VADUZ, LIECHTENSTEIN -- August 19, 2021 // The ABEY Foundation is excited to announce the addition of XSWAP, a fully-decentralized cryptocurrency exchange, to the ABEYCHAIN ecosystem. This is the first of what the ABEY Foundation anticipates will be many DeFi decentralized applications (dApps) that will be developed by the ABEY community, as the ecosystem continues to grow, evolve, and attract momentum as a rival to the more popular, but more expensive and less efficient Ethereum network.
XSWAP solves several highly-impactful issues with legacy cryptocurrency exchanges by innovating an all-new trading model using an automated liquidity protocol and an 'automated market maker' system which is neither operated nor controlled by a central intermediary. This is unlike traditional, centralized exchanges.
The XSWAP DeFi (decentralized finance) platform is built on top of the ABEYCHAIN, one of the world’s fastest growing blockchain projects. XSWAP is fully compatible with all ARC-20 tokens, multiple cross-chain assets (such as BTC, ETH, LTC, BNB, DOT and AST) and infrastructure including non-custodial, open-source wallet services from MetaMask and the ABEY Wallet.
XSWAP solves a liquidity problem faced by many centralized cryptocurrency exchanges. XSWAP introduces an automated liquidity protocol, an all-new trading model. Users are incentivized to trade on the exchange in order to become liquidity providers, also known as LPs.
XSWAP’s decentralized userbase pools their assets together to create a fund used to execute all trades on the Decentralized Exchange (DEX). Each token listed in the XSWAP platform has its own pool to which participants may contribute digital assets in exchange for an Annual Percentage Yield (APY) upon the value the user has staked to XSWAP’s LP. This APY amount is returned to the user either in XSWAP’s own XT tokens, or in the form of other tokens, according to user preference.
With the automated liquidity protocol, a buyer or seller no longer has to wait for an opposite party to appear to complete a trade. XSWAP's liquidity pool is algorithmically defined. Traders can execute any trade instantly at a known price as long as there’s enough liquidity in the pool to facilitate the trade.
XSWAP also introduces the innovative ‘automated market maker’ system for determining the price of each token on the platform. This alternative method adjusts the price of an asset based on supply and demand. The price of a coin increases or decreases depending on the ratio of how many coins are in a respective pool. The prices for each individual token are determined using a proprietary mathematical algorithm run by the XSWAP protocol which operates in a decentralized manner on the ABEYCHAIN.
Users looking to utilize XSWAP must have a supported wallet such as MetaMask or the ABEY 2.0 Wallet. Once the wallet is in place, users can add ABEY in order to trade on XSWAP, to pay for ‘gas’, (transaction fee) in the form of the native ABEY token. Gas payments for each transaction on the chain can vary in price depending on how many people are using the network, as well as the trader's choice of transaction speed – faster transactions require more gas as an incentive for miners to validate than slower ones.
XT is the native token of XSWAP and is another innovative feature of the platform. 1.2 billion XT tokens will be distributed to users through liquidity mining on the platform. XT is XSWAP's governance token and gives holders the right to vote on new developments and changes on the platform. This includes how minted tokens should be distributed to the community and includes any changes to fee structures.
XT will be traded on XSWAP and will reach other exchanges soon. The first airdrop of XT, on August 17, 2021 was completed in just four hours. More XT airdrops will be available soon to match the demand identified by the first airdrop.
XSWAP is made possible by virtue of ABEYCHAIN 2.0's hybrid consensus multi-layered programmable blockchain system which incorporates Delegated Proof of Stake (DPoS) and Proof of Work (POW) consensus for high-volume and high-speed transactions and heightened security to protect the efficiency and integrity of the protocol’s decentralized blockchain ledger.
ABEYCHAIN already boasts more than 100,000 users in an ecosystem that empowers developers to leverage smart contracts and create robust Decentralized Applications (dApps) that are significantly faster and less expensive to execute on the ABEYCHAIN than Ethereum and many of its rivals.
For more information go to: https://xswap.com.
About ABEY
The ABEY ecosystem features the ABEYCHAIN, a leading public chain implementing a secure PoW+DPoS hybrid consensus; the ABEY Storage Network and the ABEY Storage Token (AST); the aCash Token (ACT), the official Stablecoin of the ABEYCHAIN; and among the multitude of on-chain apps built on the ABEYCHAIN are XSWAP.com, home of the latest DeFi platform; and the ABEY NFT platform. For more information, please visit https://abey.com
About the ABEY Foundation
The ABEY Foundation, a registered non-profit organization in Vaduz, Liechtenstein, contributes governance, research, and guidance while maintaining the integrity of the ABEYCHAIN technology for today and for the future. For more information, please visit https://abey.org
