Switcheo developers have launched the first-of-its-kind decentralized exchange (DEX) Zilswap on the Zilliqa (ZIL) blockchain.
🗣 We have just launched ✨ #Zilswap ✨ — @Zilliqa‘s first #DEX built by #Switcheo 😎 and we couldn’t be more excited!
👉🏽 Head over to our blog to learn more about Zilswap, and how you can start trading on the platform today! ✅ https://t.co/3ZVeYxrbOa
— Switcheo (@SwitcheoNetwork) October 5, 2020
Zilliqa — the first platform to implement sharding. On testnet, it managed to reach a throughput of 2,828 TPS. Zilliqa’s smart contracts are subject to formal verification and are equipped with a set of static analyzers designed to help identify potential errors and bugs.
Zilswap, like Uniswap, uses automated market maker (AMM) technology.
DEX users will be able to trade ZIL and ZrCoin (ZRC) directly from their wallets using this feature. They will also be able to add tokens to a liquidity pool to earn passive income.
The first liquidity pool will be ZIL-XSGD. It will enable interaction with the ZIL ecosystem through the Singapore dollar in the form of launched stablecoin XSGD.
Switcheo plans to soon release on Zilswap the ZRC-2 governance token and distribute it among liquidity providers and Zilswap users. Going forward, control of Zilswap will move to a DAO model.
According to CoinGecko, the ZIL token sits at 60th place with a market capitalization of $227.7 million. At the time of writing its price is up 1.8%, while the vast majority of altcoins are falling.
Earlier in May last year, Switcheo developers launched a decentralized exchange on the EOS blockchain. Previously, in February 2019, they announced the start of public beta testing of their off-exchange platform built on Ethereum and NEO smart contracts.
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