Place/Date: California City, USA - January 13th, 2022 at 9:56 am UTC · 3 min read
Contact: Tinker Block, Source: FairySwap
FairySwap is the first decentralized exchange (DEX) to launch on the Findora blockchain, creating an innovative new type of DEX that is privacy-focused and front-running resistant. DEXs face a number of challenges. Using public blockchains like Ethereum means that user data is public. Wallet addresses, transaction amounts, transaction dates, asset types – these are all visible to anyone who looks.
This creates vulnerabilities that hackers, miners, and wealthy traders often exploit. Miner Extractable Value (MEV) is an attack where miners will arbitrarily rearrange transactions in a block to give themselves better trades. Hackers detect transactions before they fully execute in order to jump in and steal the price the original trader wanted.
These attacks have cost users over $761 million USD in the last two years, and have made Ethereum an adversarial environment that some have called a “dark forest.”
In the midst of that forest is FairySwap, a safe place where traders from many different blockchains can conduct business without broadcasting their actions. Using the zero-knowledge proof foundation provided by Findora, FairySwap gives traders secret on-chain identities to make their data publicly verifiable without making it public.
FairySwap is a multi-chain DEX that supports tokens in many different crypto ecosystems. Findora’s powerful EVM makes it a perfect environment for cross-chain swaps, and its groundbreaking privacy technology may allow users to pass regional KYC requirements without needing to reveal any personal data.
The CertiK partnership helps keep FairySwap safe from direct attacks as well. FairySwap’s ongoing collaboration with CertiK.io will result in an even safer environment for traders on this first-of-its-kind privacy DEX.
CertiK is recognized as a leading blockchain auditing firm, trusted projects like Polygon, Binance, and PancakeSwap. Its thorough, formal, and reliable verification tools and high-security standards make it a necessary partner for any DEX. Leveraging the most advanced security technology, it protects millions of users from hacks and malfunctions.
With increased security for its users, FairySwap leads the way in private finance – or PriFi – the newest advancement for DeFi trading.
FairySwap is a next-generation DEX, powered by zero-knowledge proofs, that is focused on privacy, front-running resistance, and community participation. 100% of all tokens will be given to the community through liquidity mining, marketing promotions, and other rewards, leaving none to be unfairly allocated to venture capitalists or insiders. Providing fast trades with low fees in true privacy – that’s the magic of FairySwap!