Decentralized exchanges, commonly referred to as DEXes, have rarely seen better days in the crypto space thanks to their numerous benefits, including anonymity, reduced hacking risk, and market manipulation prevention. As such, most crypto traders prefer DEXes despite initial caution where liquidity and regulatory uncertainty kept crypto users at bay.
Following increased traffic witnessed in decentralized exchanges, a new generation of DEX is emerging, providing real competition to centralized exchanges. An example of such a new and innovative decentralized exchange is SwapDEX.
The platform integrates two decentralized exchanges, i.e., DEX and SWAP, giving crypto traders plenty of benefits, including seamless access to crypto trading tools and access to a broad spectrum of cryptos, among other services.The platforms has shifted to its native chain, i.e., Smart DEX Chain, conferring plenty of benefits to the community. Here's an outlook.
What is SwapDEX?
SwapDEX is both a DeFi project and a decentralized exchange under one platform. SwapDEX aims to provide an all-in-one platform that offers comprehensive crypto products and services, including lending, borrowing, instant swaps, governance, P2P and in-house loans, stablecoins, OTC, staking, and even the infrastructure to develop apps based on the platform. The offering is rounded out by the fact it will sit on its own chain to save on fees, while offering cross chain functionality.
The SwapDEX ecosystem is powered by its native coin, SDX, primarily used for governance, staking in masternodes and traditional staking. SDX stakers, whether in the form of masternodes or traditional staking, earn a passive income in the form of staking rewards while keeping their SDX coins out of circulation.
SDX is also a governance token, meaning that SDX holders can vote on several issues affecting the project. Token holders submit various proposals or ideas that could enhance the project. Once submitted, their opinions are reviewed by other token holders, who then vote to implement or dismiss the proposals. Over one third of the total supply of the SDX coin is held in a Community Treasury which can be accessed via community proposals.
Smart DEX Chain- A New Dawn to SwapDEX
SwapDEX has made a significant step in enhancing the platform by creating its chain, i.e., Smart DEX Chain. The chain (fully developed) is a fork of Go Ethereum, commonly referred to as Geth but customized to meet the specific needs of the platform.
The Smart DEX Chain leverages the Proof of Stake (POS) consensus mechanism, allowing SwapDEX to be fully decentralized. As a result, anyone with 10,000 SDX can be involved in running a masternode to help secure the network and run its operations network through its lifetime and earn passive income. In essence, with the launch of SDX, users are offered two ways of earning passive income on the platform: staking and running a masternode.
Benefits of SDX on SwapDEX Platform and the SDX Token
The full roll-out Smart DEX Chain confers plenty of benefits to both the SwapDEX platform and the SDX coin. Some of the known benefits SDX:
- The first evident impact of the implementation of the SDX chain would be the increase in transaction speed on the SwapDEX ecosystem. The chain is capable of supporting 4000 transactions per second completely free of charge i.e. “0gwei”.
- Smart DEX Chain significantly increases demand for SDX by lowering the total liquidity of the tokens in active circulation. Moreover, the chain will provide an opportunity for users to run masternodes by holding a substantial amount of SDX tokens and earn yearly or monthly returns.
- The Smart DEX Chain will be open for other DeFi projects to launch on. As the native coin to the platform, projects will pair their token with SDX, much like ERC-20 tokens pair with Ethereum. As more and more projects launch on the chain, the buy pressure for SDX will increase exponentially thereby leading to an increase in the price of SDX.
- The implementation of Smart DEX Chain will see SDX be used as a governance token allowing the community to vote on issues that affect the SDX ecosystem. Decentralized governance will enable the platform to reach full decentralization and transparency ensuring that only changes that are beneficial to the community are implemented.
SwapDEX is an ideal first-of-a-kind platform that integrates DeFi and DEX to offer users comprehensive crypto service. The launch of its native chain, Smart DEX Chain, confers plenty of benefits to the ecosystem, including making it more transparent and decentralized. What's more, the Smart DEX Chain will enhance the lucrativeness of the SDX coin, making it more attractive to crypto investors. The chain is already complete,awaiting full transition in the coming days. Stick around for more updates on this exemplary decentralized project.