ABEYCHAIN, an industry-leading blockchain protocol, revealed the launch of its decentralized exchange (DEX) XSWAP. XSWAP is the first dedicated DeFi platform on the ABEYCHAIN ecosystem and will enable users to swap, trade, and exchange tokens.
ABEYCHAIN has been traditionally praised for its scalability and secure blockchain, which developers have utilized to build innovative decentralized applications. XSWAP is built on the ABEYCHAIN blockchain architecture and can handle high-speed transactions without losing efficiency.
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Now users will be able to trade AR-20 tokens and other crypto-assets like Bitcoin and Ethereum without the regulatory and KYC requirements demanded by centralized exchanges. In addition, XSWAP is compatible with the most widely used web3 wallets, such as MetaMask and ABEY 2.0 wallet.
The DEX is designed with an all-new trading model using an automated liquidity protocol and an automated market maker system. This model enables constant liquidity on the exchange by incentivizing users to trade on the exchange. These users, known as liquidity providers, add their digital assets to individual pools for rewards.
The liquidity in the staking pools are drawn automatically by the DEX using the automated liquidity protocol to complete trade transactions. This means that traders can execute any trade instantly at a given price as long as there’s enough liquidity in the pool to complete the trade.
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XSWAP also introduces the automated market maker system to determine the real-time value of digital assets listed on the platform. The value of tokens is determined using a proprietary mathematical algorithm run by the XSWAP protocol. The asset price is primarily adjusted based on market demand and supply. This ensures that digital assets are not over or underpriced, providing traders the best value for their money.
The DEX also introduces its native token called XT. XT serves for governance and will be distributed as rewards to liquidity providers as well as via airdrops. In addition, holders can speculate on the token’s value and swap it for other tokens on XSWAP. XT also grants holders voting rights on new changes and developments of the DEX platform.
There are plans to list the token on other exchanges to increase adoption and traction. XSWAP has already conducted the first airdrop of the token on August 17, 2021, which concluded in four hours. More airdrops are scheduled in the future to match the initial demand that was recorded from the first airdrop.
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