Cryptocurrency News

Improving the DEX ecosystem with ABEYCHAIN

By August 24, 2021 No Comments

Bitcoin was created in 2009. While still in its infancy, Blockchain technology has spawned a whole new technological revolution, creating whole new industries and solving old problems in existing ones. From Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and even Blockchain gaming, everything seems possible thanks to the advent of cryptocurrencies. 

However, innovation comes with challenges and for blockchain technology those have been most evident when it comes to ensuring a scalable, decentralized, and secure ecosystem. Nevertheless, some projects have been working to solve these issues and to provide user-friendly alternatives that can take crypto to the mass.

One such project is ABEYCHAIN. Launched in the first quarter of 2021, ABEYCHAIN 2.0 (ABEY) is a blockchain platform that is ideal for developers, startups and entrepreneurs looking to build innovative decentralized applications (dApps) for multiple reasons, its consensus mechanism, cross-chain interoperability and multiple usecase possibilities.

XSWAP, an innovative DEX

Most recently, the Blockchain tech company announced XSWAP, a  Decentralized Cryptocurrency Exchange and DeFi platform built on the ABEYCHAIN. This decentralized exchange (DEX) aims to solve many of the issues that can be found on both centralized and decentralized exchanges.

As previously mentioned, cross-chain interoperability is extremely important in the DeFi space. The XSWAP exchange support both ARC-20 token as well as multiple cross-chain assets like BTC, ETH, LTC, BNB, DOT and AST. 

Liquidity is also incentivised within the XSWAP exchange through an automated liquidity protocol where users are incentivized to trade on the exchange in order to become liquidity providers. Liquidity providers are also rewarded with the platform’s native token, the XT token in what are known as liquidity mining programs.

The native XP Token 

XT is the native token of XSWAP and is another innovative feature of the platform. XT will be traded on XSWAP and will reach other exchanges soon. The first airdrop of XT, on August 17, 2021 was completed in just four hours. 

More XT airdrops will be available soon to match the demand identified by the first airdrop and 1.2 billion XT tokens will be distributed to users of the exchange through the aforementioned liquidity mining programs.

The native token also acts as a decentralized governance token which allows holders to vote on the direction ofr the project on the platform, including how minted tokens should be distributed to the community and any other fee structure changes.