Who doesn’t want a multi-functional Decentralized Protocol? – No one! So gear up to welcome KimchiSwap, which is an all-in-one platform for staking, swapping, adding liquidation and creating markets.
WHAT IS KIMCHISWAP?
KimchiSwap – a new fully decentralized platform – is launching into the 2020 DeFi Swap and Liquidation Protocol Arena soon, and No – it is not like your mainstream swapping platforms that are entering the DEX market. It does contain a few same basic functionalities and coding methodologies, but what makes it unique is its core coding.
Much like Uniswap, KimchiSwap enables the developers and entities to build on its API’s and dApp platform’s UI and code which helps in extending the reach of their protocol across multiple projects.
Additional benefits that KimchiSwap offers its stakers/HODLers include a share of the 0.3% transaction fee, and it is in-line with other swap protocol’s fees. And not only Stakers/HODLers, Liquidation providers also receive a share of this fee.
So, a safer and better platform where everyone benefits together? Es Perfecto!
WHAT MAKES KIMCHISWAP SPECIAL?
Simply put: Ability for everyone to create markets, layer 2 scaling, own token, Non-Custodial wallet connection, and No KYC make KimchiSwap a unique option for a completely decentralized experience.
KimchiSwap already allows anyone and everyone to create markets but that’s not all! They are planning to initiate an escrowed funds add-on to bring yet another layer of trust to the markets. KimchiSwap also offers a volume based listing unlock feature where market creators can add their own logo, website information and links to their official mediums (Facebook, Twitter, Telegram or whatever they want).
This upcoming player in the market also offers layer 2 scaling to allow for a higher-level swapping experience, faster transaction speeds and reduced fees compared to other swap protocols. Excited much? We know we are!!
At this point, you must be thinking this platform has very thrilling features? Well, you will be glad to know that there’s still more: This protocol has its own KSWAP token, and users can stake this token, receive a fee along-with 4% APY from the KimchiSwap platform.
Initially, KimchiSwap will support pricing of the following list of currencies:
Not bad for starters, right?
Now, after we have discussed about the specialties and supported currencies of this platform, let’s also know a bit about KimchiSwap’s design. It is pretty much designed in a similar style as the Uniswap DApp and other Swaps UI’s to facilitate easier adoption. It builds a same/similar protocol for automated token exchange on Ethereum with roadmap milestones for multi-chains in V2 or V3. (EOS, OMNI, and Xdai are currently also under consideration).
KimchiSwap’s DApp Abstract is an open source front-end interface for liquidity providers and traders, and its formalised model allows the pooling of liquidity reserves.
Not only that, this platform also features an additional smart contract which gives token holders the ability to share in the fees as the liquidity providers receive it.
Users can earn:
- By risking assets as a liquidity
- By staking their token in an approved wallet: This staking will have a fee which will be divided between the liquidity providers proportionally and the KSWAP token holders who stake the token
By now, everyone will be convinced that KimchiSwap is loaded with some ground-breaking features that have the potential to revolutionize the DeFi Swap and Liquidation Protocol Arena. This exciting platform is expected to arrive real soon, and it is here to stay! Currently, limited KSWAP Tokens are available as part of their ‘VIP website sale’ for all clients. The majority of capital raised through this sale will be used to support the continued improvement of the KimchiSwap Ecosystem.
For any other information or related updates on KimchiSwap, you can visit their official website: https://kimchiswap.io/ or join them on their social media accounts.
**DISCLAIMER: Kimchiswap is not affiliated to the recently launched ‘Kimchi Finance’ in any way.