The ABEY Foundation has announced the addition of DeFi hub XSWAP to its toolkit of offerings. The newly-launched ecosystem is designed to attract plenty of decentralized finances (DeFi) instruments to the ABEYCHAIN smart contracts environment.
XSWAP DeFi hub is set to boost adoption of ABEYCHAIN
According to the official announcement by the representatives of the ABEY foundation, XSWAP has started its operations with plans to be a pioneering DeFi-centric initiative on ABEYCHAIN.
In its inaugural releases, XSWAP will include XSwaps decentralized exchange (DEX) module, XBridge multi-chain liquidity solution, XStake multi-asset staking environment, XFarm yield farming instruments architecture, and XLoan lending/borrowing platform. Also, the XSWAP DeFi hub is ready to on-board decentralized applications (dApps).
With the XSwap module, multiple cryptocurrency assets can be exchanged between each other on XSWAP. Initial releases of the product will support all crypto majors: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Polkadot (DOT), and ABEYCHAIN’s core native utility token AST. In addition, a full range of the tokens that adhere to ABEYCHAIN’s patented ARC-20 standard can be easily integrated into the XSwap suite of spot exchange pairs.
XSwap is powered by an automated market-making engine. The prices for each individual token are adjusted via a proprietary mathematical algorithm run by the XSWAP protocol which runs on ABEYCHAIN. Traders of XSwap can utilize either Metamask and ABEY 2.0 native wallets. Gas fees for XSwap’s transactions are also calculated in ABEY tokens.
XSWAP DeFi Modules: bridges, “yield farming,” staking, and more
XBridge’s cross-platform mechanism facilitates instant and seamless transfer of liquidity between different chains. Thus, the liquidity locked in a variety of systems can fuel decentralized applications based on ABEYCHAIN.
XStake allows the customers of XSwap to earn passively on their idle cryptocurrency coins. Numerous assets can be staked seamlessly in this module with competitive yields. The accurate details of programs may vary for different tokens and terms of staking, so, the stakers can choose the most profitable one for their portfolios.
The XFarm module boasts different opportunities for liquidity providers to obtain LP rewards. Separate pools are activated for every asset listed by the platform. So, liquidity providers can contribute their assets in order to in exchange for periodical rewards (annualized percentage yield, APY). Rewards are paid either in corresponding tokens or XSwap’s native tokens.
Last but not least, the XSWAP DeFi ecosystem includes a lending/borrowing module suitable for “one-click loan” operations, XLoan. Lenders can put their assets to work to receive payouts (like interest on fiat deposits) whilst borrowers can get loans pledging different cryptocurrencies assets as collateral. All financial operations in XSWAP are authorized and conducted by smart contracts, so, all middlemen and third parties are excluded from this interaction.
XSWAP’s core utility token XT is a building block for the entire tokenomics of the project. On top of being a one-for-all payment method, XT is another innovative feature of a decentralized finance hub. 1.2 billion of XT will be distributed between the participants of the liquidity mining program. The XT token will also serve as a decentralized governance asset: the holders of XT will have a say in all crucial referendums on the upgrades of the XSWAP protocol.
The first airdrop of XT took place on Aug. 17, 2021 and was completed in under four hours. Right now, XSwap’s team is laser-focused on listing XT on major centralized and decentralized platforms.
ABEYCHAIN develops high-performance hybrid blockchain for dApps, NFTs and retail usage
XSWAP is a flagship family of DeFi protocols on ABEYCHAIN, a novel hybrid blockchain that merges the benefits of Proof-of-Work (PoW) and Delegated-Proof-of-Stake (DPoS) systems. Besides DeFi instruments, ABEYCHAIN powers the storage system with its own token AST, aCash (ACT) stablecoin, ABEY NFT marketplace and so on. The peak performance of ABEYCHAIN is estimated at 10,000 transactions per second.
Also, due to its unparalleled developer experience, ABEYCHAIN can easily onboard new dApps. As of Q3, 2021, the number of ABEYCHAIN users surpassed 100,000.