ABEYCHAIN has continued to increase in growth with an average of 20,000 active ABEY addresses each week since the beginning of August 2021. This trend is about to spike with the impending public launch of its decentralized exchange, XSWAP. ABEY’s momentum is so strong it was recently nominated for two awards, Blockchain Solution of the Year and DeFi Project of the Year at the AIBC Summit in Malta coming up this month.
A fully-fledged DEX protocol
XSWAP had earlier been launched in August to a limited beta phase for testing different features on the DEX with selected testers. XSWAP opened to the public on November 6, 2021, with trading, liquidity mining and staking immediately available to users.
XSWAP users were immediately ready for the opportunity to use the new exchange. Within the first 24 hours of availability, XSWAP had attracted over US$11 million in Total Value Locked-in. (TVL).
Users will access a wide range of DeFi features and products not limited to liquidity mining, staking, and yield farming, though most DEX platforms are known for their complex nature — a major stumbling block for mainstream adoption.
XSWAP has been designed to ensure that it is intuitive and users can easily begin their DeFi journey with a few clicks. Users are only required to connect their non-custodial wallets like Metamask or ABEY wallet to enjoy the benefits on the platform. Each product and feature is placed with instructions on how they work, making it easy for novices and DeFi beginners.
Decentralization is a critical aspect of XSWAP, and the DEX deploys the automated market maker to determine the prices of digital assets listed on its platform. It also introduces a unique automated liquidity model that ensures that trades are executed as long as there is sufficient liquidity in trading pools.
Liquidity providers are an important component of any decentralized exchange platform and are typically attracted by the prospects of increasing their portfolio. XSWAP provides a unique economic model that incentivizes liquidity providers within its different products and staking pools.
Its native token XT serves as a reward mechanism for LPs that provide capital to supported pools. XT also serves as governance, and holders can vote on proposals and developments within the XSWAP ecosystem.
Fast-rising blockchain ecosystem
ABEYCHAIN has continued to hit major milestones in recent months and has more than 138,000 users in its ecosystem. Developers have found a new home with ABEYCHAIN to build smart contracts and products, leveraging the speed and scalability of its underlying architecture.
ABEYCHAIN ecosystem consists of several products that provide earning opportunities and utilities within the blockchain industry. Its decentralized storage system called ABEY Storage Network allows users to store data on the blockchain.
Its native stablecoin aCash Token (ACT), provides a hedge against the volatility within the crypto markets and uses a unique mining mechanism. ACT is mined when users purchase the token and burnt when converted to other crypto assets providing a stability mechanism to maintain its peg to the USDT.
ABEYCHAIN is also developing an NFT marketplace that will support the rapidly growing NFT sector. Creators and brands will be able to mint, list, and auction their digital creations on the platform.
The launch of XSWAP represents a major step in the right direction for ABEYCHAIN and will lead to greater adoption of its blockchain. To learn more about XSWAP, visit the following links: Website Twitter Facebook Medium