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Polkaswitch: An Exciting and Game-Changing DeFi Gem

13 April 2021 18:20, UTC
Polkaswitch: An Exciting and Game-Changing DeFi Gem

The DEX market has predominantly been Ethereum-based, with the likes of Uniswap and Sushiwap dominating the space and attracting the majority of liquidity, to name a few. As these automated market makers (AMMs) have gained popularity, other projects have emerged from the ashes looking to provide alternative solutions.

Anyone who has used an Ethereum-based DEX has most likely dealt with some of the major issues, such as high gas fees or failed/slow transactions. Stories have been circulating across the internet from users claiming that they overpaid in gas fees, encountered problems interacting with DEXes, or are paying too high of a price for tokens.

With all of these concerns, crypto users are rummaging on the internet to find solutions and alternatives to what is currently available. With the emergence of Polkadot and its amazing technology, opportunities are beginning to crystalize.

One great example is Polkaswitch, a decentralized cross-chain asset exchange and liquidity protocol that uses smart algorithms, contracts, and bridges to execute the best trades across the top Polkadot, Ethereum, and ER20 DEXes.

So what need does Polkaswitch solve, and why is it so important and critical in the DeFi space?

What Polkaswitch does better?

As previously mentioned, there is such a wide variety of DEXes to choose from that it quickly becomes overwhelming and confusing for users. They are often left wondering which DEX has the highest liquidity, lowest slippage, and/or best prices for particular tokens.

Of course, one could peruse the internet and scan through these different metrics to be absolutely sure. However this is extremely time consuming, and you still may not always find what you need. So, there is clearly a need for a tool that can help aggregate this information in a digestible manner.

Polkaswitch is a special project that not only provides users with a seamless experience, but also eliminates the guesswork of trading across all of the available DEXes. Users are able to utilize the sleek interface to find what they need in an instant, with full confidence that they are getting the best bang for their buck.

With Polkaswitch users have access to Ethereum and Polkadot DEXes, giving them more options and access to low fees. The project is striving to ensure that no stone is left unturned in order to bring back power to crypto traders.

How does Polkaswitch work?

In a nutshell, the protocol will use smart contracts, relayers, and bridges in order to match the best token prices obtained from the DEX liquidity sources. In collaboration with Moonbeam, Polkaswitch will establish contracts and facilitate communication across different chains.

Connecting to the protocol is a breeze - it is compatible with MetaMask, and once it’s connected directly to the platform, you’re good to go. It is also completely trustless and non-custodial, giving users full control of their tokens and ensuring security.

Using Polkaswitch means that fees will be greatly reduced, and these fees can be paid in SWITCH, the native token of the protocol. SWITCH will also be used for treasury management and allow holders to stake, an additional opportunity providing holders with lower trading fees and rewards, as well as the ability to vote within the community to influence future decisions for the platform.

Conclusion

The influx of DEXes has changed the way crypto users trade, starting a mass migration away from centralized exchanges. Crypto has always been about decentralization, and in many ways, today’s world has imposed greater restrictions on it and tried to convert it to a more centralized nature.

With Polkasitch, users are encouraged to use DEXes and no longer have to choose between a dinner in a restaurant or one transaction on Uniswap. This project eliminates the uncertainties and hassles that go along with the experience of trading in a decentralized fashion. The platform’s user interface will give them more of a traditional trading experience, displaying all of the information they need (i.e. price charts) but with a decentralized twist. Onboarding new users will be as easy as can be, thereby minimizing the educational barrier.

There’s so much in the cards for this project, and it is only at the beginning of its development. Many more upgrades and exciting news are on the way, and the team is working hard to ensure they meet deadlines and give the community a final product as quickly and efficiently as possible.

If you want to stay updated on everything Polkaswitch, you can follow them on their platforms below:



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