Switcheo will launch an analogue of Uniswap on the Zilliqa blockchain with its own token The developers of the Switcheo decentralized exchange today announced the Zilswap trading platform.

Switcheo will launch an analogue of Uniswap on the Zilliqa blockchain with its own token

Switcheo Decentralized Exchange Developers Announce Zilswap Trading Platform Today.

According to the announcement, Zilswap is a decentralized exchange on the Zilliqa blockchain with benefits in the context of scalability and performance. Zilswap is expected to contribute to the expansion of the project in the decentralized finance (DeFi) space by "allowing users to trade digital assets on the Zilliqa blockchain for the first time.".

Like similar systems on the Ethereum blockchain, such as Uniswap, Zilswap will use an automated market maker mechanism. With the help of the exchange, users will be able to exchange ZIL and ZRC tokens from their wallets or add tokens at their disposal to the liquidity pool to receive passive earnings.

The first pool on the Zilswap platform will be ZIL-XSGD. It will allow entry and exit of ZIL through the Singapore Dollar-backed XSGD stablecoin launched today by Xfers..

Additionally, Switcheo will soon be introducing its own token for Zilswap. In the future, management of Zilswap will be transferred to a decentralized organization controlled by the holders of this token..

According to CoinGecko, ZIL is currently the 58th largest asset in the market. Over the past day, its rate has grown by 10%.

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