Blockchain

Decentralized protocol releases yield farming on Ethereum and Shiden for users to enter the cross-chain ecosystem

Solving the financial problems plaguing the world may only require a cross-chain protocol that meets liquidity needs.

The world is filled with financial problems. This is partly why so many turn to decentralized finance (DeFi), a solution where no intermediary exists and users have complete control over their assets. The uses for this technology are many, including the ability to trade, invest or earn. Many projects have since attempted to showcase this wide breadth of offerings with their own decentralized exchange (DEX) operations.However, they have yet to be successful due to the lack of liquidity, a problem that will continue to exist when blockchains operate in isolation.

For this reason, cross-chain swaps become essential to bringing multiple ecosystems together, further calling to light the utility of DeFi and adding liquidity to the decentralized marketplace. With protocols like Uniswap (UNI), developers are further enabled to build on top of an existing foundation, adding functionality and extending the reach of existing APIs. Kwikswap is no different.

Together, the Kiwikswap DEX and Kwikstarter initial DEX offering (IDO) Launchpad is planning to create a gateway for all new traders, DeFi projects and startups to enter an innovative cross-chain ecosystem. The platform itself is a multi-cross chain swap protocol powered by Ethereum (ETH), Binance Smart Chain (BSC) and Polkadot (DOT), its exchange component being known as the first DEX live on the Shiden Network (SDN). 

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For those uninitiated, the Shiden network is targeted to build the premier multi-chain smart contract platform on Kusama Network. It operates as a testing ground for development and functionality, allowing for the creation of token markets, with layer two scaling, and of course, the ultimate capabilities of decentralization. 

Solving the liquidity issue

To encourage liquidity in the community, which includes several new users, yield farming is often used, a concept that provides users with an interest-earning opportunity as they hold tokens. Consequently, Kwikswap was quick to introduce the Ethereum & Shiden LP Yield Farms and Kwikswap Token staking as their response. The result is that the Kwikswap AMM can facilitate efficient token swaps, and users can earn high farming rewards. For perspective, LP Yield Farms have already reached a total value locked of more than $400,000 shortly after its launch.

These releases double as an opportunity for users to earn high farming rewards for a range of LP token market pairs, which now include SDN/ETH, SDN/USDC, SDN/DAI and SDN/USDT. As a reference, users who stake 100 SDN of liquidity against any of these pairs can earn 250 KWIK and an additional 0.25% on each pool trade.

Founder James Lee shares, 

“Kwikswap Protocol was extremely honored to be accepted into the Shiden builders program as we sincerely love working with the Astar/Shiden team. We really see our Kusama integration as taking the Kwikswap ecosystem to a new level in the crypto sphere. Our farms have really blown up in a good way! Expect chaos!”

Alongside this announcement, the team has released a migration tool that will allow Uniswap LP holders to transfer tokens and stake them on Kwikswaps’ Ethereum DEX Ecosystem. 

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More insights on kwikswap here

Looking at the Kwikstarter portion of the project, users can note the abilities the IDO launchpad brings in enabling new projects to raise funds through LPs. The launchpad has since become the basis for other projects such as the ShoeFy NFT platform, Polkasocial, and an NFT bridge called Scotty Beam, further highlighting the diverse use cases of DeFi.

“Expect chaos”

With reported success from Kwikswap’s Shiden DEX launch, the launch of their yield farms and successful launchpad release, the team continues to push forward with goals to build token value locked on their DEX to more than 20 million and increase competitiveness in the DEX market.

Learn more about Kwikswap

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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