New York City, April 15, 2022 — Swappi, a new automated market maker (AMM) based decentralized exchange (DEX), has launched on Conflux, the only regulatory compliant public blockchain network in China.
With the launch of Swappi, Conflux users have a new DEX to swap, stake and earn yields on their crypto assets. The new exchange has already reached $25 million in total value locked (TVL).
Swappi is the first DEX to launch on Conflux eSpace, an Ethereum Virtual Machine-compatible smart contract execution environment that allows developers to deploy and execute Ethereum-native decentralized apps (DApps) and smart contracts in the Conflux ecosystem. As an AMM-based DEX, Swappi lets users trade in a fully decentralized environment without registering an account, allowing anyone to start trading within seconds.
By deploying on a permissionless layer-1 blockchain with significantly lower transaction costs compared to other chains such as Ethereum, Swappi is able to provide users with the lowest fees of any top DEX at 0.25%. At launch, supported assets include Conflux (CFX), Ether (ETH), Tether (USDT), Wrapped Bitcoin (WBTC) and Swappi (PPI).
Swappi aims to build the most robust decentralized finance (DeFi) ecosystem on Conflux, with plans to expand its offerings, allowing users more opportunities to earn.
Swappi version 1.0, the current iteration of the DEX, enables the following features:
- Swapping: Swap between any two listed token pairs, provided there is enough liquidity.
- Liquidity pools: Add and remove liquidity, and receive liquidity pool (LP) tokens.
- Yield farming: Stake LP tokens to earn PPI rewards.
- Staking: Stake PPI tokens for longer times to earn boosted rewards in PPI.
- Playground: Participate in lotteries and prediction markets.
Later, with the roadmap, Swappi is planning initial farm offerings, decentralized autonomous organization voting, dual-mining staking pools, stablecoin LP swaps, nonfungible token trading and much more.
Earning PPI tokens
Swappi’s exchange token PPI can be earned through yield farms with extremely competitive interest rates unlocked by staking PPI and LP tokens.
- Stake LP tokens and earn PPI with slightly more exposure to market fluctuations in exchange for higher APYs.
- Boost PPI returns by staking more PPI.
- Stake tokens in LPs to earn PPI, even if a trading pair is not supported by the farms.
- Boost PPI Rewards from yield farms by locking PPI.
PPI can also be won by playing games and participating in trading events, lotteries and other community activities.
Swappi is a noncustodial platform that lets users trade directly from their wallet of choice and retain 100% ownership of their crypto. Built on open-sourced software, Swappi’s DApps and smart contracts are also publicly visible for maximum transparency.
Swappi smart contracts have been audited by Certik, the leading security-focused ranking platform to analyze and monitor blockchain protocols and DeFi projects.
To stay updated, follow Swappi on Twitter, Telegram, or visit swappi.io.
Jeff Davidson — firstname.lastname@example.org