Article Summary, Automatically Generated By AI
About Polkaswap
Key Points
- Polkaswap is an open-source, non-custodial decentralized exchange (DEX) protocol.
- Founded in July 2020 and had its soft launch in April 2021.
- Runs on the SORA network, built with Substrate, and is natively compatible with the Polkadot and Kusama ecosystem.
- Initiated by SORAMITSU with a grant from the Web3 Foundation.
- Users can submit Request for Proposals (RFP) to develop and implement new features.
Unique Features
- Interoperability between multiple blockchain bridges.
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Introducing Polkaswap: The Pioneering Decentralized Exchange
Introducing Polkaswap (PSWAP): A Revolutionary DeFi Platform
Polkaswap is an open-source, decentralized exchange (DEX) protocol that operates on a non-custodial basis. Founded in July 2020, this automated market maker (AMM) project embarked on its soft launch in April 2021, with a primary emphasis on fostering seamless interoperability.
Polkaswap operates on the SORA network, which is built upon Substrate, thereby ensuring seamless native compatibility with the Polkadot and Kusama ecosystem, and consequently, providing Polkaswap with unparalleled scalability and security.
The Visionaries Behind Polkaswap: Meet the Founders
In June 2020, the Polkaswap project was inaugurated by SORAMITSU, courtesy of a grant from the esteemed Web3 Foundation.
Presently, Polkaswap operates as a fully decentralized entity. Notably, by submitting Requests for Proposals (RFPs), users can solicit tenders for the development and implementation of features they wish to see integrated into Polkaswap and the SORA network.
Notably, teams of skilled developers possessing the requisite expertise can also submit proposals for implementation, and upon approval, their code can be seamlessly integrated into a runtime upgrade, with the added benefit of receiving compensation for their contributions.
Discover the step-by-step process of submitting a successful Request for Proposal (RFP) by following our expert guide.
Unveiling the Unparalleled Excellence of Polkaswap
Polkaswap is a pioneering DeFi project nestled within the Polkadot ecosystem, meticulously crafted to facilitate rapid trading sans intermediaries. As a decentralized exchange (DEX), Polkaswap boasts an array of exceptional features that render it impossible to overlook.
While the majority of decentralized exchanges (DEXs) are constructed atop the Ethereum blockchain, Polkaswap pioneers a novel approach by harnessing the power of Polkadot. This innovative platform facilitates seamless interoperability between multiple blockchain bridges, thereby granting users unfettered access to a diverse array of tokens, including ETH and ERC-20 tokens, DOT and KSM, BTC, BSC, and any future integrations.
Notably, Polkaswap derives another significant advantage from its integration with the Substrate network: substantially lower gas fees in comparison to other networks.
A distinctive feature of Polkaswap and the SORA network is the integration of a Token Bonding Curve, a sophisticated smart contract that governs XOR supply. This innovative mechanism bolsters Polkaswap by providing a deep pool of liquidity for substantial trades, mitigating the impact of pump-and-dump manipulation attacks, and yielding numerous other beneficial effects on the ecosystem as a whole. For a comprehensive overview of the details and implications, please refer to this resource.
Beyond these distinctive features, users can further capitalize on their assets within Polkaswap by providing liquidity to its pools. This multifaceted approach has led some to dub Polkaswap the Uniswap of the Polkadot ecosystem.
The Circulating Supply of Polkaswap (PSWAP) Coins: An Overview
PSWAP, the native token of Polkaswap, is minted through a deflationary model on the SORA network, which inherently burns more tokens than it creates. Notably, Polkaswap implements a 0.3% fee on every swap, utilizing the proceeds to repurchase PSWAP tokens, which are subsequently burned, thereby perpetuating the deflationary cycle.
Since its inception, a staggering 90% of the burned PSWAP tokens have been re-minted and redistributed to liquidity providers. However, by 2025, this allocation is expected to decrease significantly, with only 35% being reassigned to these providers.
As of October 2021, approximately 36% of the total supply of 10 billion PSWAP tokens has been circulated, translating to a staggering 3.65 billion tokens in circulation.
Inherently deflationary, the PSWAP token economy is characterized by a perpetual burning of tokens that outpaces minting, thereby ensuring that the circulating supply of PSWAP will never exceed 3.65 billion.
The allocation of PSWAP tokens is structured as follows: 35% is reserved for liquidity rewards, subject to vesting; 30% is dedicated to initial release development; 25% is earmarked for token bonding curve rewards, also subject to vesting; 6% is allocated for launch rewards, specifically for the SORA farm game; and 4% is set aside for market-making rewards, again subject to vesting.
The Security Architecture of Polkaswap: A Robust Network
By leveraging the robust security of the SORA network, Polkaswap ensures a fortified foundation for its operations. Built upon the Parity Substrate framework, Polkaswap boasts a multithreaded and scalable architecture, empowering the network with enhanced performance and reliability.
Discover more information at your fingertips.
Acquiring Polkaswap (PSWAP): A Comprehensive Guide to Exchanges and Marketplaces
Currently, Polkaswap (PSWAP) is not directly purchasable with fiat currency. However, it can be acquired by swapping other cryptocurrencies on various exchanges. Utilizing your existing crypto assets, you can procure PSWAP on prominent platforms such as Polkaswap, Uniswap (V3), Uniswap (V2), 0x Protocol, 1inch Exchange, and Bilaxy.
Delve into the world of Polkaswap with our in-depth exploration, available
here
.
New to the world of cryptocurrency? Discover how to seamlessly enter the market and acquire BTC, PSWAP, or any other token that piques your interest. Explore the details
here
.
Join our vibrant community on Telegram:
https://t.me/polkaswap
Source Code: Available on
Github
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