A new cross-chain automated protocol based on Ethereum and Polkadot says it is using two parachains in its quest to deliver interoperability and layer-two scaling.
KwikSwap enables users to swap tokens, create new markets and participate in yield farming by providing liquidity and engaging in staking.
The project’s objective is to provide developers, liquidity providers and traders with an opportunity to participate in a decentralized financial marketplace that is open and accessible to all.
At present, KwikSwap’s focus is on developing and integrating its testnet on Plasm and Acala Network — with both layer-two scaling solutions described as “best in their class” for serving as a conduit to the Polkadot ecosystem.
Plasm is a multi-virtual machine smart contract hub that has been built on Parity Substrate. It has the ambition of making Web 3.0 fully scalable, all while ensuring that transactions become more efficient.
Meanwhile, Acala Network’s advantages extend far beyond a blockchain, given how it serves as a decentralized finance hub and a stablecoin platform. KwikSwap says its DApp suite will play a crucial role in ensuring that it can bring a range of planned features to the market quickly.
An industry first
KwikSwap says it is going to be the first cross-chain decentralized exchange to be deployed on two layer-two solutions on Polkadot — achieving its vision of becoming an impactful, self-sustaining platform that lowers costs, delivers greater capacity, and improves throughput substantially.
According to the project’s founders, upcoming features following the successful deployment on Plasm and Acala will include stablecoins, liquidity staking, fixed and recurring payments, the ability to use native tokens for gas fees, and instant token swaps that can be achieved using ACA, KWIK, aUSD, DOT and Bitcoin (BTC).
In a recent news release, the team said: “KwikSwap capitalizes on the massive potential of decentralized finance to overshadow traditional finance by allowing users to participate and get rewarded for their efforts. This comes with maximum user-experience convenience and perks like eliminating third-party involvement in payments and value transfer.”
Transforming DEXs for the better
KwikSwap says its decentralized protocol is designed to live up to its name, and the platform has bold ambitions to become the most straightforward, practical, fastest and cheapest DEX in the world.
Setting out the advantages that its infrastructure has over rivals in this bustling marketplace, KwikSwap says it delivers a user-friendly interface that ensures the platform can be navigated with ease. Meanwhile, the native KWIK token has a deflationary mechanism that is designed to reduce its supply over time.
Users will also enjoy seamless transfers between blockchain ecosystems — giving them the freedom to swap their cryptocurrencies without having to go through a centralized exchange first. And whereas many major DeFi protocols have been forked and modified from similar platforms, KwikSwap has been developed from scratch, and the platform says this delivers additional security and originality.
MORE INSIGHTS FROM KWIKSWAP HERE
The protocol recently unveiled Kwikstarter — an IDO launchpad that’s designed to ensure anyone can get in on the ground floor with crypto projects that may otherwise be quickly snapped up by venture capital firms. The platform will enable startups to raise funds via liquidity pools, delivering an onboarding experience “like no other” for projects that are brimming with potential. This workflow is set to be automated by utilizing governance, meaning that KWIK token holders will play a starring role in ensuring that only the best projects are accepted.
Startups can also receive support that’s tailor made around their circumstances. While hands-on support can be delivered to early-stage companies hoping to build a global community, a business that’s at a more advanced stage can choose to benefit from marketing and social media strategy instead. Projects can also opt to rely on Kwikstarter for fundraising management only if they prefer.
As part of the quest to become a completely decentralized one stop shop, KwikSwap says it is going to be launching the Polkapanda NFT marketplace within weeks — all with a view to stirring up the nonfungible token industry with a rich range of 3D rendered, audio-rich NFT galleries for collectors to snap up.