Developers of a decentralized exchange Switcheo have presented a clone of the Uniswap protocol on the Zilliqa blockchain network called Zilswap.
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Zilswap will reportedly push into the decentralized finance (DeFi) space by allowing users to trade digital assets on the Zilliqa blockchain. The platform uses a constant product automated market maker on top of a permissionless liquidity protocol.
Users can trade both ZIL or ZRC tokens right on the Zilliqa blockchain via digital wallets.
According to an official announcement, the first platform's token pool will be ZIL-XSGD, which allows users to access ZIL through the Singapore-Dollar (SGD) backed stablecoin.
Hodlers of ZIL or XSGD could contribute to liquidity pools on Zilswap to earn from the fees of each trade.
"We will also be launching a ZRC-2 governance token for Zilswap soon. Moving forward, Zilswap will transition control of Zilswap to a DAO controlled by ownership of the governance token," the developers said.
In June 2019, Zilliqa added support for smart contracts on its own blockchain so that blockchain developers can write and deploy smart contracts on the altcoin's blockchain using Scilla, its smart contract language.
iHodl earlier reported that Uniswap become the first DeFi project with more than $2 billion in value locked. At press time, Uniswap's liquidity is over $2.48 billion with 24h trading volume $246 million.
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