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The ABEY foundation has added XSWAP, a fully-decentralized cryptocurrency exchange, to the ABEYCHAIN 2.0 ecosystem. As the first of many dapps developed for the ABEY ecosystem, XSWAP plays a central role in the evolution of the ecosystem, and will offer the broader DeFi ecosystem a robust alternative to other decentralized exchange systems, which have been marred in recent months by scalability issues on their underlying platforms, hacks, and bugs. XSWAP marks a major milestone in the evolution of the ABEYCHAIN 2.0 ecosystem, and could mark a turning point in the history of decentralized exchanges generally.
XSWAP is a completely open source, fully decentralized exchange built on top of ABEYCHAIN 2.0. The builders behind ABEYCHAIN 2.0 contend this novel approach to consensus ensures both robust security and scalability of its native DEX—not common in the blockchain world, as generally focusing on one diminishes effectiveness of the other.
Like on other decentralized exchange platforms, transaction settlement on XSWAP is instantaneous once a transaction is confirmed and included on the blockchain. This is in part made possible by ABEYCHAIN 2.0’s novel approach to consensus, in which they’ve combined two proven consensus models—Proof of Work (PoW) and Delegated Proof of Stake (DPoS)—to form what ABEYCHAIN 2.0 developers believe is the future of consensus.
This so-called hybrid consensus could solve the infamous Blockchain Trilemma, in which a blockchain must in its implementation sacrifice one of decentralization, security or transparency. ABEYCHAIN 2.0 developers maintain that hybrid consensus solves this long standing challenge, propelling blockchain to new heights of applicability.
Decentralized exchanges are nothing like traditional exchanges. Prior to settlement, traders have control of their tokens, eliminating counterparty risk. There’s no need for a third party to hold onto a user’s assets. ABEYCHAIN 2.0’s implementation, which balances security with scalability, offers holders peace of mind not hitherto found on other blockchains’ decentralized exchanges.
XSWAP, which takes a wholly unique approach to DEX implementation, is fully compatible with all ARC-20 tokens, ABEYCHAIN 2.0’s equivalent to ERC-20 token standard, as well as with multiple cross-chain assets (such as BTC, ETH, BNB, DOT, and AST), MetaMask, and the native ABEY Wallet.
Designed to solve several well-telegraphed issues with legacy cryptocurrency exchanges, decentralized and centralized alike, XSWAP is underpinned by an entirely new trading model based on both an automated liquidity and Automated Market Maker model, rather than just an Automated Market Maker protocol.
Public interest in the ABEYCHAIN 2.0 blockchain and XSWAP is self-evident. A recent airdrop of the native XT tokens lasted just mere hours due to significant demand. A further 1.2 billion of XT will be distributed to users via the platform’s unique liquidity mining process. XT also acts as XSWAP’s governance token, granting holders the right to vote on new developments and changes to the platform, allowing XSWAP to rapidly respond to community demands.
DeFi won’t forever be the domain of technologistists and sophisticated financial traders. Especially as user-friendliness improves, anyone and everyone can benefit from decentralized exchanges, such as retail investors, professional traders, and institutional actors. As the decentralized apps become more user friendly, earning the trust of users over time, demand for decentralized financial services is likely to only increase.
In the meantime, vulnerabilities must be addressed. The DeFi protocols which will succeed will be the ones remaining can open, continuing to minimize trust, and be non-custodial. That’s exactly what third generation blockchains such as ABEYCHAIN 2.0 are designed to do.