Hey guys, let’s get another review done. This one will be about Polkaswitch, a project that has got people filled with FOMO since the day it came out of stealth only just a few weeks ago.
Financial Disclaimer: I did not receive any sort of payment for making this review. This is purely done out of my own interest to share my thoughts and educate people about Polkaswitch. I do plan on buying this token when it hits the exchanges. However, My investments are my own and in no way should they be seen as financial advice.
Let’s dive in.
Polkaswitch is a decentralized, cross-chain liquidity protocol powering the future of global finance and crypto asset exchange. Built on Polkadot.
What does this mean exactly? The best way to give you an idea is by using the example of 1inch. 1inch is a decentralized exchange (DEX) aggregator that helps users discover the best trade prices for tokens. Instead of swapping tokens from a single liquidity pool of a DEX, 1inch will aggregate across different pools and suggest the most efficient way to trade tokens.
1inch however, is limited to ERC20 tokens as it is only able to connect to liquidity pools on the ethereum network.
Enter Polkaswitch.
Polkaswitch aggregates decentralized cross-chain liquidity and executes the best token price for traders. this will allow people to instantly swap between Polkadot and ethereum based tokens.
How will they do it?
Polkaswitch will be using algorithms to identify the best routes to fulfill trade orders across Polkadot and Ethereum networks. Using smart contracts, relayers and bridges trade orders are prioritized by availabl eliquidity across DEXes. Polkaswitch enables traders to capture value cross-chain.
Trade orders are prioritized by available liquidity across all top Ethereum and Polkadot DEXes (Uniswap, Kyber, Sushiswap, Bancor, Oasis, and Polkadot-based DEXes.) In the end, the user will end up with the best possible price.
More than just an DEX agregator for Polkadot & Ethereum.
Polkaswitch is going to go way beyond what current DEX aggregators offer.
Below is a preview of what the Polkaswitch UI will look like. (subject to changes)
As you can see, Polkaswitch is planning to offer a lot of features that most DEX’es are still lacking right now.
Some of the most notable ones:
- Tradingview charts
- Limit orders
Forget having to visit Dextools just to find a chart or having to use 3rd party dApps like Unitrade just to be able to place limit orders. Polkaswitch will offer this all in 1 central hub.
All the upside, no downside.
Even with all these features Polkaswitch remains Non-custodial. This means you will simply be able to connect your Metamask, Trustwallet or any other supported wallet and trade directly just like you are used to right now with for example Uniswap.
Lowest fees in the industry
Polkaswitch is aiming to keep the fees as low as 0.1% (Uniswap at the moment is 0.3%)
The earned commissions will be owned by Polkaswitch and will be used to acquire POLKASWITCH tokens for treasury asset management needs and present/future token utilities.
Token Utilities
- Staking
Token holders can benefit with Polkaswitch by staking their token to receive reduced trading fees and staking rewards.
- Governance
Stake tokens and participate in the governance and decisions on key events by voting as a community.
- Rewards
Earn tokens from community distribution programs that reward early users and participants in the Polkaswitch ecosystem.
Till here ends my review, hope you guys enjoyed reading through it and understand a little more about Polkaswitch and what they are building. I’ll be dropping more nuggets on my Twitter @ https://twitter.com/CryptoGrills so stay tuned. Thanks for reading!
Make sure to check out Polkaswitch’s socials below:
