The Kwikswap team is excited to announce the upcoming deployment of Kwikswap V2 Testnet on ACALA Parachain. Kwikswap is a unique decentralized exchange protocol on the Ethereum mainnet which allows users to swap, create markets and participate in yield farming by staking and providing liquidity. Kwikswap is seen by many as the DEX of the future!
Acala Network is a decentralized finance hub and stablecoin platform built as a parachain on the Polkadot blockchain ecosystem that powers cross-blockchain liquidity and applications.
Acala Network is one of the two interoperability layer 2 scaling solutions that Kwikswap is planning to deploy is to enable cross-chain peer-to-peer (p2p) value transfer. According to the Kwikswap team, ACALA is an amazing Polkadot Parachain whose attractiveness to their vision is compounded because it is working closely with PLASM.
Kwikswap V2 on ACALA Parachain: What to Expect
Kwikswap capitalizes on the massive potential of decentralized finance to overshadow traditional finance by allowing users to participate and get rewarded for their efforts. This comes with maximum user-experience convenience and perks like eliminating third-party involvement in payments and value transfer.
The plan is to deploy the Kwikswap DEX on PLASM and ACALA on Polkadot to bring additional features like staking, Voting, Stablecoins, and more. This will make Kwikswap the first cross-chain DEX to be deployed on two layers 2 solutions on Polkadot.
Upcoming features of Kwikswap’s successful deployment on ACALA include:
- Liquidity staking,
- Fixed and recurring payments/purchases,
- Use of native tokens for gas fees.
We are as well looking forward to introducing additional interesting updates which will be communicated in due course to our users and community.
Incorporating layer 2 solutions is part of Kwikswap's vision to make the platform as impactful and self-sustaining as possible by enabling cheaper transaction costs, faster finality, and improving transactions per second (TPS).
PLASM is a scalable and multi-virtual machine smart contact platform on Polkadot based on the Parity Substrate Framework. Polkadot’s ecosystem uses Parachains to optimize interoperability by enabling developers to build bridges to standalone blockchain networks like Bitcoin and Ethereum.
This is why Kwikswap will also use PLASM (one of the Polkadot Parachains) to enable inter-blockchain token cross-over functionality. Kwikswap is up and running at full capacity on Ethereum and now planning a test run for its deployment on the ACALA Parachain.
While ACALA test net is ready to go, Kwikswap deployment on PLASM, which will occur on the Dusty Testnet, will depend on how fast PLASM executes its planned Substrate updates. The updates will allow users to manage assets on the Cross-chain networks by creating a technical process for managing all Polkadot user assets.
Why You Should Consider Kwikswap?
As implied by its name, Kwikswap is already on its way to becoming the biggest, most-lucrative, straightforward, practical, fastest, and cheapest decentralized exchange in the world.
Here are 5 reasons why users should definitely participate in the Kwikswap protocol:
- Kwikswap incorporates a friendly- user interface that makes it easy to navigate the platform and get paid for staking or providing liquidity using the KWIK token or the respective native token of the platform.
KWIK has a total supply of 250 million KWIK, with a deflationary mechanism to reduce supply and increase its value.
- Users can either earn KWIK tokens by staking and providing liquidity or both. Users get 0.15% of the 50% fees allocated to liquidity providers while staking on the Mainnet, KwikStake™ awards users with 0.10% of the 33.3% allocated to staking, which is distributed every three days.
The staking process involves a user-specified locking period, after which it takes 7 days to move user funds from the pool to their wallet.
- Users will be able to use their Ethereum Wallet address as a Polkadot address: they get to enjoy fast and cheap transactions, seamless transfers between blockchain ecosystems, and swapping cryptocurrencies without having to go through centralized exchanges.
- Kwikswap adds a new beneficiary concept that acts as a secondary security feature for their funds.
- Another key reason is that users can be assured of security and originality. Kwikswap is a brand-new exchange developed from scratch, unlike many existing decentralized ones, which have been forked and modified from other similar platforms.
Reference: This Press Release was supplied in part by the KwikSwap Team.
For more information and being part of this project, here is the official website link https://home.kwikswap.org/
KwikSwap Official links
https://app.kwikswap.org - Ethereum Mainnet
SOURCE: KwikSwap Protocol / Written by Shiller Gorilla