Decentralized exchanges are gaining momentum as they offer competitive services to centralized exchanges. Notably, there are notable risks associated with centralized exchanges like theft that decentralized exchanges are keen to address.
The key feature of the partnership is the fact that ONTO will be able to bring together the decentralized finance mining feature of Chocoswap. Hereby enabling users to easily join the mining through ONTO entrance.
ONTO users can expect to see Chocoswap DEX DeFi mining products on their platform in the next two weeks according to the medium post.