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Zilliqa Launches First DEX Built by Switcheo

Key Takeaways

  • Switcheo announced the launch of Zilswap, a fully on-chain decentralized exchange.
  • The decentralized exchange will use an automated market maker similar to Uniswap.
  • A ZRC-2 governance token for Zilswap is set to be released “soon.”

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Zilliqa joins the DeFi bandwagon, commissioning Switcheo to launch a DEX on top of its blockchain. The decentralized exchange will offer an automated market maker and liquidity system similar to Uniswap.

Switcheo Enters DeFi

Switcheo announced the launch of a new decentralized exchange. The platform, called Zilswap, is a fully on-chain decentralized exchange running on Zilliqa, a “scalable” blockchain platform based in Singapore that was hot in 2017.

According to the company’s announcement, Zilswap is set to be at the core of Zilliqa’s push to enter the DeFi space. The platform marks the first time that users will be able to trade digital assets on the Zilliqa blockchain.

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Zilswap will use an automated market maker, or AMM, that runs on top of a permissionless liquidity protocol, said the company, adding that the setup will be similar to what is available on Uniswap.

Moving forward, Zilswap will transfer all control over the platform to a DAO controlled by those who hold the exchange’s governance token. The company has yet to provide a concrete release date for Zilswap.

What Zilswap Brings to the Table

The newly launched decentralized exchange will allow users to trade ZIL or ZRC tokens directly from their wallets on the Zilliqa blockchain. Users will also be able to add the tokens they own to a liquidity pool to earn a passive income as market makers.

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When it comes to the launch’s specifics, Zilswap will launch with ZIL-XSGD as its first token pool. This will allow users to enter or exit their ZIL positions through the recently launched XSGD, a stablecoin backed by the Singapore Dollar (SGD). Those that don’t hold XSGD can convert SGD to XSGD at a 1:1 rate through Xfers and start trading immediately.

Zilswap’s next step will be to integrate with Switcheo’s TradeHub and leverage the liquidity pooled into Zilswap, the company said in the announcement.

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