updated: Aug 13, 2021 08:17 PDT
August 13, 2021 (Newswire.com) –
OpenSwap officially makes its public announcement of its partnership with Impossible Finance, a multi-chain incubator, launchpad, and swap platform. The token launch is slated for this summer. This news comes as the team releases a staking event with Impossible Finance and Coin98, along with a whitelist allocation campaign worth $10,000.
OpenSwap was developed by IJS Technologies, the latter who received a grant from the OAX Foundation. OpenSwap is an inter-chain, decentralized liquidity booster for traders seeking concentrated and sustained liquidity. With the support of Impossible Finance, OpenSwap has introduced a new feature called liquidity queues. This feature is equipped with Secure Adaptor Protocol (SAP) that allows traders to take advantage of trusted Oracle-based pricing, and liquidity providers to enjoy controls and safety measures while earning fees. Node operators for the inter-chain bridge can stake OSWAP to earn the eligibility to be a bridge troll and earn fees as assets cross the bridge.
OpenSwap has partnered with Coin98 and Impossible Finance to launch a staking event. According to their official announcement on Twitter, users can earn $OSWAP by staking IF tokens and C98 tokens on OpenSwap.xyz. Participants can choose to stake their tokens for 45 days or 90 days. Since the staking program is done on the OpenSwap platform, users can directly use the platform to find the best price with the lowest slippage in obtaining the IF and C98 tokens to take part in the event. That aside, the OpenSwap team has released a whitelist allocation campaign with a total prize pool worth $10,000 for their community.
The OpenSwap native token, OSWAP, is an ERC20 governance token that will be bridged to Binance Smart Chain to enable the governance of OpenSwap’s BSC version during the initial launch. Liquidity providers can stake OSWAP into liquidity queues to increase the priority of their liquidity, in turn securing higher preference for their earnings from trade fees. Users who provide liquidity for OSWAP pools and other contests and campaigns can generate earnings through yield farming. OSWAP can also be staked by users who participate in governance processes to create proposals or vote on risk parameters, such as transaction fees, for OpenSwap’s protocol.
Bruce Chau, the founder of OpenSwap, said, “New chains continue to emerge as the DeFi space matures and liquidity is becoming more fragmented across different chains. OpenSwap’s mission is to reduce the friction of moving digital assets across different chains by leveraging existing liquidity in AMM pools for each chain and route swaps through our liquidity queues to provide efficient interchain swaps to users.”
The OpenSwap.xyz is live on testnet, users can now explore the capabilities of the platform. OpenSwap is expected to continue to introduce community events and other exciting features such as Hybrid Smart Router, and different types of Liquidity Queues designed for different types of swaps.
For more information about OpenSwap their native OSWAP token launch, please visit the official website at openswap.xyz
OpenSwap, developed by IJS Technologies, is an inter-chain, decentralized liquidity booster for traders seeking concentrated, sustained liquidity. With the backing of Impossible Finance and a technology contribution from OAX Foundation’s grantee – IJS Technologies, OpenSwap has introduced a new feature called Liquidity Queues, which are equipped with Secure Adapter Protocol that opens the door to a new type of secure swapping where traders can take advantage of trusted oracle-based pricing and liquidity providers are provided with controls and safety measures while earning transaction fees. The team’s goal is to empower users to make smart swap decisions based on real-time and reliable data on an easy-to-use platform, and to start getting used to zero-slippage.
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Source: OpenSwap Growth Limited