ABEYCHAIN, the multilayer blockchain protocol, has experienced massive growth since its launch and boasts over 100,000 users. However, its ecosystem is expected to expand into the DeFi sector by launching its dedicated decentralized exchange platform XSWAP.
A unique DeFi experience for users
Most decentralized exchanges provide a notoriously poor experience, frustrating users with their lack of liquidity and reliability. Furthermore, popular DEXs like Uniswap have higher failure rates during peak times.
XSWAP leverages the ABEYCHAIN blockchain to deliver a first-class trading experience for users and introduces new concepts to the DeFi sector. The DEX offers faster transaction speeds and lower gas fees than DEXs on the Ethereum network.
To ensure a seamless trading experience, XSWAP integrates a trading model using automated liquidity protocol and an automated market maker system. This ensures that the entire activities on the exchange are automated and not controlled by a third-party intermediary.
Since it is built on ABEYCHAIN blockchain, XSWAP is compatible with all ARC-20 tokens, and developers can easily list tokens created with minimal requirements. Furthermore, ABEYCHAIN cross-chain capabilities mean that XSWAP is also compatible with cross-chain assets, including BTC, ETH, LTC, BNB, DOT, and AST).
XSWAP is able to solve the liquidity problem faced by many exchanges via an automated liquidity protocol. This model incentivizes users to stake their tokens in order to become liquidity providers (LPs). These assets are staked in specific staking pools, which the DEX can use to complete existing trades.
Liquidity providers get rewarded in the form of the crypto-asset staked or via XSWAP’s native token XT. With the automated liquidity protocol, a buyer or seller is not required to wait for an opposite party to complete a trade. Instead, traders can execute any trade instantly at a known price as long as there’s enough liquidity in the pool to facilitate the trade.
The innovative automated market marker determines the prices of individual tokens listed on XSWAP. This model adjusts the price of an asset based on the market forces of demand and supply. The price of a token increases or decreases based on the ratio of how many coins are present in their respective pools.
XSWAP also uses a proprietary mathematical algorithm to ensure that tokens on its platform are accurately priced. Users can easily access the DEX by connecting a supported wallet like MetaMask or ABEY 2.0 to the protocol. XSWAP does not store crypto, and users are in full control of the coins in their wallets.
XSWAP has also launched its native token XT tokens that will serve as governance for the DEX platform. A total of 1.2 billion XT tokens will be mined and distributed to users as rewards for liquidity mining and yield farming.
XT token holders can decide the future of the DEX, including changes to its distribution and payment fee structures. The token will be traded initially on XSWAP before listing on other exchanges.
The first airdrop of XT occurred on August 17, 2021, with huge global demand for the token. ABEYCHAIN has stated that the blockchain protocol will complete another airdrop in the future for users.
About ABEYCHAIN
ABEYCHAIN is a hybrid consensus multi-layered blockchain ecosystem that combines Delegated Proof of Stake (DPoS) and Proof of Work (POW) to ensure scalability and high-speed transactions.
The blockchain platform has an ever-expanding ecosystem that consists of its native token ABEY, the ABEY Storage Network, an NFT marketplace, and a stablecoin called aCash Token (ACT). To learn more about XSWAP exchange, visit the website xswap.com.
