The world is full of economic problems. This is partly the reason why many turn to Decentralized Finance (DeFi), a solution where there are no intermediaries and users have full control over their assets. This technology has many uses, including the ability to trade, invest or make money. Since then, several projects have tried to offer this wide range of offers through their decentralized exchanges (DEX), but they have not yet been successful due to lack of liquidity – a problem that will continue to exist when the blockchain operates in isolation.
For this reason, cross-chain swaps have become crucial in bringing together more ecosystems, which also requires highlighting the benefits of DeFi and adding liquidity to the decentralized marketplace. By leveraging protocols like Uniswap (UNI), developers have more options to build on top of an existing framework, add functionality, and extend existing APIs. Kwikswap is no different.
Together, the launch platform Kiwikswap DEX and Kwikstarter Initial DEX (IDO) plan to create a gateway for all new traders, DeFi companies and startups to enter the innovative cross-chain ecosystem. The platform itself is a multi-chain exchange protocol supported by Ethereum (ETH), Binance Smart Chain (BSC) and Polkadot (DOT), and the exchange component is known as the first valid DEX on the Shiden Network (SDN).
For the uninitiated, the Shiden network aims to create the first multi-chain smart contract platform on the Kusama network. It serves as a test area for development and functionality, and enables the creation of token markets with a scale at the second level and, of course, with maximum decentralization opportunities.
Solve the liquidity problem
To stimulate liquidity in a community that includes many new users, profitable agriculture is often used – a concept that allows users to earn interest because they own tokens. As such, Kwikswap quickly introduced Ethereum & Shiden LP Yield Farms and Kwikswap Token Staking as their answer. As a result, Kwikswap AMM can facilitate the exchange of tokens and users can receive high farm rewards. In comparison, shortly after launch, LP Yield Farms actually reached a closed total value of over $ 400,000.
These challenges double as an opportunity for users to receive high farm rewards for a range of salable LP token pairs, which now include SDN / ETH, SDN / USDC, SDN / DAI and SDN / USDT. For reference, users with 100 SDN liquidity on any of these pairs can earn 250 KWIK and an additional 0.25% on each trade.
Founder James Lee shares,
“Kwikswap is honored to be accepted into the Shiden Builders Program because we really enjoy working with the Astar / Shiden team. We really look forward to the Kusama integration taking the Kwikswap ecosystem to the next level in cryptography. Our farms exploded very well! Expect chaos! ”
Along with this announcement, the team released a migration tool that will allow Uniswap LP holders to transfer their tokens and stake in the Ethereum DEX ecosystem from Kwikswaps.