The XSwap exchange built on ABEYCHAIN believes it has had one of the most successful DEX launches ever after surpassing over $60 million in TVL during its first week of general availability.
XSwap launched to the public on November 6, 2021 and has since added more than $75 million in total value to the exchange, while averaging more than $9 million in total volume per day.
“According to our research, we believe that XSwap is one of the most successful DEX launches in history, when the important metric of total value locked is applied,” said ABEY Foundation spokesperson Simon Cousins.
Compare XSwap’s first week with some other major exchanges and it’s clear why officials are so optimistic about the future of the exchange. In the same first week time frame that XSwap passed $60 million TVL, highly respected DEX Uniswap achieved $176,000 TVL. Uniswap did not reach the $60 million TVL mark until 18 months after its launch.
Impressive First Week Sets Tone for Malta Week
XSwap second week began with the exchange adding more than $12 million in total liquidity each day from November 13-15, right as the protocol is set to be on a larger stage this week at AIBC Europe in Malta.
Eman Pulis, whose company SiGMA is the owner of the AIBC, SiGMA, AGS and Med-Tech conferences said on the opening day of AIBC, “Congratulations to the ABEY Foundation and the XSwap team. The blockchain community has taken notice of ABEY’s growth over the last year, and your XSwap DEX launch, with US$60 million TVL in only the first week is impressive. We welcome ABEY and XSwap to AIBC Europe 2021 here in Malta.”
ABEY has been nominated for the Europe AIBC Awards 2021 that will take place in Malta on November 16, 2021 as “Blockchain Solution of the Year” and “DeFi Project of the Year.”
XSwap is the first of several decentralized financial (DeFi) apps built by the ABEY user community. The XSwap decentralized exchange (DEX) innovated a unique trading model employing an automated liquidity protocol and an Automated Market Maker (AMM) system that is neither managed nor controlled by a central broker, unlike centralized exchanges.
It is fully built on ABEYCHAIN, one of the world’s most rapidly expanding blockchain projects. XSwap enables decentralized trading, liquidity mining, and staking by combining the strengths of various major blockchain ecosystems.
Impressive performance at an early stage
Since August 2021, ABEY has added an average of 20,000 new ABEY addresses every week, totalling over 140,000 active addresses. Since its public launch on November 6, 2021, XSwap has accumulated over $60 million in total value locked (TVL).
A worldwide community eager to utilize the new exchange operates and manages XSwap. It is worth noting that XSwap had nearly $20 million in total value locked (TVL) in the first 48 hours and over $11 million in TVL in the first 24 hours. More than 3.5 million XT, the exchange’s official governance token, were mined in the first week and that token’s value rose from $0.02 all the way to $0.55 as of November 15, 2021.
Since launch XSwap has achieved over $75 million in total volume, averaging over $9 million every day since full availability.
More info on XT and XSwap
XT is the protocol’s official governance token. Liquidity mining will ultimately give 1.2 billion XT tokens to users. Holders may propose and vote on future protocol advancements using XSwap’s decentralized governance process. This includes adjustments to the protocol’s cost structures and how fresh tokens are allocated to the community. More XT airdrops are coming shortly as per the exchange.
XSwap is fully compatible with all ARC-20 tokens and multiple assets (such as BTC, ETH, and DOT). Furthermore, it works with non-custodial open-source wallet services like MetaMask and the ABEY 2.0 Wallet.
To use XSwap, you need a compatible wallet like MetaMask or ABEY 2.0 Wallet. Once the wallet is set up, users may add ABEY to trade on XSwap and pay for transaction fees using a native ABEY token.
The transaction fees depend on the number of users available on the network and how fast the user wants the transaction to be completed as one has to shell out more. As the network provides more incentives for miners to validate quicker transactions than slower transactions.
ABEY’s development and momentum have made it a challenger to the more popular but less efficient Ethereum network. XSwap’s innovative token economic model ensures reliable trading.