Zilliqa team announced today that it has partnered with Switcheo to launch the platform’s first decentralized exchange, allowing secure trading of digital assets on the Ethereum blockchain. The team posted on Twitter that the exchange will feature a Uniswap like exchange model, along with Atomic Swap protocol, allowing users to automatically swap assets, without the need of a counter party or middle men. The non-custodial exchange will be launched by the end of the year.
(1/4)Thrilled to share that we’ve partnered with @SwitcheoNetwork to build Zilliqa’s first decentralised exchange or #DEX. Token holders will be able to tap into #digitalassets on the Ethereum blockchain, and enjoy a #safer & more #secure trading experience – AN pic.twitter.com/vRPTjhQc4T— Zilliqa (@zilliqa) March 16, 2020
This new product will bolster the existing Zilliqa ecosystem and increase the usage of ZIL tokens. The team further announced that users will be able to earn fees, by contributing to liquidity pools. It will specially focus on user experience and allow trading without sign up or provision of personal provision. Further, it would feature mobile wallet integrations, so users can trade and swap on the go, across different blockchains.
Amrit Kumar, President and Chief Scientific Officer at Zilliqa, said: “We believe that this partnership with Switcheo is essential to supporting the meaningful progress we’ve made for our stablecoin initiative, StraitsX, as more companies look to come on board. The opportunity to collaborate with one of the world’s leading decentralized exchanges was one that we simply couldn’t pass up as we hope to garner further ecosystem support and look to solidify our position in the global DeFi ecosystem.”
Ivan Poon, CEO at Switcheo, said: “Decentralised exchanges have been recognised for the absence of centralised governance which enables greater security and safety for users and their assets. By leveraging advancements such as off-chain order matching engines and liquidity pools, we look forward to being able to provide Zilliqa traders and token holders with a world-class trading experience.”
Zilliqa is a next generation blockchain project, with a special emphasis on sharding technology. It is research based and backed by peer reviewed academics. The blockchain is powered by Scilla programming language, which is safe by design and adheres to functional programming design principles. The native token is ZIL, with a maximum supply of 21 billion (21,000,000,000) tokens.
Switcheo is a multi-chain decentralized exchange (DEX) which is able to simultaneously work with Ethereum, NEO and EOS tokens, significantly enhancing its potential and usage. Switcheo currently supports 24 cryptocurrencies and 43 trading pairs. It natively works with NEO blockchain. The native token is SWTH, with a total supply of 1 billion (1,000,000,000) tokens.
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