Stable-Swap Decentralized Exchange AshSwap Rolled Out on MultiversX Mainnet
On February 17, AshSwap, the initial stable-swap DEX on the MultiversX blockchain (formerly Elrond Network), will debut on the MultiversX mainnet. The DEX will easily connect vital DeFi services and give narrower spreads with a portion of MultiversX’s liquidity.
AshSwap successfully secured $2.5 million in November 2021 via a private sale sponsored by Elrond. The maiden selling of ASH crypto tokens on Maiar Launchpad was fully subscribed, with 70,000,000 ASH (7% of the aggregate supply) worth $2.8 million. From October 2022, AshSwap has made accessible on MultiversX Devnet all of its fundamental functionalities.
After over a year of intense trial and development, AshSwap will become commercially active with the below-mentioned features on the mainnet:
- Pool V1 (Stable-swap)
- Pool V2 (Non-stable swap)
- Liquidity Provision
- Liquidity Staking (Farming)
- Governance Staking
- Yield Boosting
On the debut day and afterwards, AshSwap will establish three pools:
- USDC/UDST/BUSD (Stable-swap)
- ASH/USDT (V2)
- EGLD/BUSD (V2)
AshSwap will debut with Liquidity Provision, a functionality that enables users to contribute liquidity to three different pools in exchange for LP tokens. Additionally, the opportunity to engage in Yield farming will be available. LP tokens may be staked for ASH tokens as farming bonuses. The allocation to yield farms will be determined by the DAO.
By pledging ASH in Governance Staking, users are rewarded with veASH (voting escrow ASH) and get access to many perks. Emission Voting will also be implemented, providing veASH holders with governance power over ASH releases for every pool. The higher votes a pool receives, the higher ASH awards it will receive. Consequently, the APR for this specific pool will be bigger, drawing more liquidity.
Another essential element is the ability to pay veASH owners to decide their farms. If the administrator of a venture using the token AAA wishes to boost the liquidity of the group AAA/USDT on AshSwap, they may offer incentives to entice more veASH owners to choose their pool.
AshSwap is notable for being the initial stable-swap DEX on MultiversX. Stablecoins often have a major impact on yield farming and borrowing/lending loops in any blockchain environment. Therefore, a DEX that offers a stable exchange rate is essential for a thriving ecosystem.
AshSwap’s CEO, Neil Nguyen, stated, “We have picked to create our goods on MultiversX even though we believe the group provides the most clear vision for bringing in the forthcoming billion people into web3, and the innovation, development theory, accomplishments, and particularly the community are powerful signs of their capability to carry out that perspective.”
AshSwap thinks that enhancing DeFi connectivity would increase liquidity providers’ capital efficiency and optimize their long-term profits. In the months ahead, the AshSwap group wants to offer other trading solutions in addition to stable-swap, while maintaining a fluid and customer-friendly interface for trading and managing assets.
Moreover, AshSwap’s native crypto token, ASH, is intended to facilitate the protocol’s sustainable expansion with practical application scenarios and to incentivize liquidity providers on the network.
To commemorate the debut of its stable-swap DEX, AshSwap is organizing a sequence of incentive-based warm-up events, such as:
- ASH staking reward pool in which veASH stakers will share a pool of 2,000,000 ASH over 27 days beginning on January 21.
- AshSwap Launch Race, a referral program that awards up to $1,000.
- 250% APY (2.5x) boosted for all pools within 7 days starting from the launch. Enjoy the lucrative APY here.
- Ash Point Custom Quest, three events for users to obtain ASH points by completing the Gleam quest, trading on AshSwap DEX, and staking ASH. The more ASH points you own, the higher your chance of being whitelisted in the upcoming AshSwap airdrop.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.