AMM protocols, or, more simply, decentralized exchanges (DEX), have become the basis of the modern decentralized finance sector. Such protocols allow you to exchange cryptocurrencies automatically, without the influence of market makers-brokers, without registration, verification and any checks.
Most of the popular DEXs are built on one particular blockchain, and are closed by only one ecosystem. In turn, the hero of our today’s article, the Swappi exchange, was created on the new Conflux technology, which will be discussed below.
What is Conflux and what is its purpose?
Conflux is a permissionless Layer 1 public blockchain connecting decentralized economies across borders and protocols. Fast, scalable, and solidity compatible, with zero congestion and low fees, Conflux is transforming how the world transacts and leading the transformation to a sustainable, borderless economy. Conflux is now a PoW/PoS hybrid chain.
As the only regulatory compliant, public, and permissionless blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux aims to connect decentralized economies to strengthen the overall DeFi ecosystem globally.
The ecosystem is actively evolving, and new DEX “Swappi” just released on Conflux.
It’s called Swappi and it’s the first flagship DEX being launched on Conflux eSpace. By deploying on a permissionless layer 1 blockchain with significantly lower transaction costs compared to other chains like Ethereum, Swappi is able to provide users with the lowest fees of any top DEX at 0.25%.
Soft launch was two weeks ago, and for now they reached $43M TVL. At launch, supported assets include Conflux’s native token CFX, ETH, USDT, WBTC, and PPI.
Swappi DEX is currently at $43M TVL
Swappi is a non-custodial platform that lets users trade directly from their wallet of choice and retain 100% ownership of their crypto. Built on open-sourced software, Swappi’s dApps and smart contracts are also publicly visible for maximum transparency.
Swappi aims to build the most robust DeFi ecosystem on Conflux, with plans to expand its offerings to give users more opportunities to earn. Swappi V1, the current iteration of the DEX, enables the following features:
- Swap between any two listed token pairs provided there is enough liquidity.
- Liquidity Pools – Add and remove liquidity, and receive LP tokens.
- Yield Farming – Stake your LP tokens to earn rewards in PPI.
- Stake your PPI tokens for longer to earn boosted rewards in PPI.
- Playground – Participate in lotteries and prediction markets.
Swappi smart contracts have been audited by CertiK, the leading security-focused ranking platform to analyze and monitor blockchain protocols and DeFi projects.
Earning PPI Tokens
Swappi’s exchange token PPI can be earned through yield farms with extremely competitive interest rates unlocked by staking PPI and LP (liquidity pool) tokens.
- Stake LP tokens and earn PPI with slightly more exposure to market fluctuations in exchange for higher APYs.
- Boost PPI returns by staking more PPI.
- Stake tokens in LP to earn PPI, even if a trading pair is not supported on the Farms.
- Boost PPI Rewards from Yield farm by locking PPI.
PPI can also be won by playing games and participating in trading events, lotteries, and other community activities.
Further, on the roadmap, Swappi plans to enable IFOs. DAO voting, dual mining staking pools, stablecoin LP swaps, NFT trading, and much more. You can bridge your assets from Conflux Core to use Swappi here: confluxhub.io from Ethereum and others here: conflux.multichain.org cbridge.celer.network.
To stay up to date on the latest, follow Swappi on Twitter, Telegram, or visit https://swappi.io