Zilliqa launched the first decentralized exchange on Switcheo, marking the first push into DeFi for the Zilswap platform. In our cryptonews today, we are reading more about the latest DEX.
Switcheo announced the launch of Zilswap which is the on-chain centralized exchange that Zilliqa launched. The decentralized exchange will use the automated market maker similarly to Uniswap and the ZRC2 governance token will also be released soon. Zilliqa joined the DeFi train and with the help of Switcheo launched a DEX on top of its blockchain. The decentralized exchange will start offering automated market maker and liquidity systems that are similar to the one of Uniswap.
Switcheo announced the launch of the DEX and the platform is called Zilswap which is a fully on-chain decentralized exchange that runs on Zilliqa, making it a scalable blockchain platform which is based in Singapore. According to the company’s announcement, Zilswap is set to be at the core of the platform to enter deeper into the Defi space. The platform marks the first time that the users will be able to trade digital assets on the blockchain. Zilswap will use the automated market maker that runs on top of the permissionless liquidity protocol according to the company, adding that the setup will be similar to what is available on Uniswap.
The next phase will involve connecting the Zilliqa token ecosystem with Switcheo’s TradeHub. This will include the ERC20<>ZRC2 token bridge coming up in late Q4.
We’re excited to work with @SwitcheoNetwork to build out this #DeFi ecosystem! $SWTH $ZIL 🗓️
— Zilliqa (@zilliqa) October 5, 2020
Moving forward, Zilswap will transfer the control over the platform to a DAO controlled by the ones holding the exchange’s governance token. The company has yet to provide a release date for Zilswap. The newly launched decentralized exchange will allow the users to trade ZIL to ZRC tokens right from the wallets on the Zilliqa blockchain. The users will be able to add the tokens that they own to the liquidity pools to earn passive income. When it comes to the specifics of the launch, Zilswap will launch with ZIL-XSGD as a first token pool. This will allow the users to enter or to exit their ZIL positions via its XSGD which is a stablecoin backed by Singaporean Dollar. The users that are not holding on their XSGD could convert it at a 1:1 rate via its xfers and start trading right away.
Zilliqa-powered #XSGD’s public listing signals a MAJOR STEP FORWARD in making a regulated and travel-rule compliant digital asset more accessible to all. @xfers Kudos! 👏
Proud & excited that the 1st stablecoin pair ZIL/XSGD will be listed on @SwitcheoNetwork's #ZilSwap -AN
— Zilliqa (@zilliqa) October 5, 2020
Zilswap’s further steps will be to integrate the TradeHub of Switcheo and to also leverage the liquidity pooled into zilswap as the company announced.
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