KwikSwap - the first DEX on Shiden Network

The Kusama community is growing rapidly, more and more parachains obtain their slots and over time, Kusama gets an edge in the competition of blockchain ecosystems. Recently, the ecosystem was enhanced with smart contracts after connecting Shiden and Moonriver, and now all users and developers have access to smart contracts functionality, to Ethereum Virtual Machine (EVM) and Web Assembly Virtual Machine (WASM). Now it’s possible to build bridges to Ethereum and create decentralized applications. It’s crucial for every platform to have a lot of decentralized applications to be able to stay in competition with the likes of Ethereum, and one of the most important types of dapps are decentralized exchanges. We already have Karura and Bifrost in the ecosystem, but they still have a limited list of assets - Karura only allows to exchange its own token to KSM, KUSD and BNC. That’s why we’re glad to announce the first DEX on Shiden Network, which will allow trading wrapped ERC20 tokens on Kusama, KwikSwap. 

KwikSwap features

KwikSwap is a cross-chain automated DEX for Ethereum, Binance Smart Chain and Polkadot/Kusama platforms. We have already covered it in the previous article. It has one token with a fixed supply of 250 million for all chains, $KWIK, the whole supply was minted on Ethereum, but some of the tokens were bridged to other blockchains. It’s used as a governance token for voting on every DEX instance, and for other KwikSwap-related projects, such as Kwikstarter for IDO. The supply will stay as it is, with no dilution. 

Very soon, on Shiden, users will be able to can stake KWIK/SDN, and shortly after, a lot more pairs will be added - USDC, USDT, DAI, BUSD, BNB, WBTC, and ETH will be bridged from other blockchains, and it will be finally possible to trade and stake ERC20 tokens on Kusama. KwikSwap will offer 12% APY and fee share for staking on its platform, the work on Kwikswap LP yield farms on Shiden is 50% complete. The exact release date is unknown yet, but it will be announced pretty soon. 

A new milestone

The launch of KwikSwap with top market pairs is the new step in the growth of DeFi on Kusama and Polkadot, and it’s a big milestone for Shiden because it’s one of the first DAPPs that can be actually used by traders. The other Kusama DEXes are concentrating on Kusama assets - but this multi-chain approach will help Kusama to become a part of a bigger trader community. There’s a lot of things that have to be polished, but it’s in the works. You can also participate in smart contract staking on Shiden and lock your SDN for KwikSwap to get contract staking rewards. We’ll keep you updated on the development, stay tuned!

Re-purposed with FULL permission from PromoTeam.