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Today was launched the ZilSwap platform, which as its name suggests, allows you to exchange tokens found on the Zilliqa blockchain and create your own pools.
#Zilswap just came to town, courtesy @SwitcheoNetwork! đź‘Ź
📢 Calling token holders & arbitrageurs to:
⚡️Provide liquidity for the pair & earn transaction fees
⚡️Sign up to maintain ZIL/SGD peg on the ZIL/XSGD pairWatch this space for demo videos to be shared today! -AN https://t.co/jMCwZAN1Zz pic.twitter.com/Szxba9YhO5
— Zilliqa (@zilliqa) October 5, 2020
The Zilliqa blockchain uses a system similar to PoS (Proof of Stake), or rather it is a hybrid system of consensus protocol that is given by a mix between PoW (Proof of Work) and PBFT (Practical Byzantine Fault Tolerance).
The Zilswap platform was announced during an event last July as part of a speech about how decentralized finance (DeFi) would evolve, although the Zilliqa team prefers to use the name Open Finance.
On Zilswap we can already see how SHRK and XSGD tokens are listed.
The latter is a stablecoin, launched thanks to the collaboration with Xfers team, already the creator of StratisX.
Among other things, the ZIL/XSGD pair will be the first to have a stablecoin, as well as the first of the whole platform, opening the doors also to all those users who want to exchange it.
Zilliqa-powered #XSGD’s public listing signals a MAJOR STEP FORWARD in making a regulated and travel-rule compliant digital asset more accessible to all. @xfers Kudos! 👏
Proud & excited that the 1st stablecoin pair ZIL/XSGD will be listed on @SwitcheoNetwork's #ZilSwap -AN
⬇️ https://t.co/VVbKA3BQgG
— Zilliqa (@zilliqa) October 5, 2020
In this way also Zilliqa can boast its decentralized exchange (DEX), as we find on the Ethereum blockchain with Uniswap, which has become the first giant of DeFi on this blockchain.
From now on with Zilswap it will be possible to exchange virtually any token of this blockchain, also being able to actively participate in the liquidity of the pools and get rewards, in the same way as on other DEX.
Zilswap and other news about Zilliqa
This is definitely positive news and perhaps also why the price of Zilliqa’s cryptocurrency, ZIL, has gone up and is now traded for $0.019.
Finally let’s not forget that soon ZIL’s staking will also start to get a passive return. The platform is currently being tested but we know from the data that there will be an APY of more than 4000% and we can stake almost 17 million ZIL.