April 15, 2022 – New York, New York
Swappi, a new AMM-based decentralized exchange (DEX), today launched on Conflux, the only regulatory compliant public blockchain network in China. With the launch of Swappi, Conflux users have a new DEX to swap, stake and earn yields on their crypto assets. Swappi has already reached $25 million in total value locked (TVL) at the time of launch.
Swappi is the very first DEX to launch on eSpace, an Ethereum virtual machine (EVM) compatible smart contract execution environment that allows developers to deploy and execute Ethereum-native DApps and smart contracts within the Conflux ecosystem. As an AMM-based DEX, Swappi lets users trade in a fully decentralized environment without registering or creating an account, enabling anyone to start trading within seconds.
By deploying on a permissionless layer one blockchain with significantly lower transaction costs compared to other chains like Ethereum, Swappi is able to provide users with the lowest fees of any top DEX at 0.25%. At launch, supported assets include Conflux’s native token CFX, ETH, USDT, WBTC and PPI.
Swappi aims to build the most robust DeFi ecosystem on Conflux, with plans to expand its offerings to give users more opportunities to earn.
Swappi version one, the current iteration of the DEX, enables the following features.
- Swap Swap between any two listed token pairs, provided there is enough liquidity.
- Liquidity pools Add and remove liquidity and receive LP tokens.
- Yield farming take your LP tokens to earn rewards in PPI.
- Staking take your PPI tokens for longer to earn boosted rewards in PPI.
- Playground Participate in lotteries and prediction markets.
Further, on the roadmap, Swappi plans to enable IFOs, DAO voting, dual mining staking pools, stablecoin LP swaps, NFT trading and much more.
Earning PPI tokens
Swappi’s exchange token PPI can be earned through yield farms with extremely competitive interest rates unlocked by staking PPI and LP (liquidity pool) tokens.
- Stake LP tokens and earn PPI with slightly more exposure to market fluctuations in exchange for higher APYs.
- Boost PPI returns by staking more PPI.
- Stake tokens in LP to earn PPI, even if a trading pair is not supported on the farms.
- Boost PPI rewards from yield farm by locking PPI.
PPI can also be won by playing games and participating in trading events, lotteries and other community activities.
Swappi is a non-custodial platform that lets users trade directly from their wallet of choice and retain 100% ownership of their crypto. Built on open-sourced software, Swappi’s DApps and smart contracts are also publicly visible for maximum transparency.
Swappi smart contracts have been audited by CertiK, the leading security-focused ranking platform to analyze and monitor blockchain protocols and DeFi projects.