Zilliqa launches its first DEX Zilswap to venture into DeFi ecosystem

Zilliqa has recently announced the launch of its decentralized crypto exchange Zilswap, developed in association with the Switcheo team.

By · Oct 7, 2020 . 5min read

Zilliqa launches its first DEX crypto news
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Switcheo, the company which developed the first decentralized exchange (DEX) on Neo blockchain, has enlarged the crypto service to the Zilliqa blockchain. Zilliqa launches its first-ever decentralized crypto exchange Zilswap, developed by the team of Switcheo. The platform Zilswap is a fully on-chain decentralized exchange operating on Zilliqa. Also, the latter is a scalable blockchain platform based in Singapore.

According to the company’s statement, Zilswap will be at the core of Zilliqa’s potential to enter the DeFi space. The platform records the first time users will be capable of trading digital assets on the Zilliqa blockchain. Zilswap will utilize an automated market maker, or AMM, that operates on top of a permissionless liquidity protocol. The company says that the setup will be comparable to what is accessible on Uniswap.

Trading Zilliqa’s tokens

The new platform will enable users to trade ZIL or ZRC tokens directly from their Zilliqa blockchain’s wallets. Users will also attach the tokens they have to a liquidity pool to receive a passive income as market makers. Zilswap plans to launch with ZIL-XSGD as its first token pool.

Moreover, users can enter or exit their ZIL positions via the currently launched XSGD, a stablecoin supported by the Singapore Dollar (SGD). However, Zilliqa further adds that users who do not have XGSD can convert SGD to XSGD at a 1:1 rate via Xfers and commence trading instantly.

The token will be allotted to Zilliqa users and liquidity providers on Zilswap. Further, Zilswap will transfer all control over the platform to a DAO controlled by those who hold the exchange’s governance token. The organization will equally oversee the protocol fees.

Additionally, the DEX is launching on a secure and anti-money laundering (AML) docile blockchain platform. Earlier, Zilliqa associated with Elliptic, a blockchain analysis company, to support its AML and risk management standards. This comprises the Zilliqa’s native token, including a stablecoin initiative powered by the Zilliqa blockchain. According to the announcement, Zilswap’s will next integrate with Switcheo’s TradeHub and leverage the liquidity pooled into Zilswap.

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