On Monday, October 5, Switcheo announced the launch of its new decentralized exchange Zilswap, powered by the Zilliqa blockchain network. The fully on-chain Zilswap DEX will help Zilliqa to set its footing is the rapidly growing decentralized finance (DeFi) market.
Similar to Uniswap, the Zilswap DEX also uses an automated market maker (AMM) built atop the permissionless liquidity protocol. This will allow users to trade the native ZIL tokens directly on the blockchain through their wallets. Besides, they can also be the liquidity providers by adding the ZIL tokens to the liquidity pools and earn rewards.
The Zilswap DEX launch unlocks the opportunity for Zilliqa users to trade digital assets for the first time on the platform. The Singapore-based blockchain platform has also partnered with financial service provider Xfers. Together, they also announced the world’s first travel-compliant stablecoin $XSGC, pegged 1:1 with the Singapore Dollar (SSGD), and powered by the Zilliqa blockchain.
Launching the First Token-Pool ZIL-XSGD
The Zilswap decentralized exchange also announced the launch of its first toke pool ZIL-XSGD. This will allow users to quickly buy/sell ZIL using the SGD-backed stablecoin. Thus, users of both ZIL and XSGD can serve as liquidity providers on Zilswap and earn passive income.
Switcheo also announced further development for the Zilswap platform. It plans to launch the ZRC-2 governance token for Zilswap in near future. Switcheo said:
“Moving forward, Zilswap will transition control of Zilswap to a DAO controlled by ownership of the governance token. Parameters such as protocol fees will be under the purview of this DAO. Governance tokens will be issued to liquidity providers and users of the Zilswap platform”.
The next project in the pipeline for Q4 is integrating the Zilliqa ecosystem with the Switcheo TradeHub. “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,” tweeted Zilliqa.
The Zilliqa blockchain facilitates developers to build high-performance enterprise-grade applications. The public blockchain addresses all limitations in scalability while enabling real-world applications. The Zilliqa blockchain has a shared architecture with smart contracts written in the Scilla programming language.
Soon after the announcement, the price of ZIL tokens jumped 10%. At press time, ZIL is trading $0.020 with a market cap of $235 million.
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Source: DeFi Push: Switcheo Announces New Decentralized Exchange (DEX) Zilswap Powered by Zilliqa