- ABEY Foundation announced that they will be launching XSWAP.
- XSWAP is the world’s first DEX on ABEYCHAIN ecosystem.
According to ABEY, XSWAP will be part of the several decentralized DApps that are being developed by the ABEY community. XSWAP is the world’s first DEX built on a multi-layered programmable blockchain – ABEYCHAIN.
It should be noted, XSWAP solves several highly impactful issues with legacy cryptocurrency exchanges by innovating an all-new trading model using an automated liquidity protocol and an ‘automated market maker’ system which is neither operated nor controlled by a central intermediary. This is unlike traditional, centralized exchanges.
Currently, XSWAP is fully compatible with all ARC-20 tokens, multiple cross-chain assets such as BTC, ETH, LTC, BNB, DOT, and AST) and infrastructure including non-custodial, open-source wallet services from MetaMask and the ABEY Wallet.
One of the unique features of the XSWAP platform is its native token, which is XT. In fact, on August 17, 2021 – the first airdrop of XT was completed in just four hours.
Additionally, 1.2 billion XT tokens are expected to be distributed to users via the platform’s liquidity mining process. XT is XSWAP’s governance token and grants holders the right to vote on new developments and changes to the platform. Among them are the minted tokens distribution and any changes to the fee structure.
Through the XSWAP Decentralized Exchange (DEX), the userbase pools its assets to create a fund that is used to execute all trades. The tokens on the XSWAP platform have their own pools to which users can contribute digital assets in exchange for an Annual Percentage Yield (APY) based on the value staked to XSWAP’s limited partnership. As per the user’s preference, XSWAP can return this APY amount either in XT tokens or in another form.
XSWAP is made possible by virtue of ABEYCHAIN 2.0’s hybrid consensus multi-layered programmable blockchain system which incorporates Delegated Proof of Stake (DPoS) and Proof of Work (POW) consensus for high-volume and high-speed transactions and heightened security to protect the efficiency and integrity of the protocol’s decentralized blockchain ledger.
Additionally, XSWAP introduces its innovative ‘automated market maker’ system that determines the prices of tokens on the platform. By using this method, a price is adjusted depending on supply and demand. According to the number of coins in the pool, a coin’s price may go up or down. All of this is made possible through XSWAP’s algorithm which operates in a decentralized manner on the ABEYCHAIN.
Consequently, the ABEYCHAIN ecosystem already boasts more than 100,000 users, which empowers developers to use smart contracts and build robust dApps that execute significantly faster. To highlight, they are considerably cheaper to implement on ABEYCHAIN compared to Ethereum and similar systems. Over the years, the value of the ABEY token has increased 400% since it was introduced to the public. Through the integration of XSWAP in ABEY, it will attract more investors, traders, and crypto enthusiasts to the platform. In the near future, more than 100,000 users will be able to take advantage of this innovation. To learn more about XSWAP visit the website https://xswap.com.