- Xcademy Community Manager shared on Twitter rumors of another DEX on Zilliqa.
- The news invited positive responses from users.
- Zilliqa already has one DEX on its platform called ZilSwap.
Xcademy Network Community Manager Domen T took to Twitter on Tuesday stating that there were rumours of another DEX launch on Zilliqa.
It’s supposed to be similar to #Pancakeswap 🥞👀
— Domen T. (@DomOnChain) April 20, 2021
He also mentioned that the launch will be soon and that the platform will be similar to PancakeSwap. At this time, however, he did not share any more information as to when users can expect the release.
The post got positive responses from users, with one noting that some healthy competition for Zilliqa’s current DEX, ZilSwap, will be useful. Another added that it was time to make the UI more exciting.
Late last year, the Zilliqa community celebrated the blockchain’s first decentralized exchange (DEX) launch, aptly named ZilSwap. As such, the primary goal of the launch was catapulting Zilliqa into the world of decentralized finance (DeFi).
Like Uniswap, ZilSwap allows owners of Zilliqa-based digital assets to trade. It seamlessly uses constant products, an automated market maker, and a permissionless liquidity protocol.
Moreover, leading DEX Switcheo built Zilliqa’s first exchange, ZilSwap. They also provided a roadmap for the DEX, showing their core goal is to ultimately transition control of ZilSwap to a DAO.
Notably, decentralized exchanges have gained popularity, such as SushiSwap and JustSwap.
The launch and popularity of Zilliqa’s first DEX, had a hugely positive effect on its related blockchains. For instance, due to UniSwap and other DeFi protocol usage, Ethereum (ETH) transaction volume increased by $109 million in the third quarter of 2020.
The new DEX’s launch will expectedly achieve the same results.