Ho Chi Minh City, Vietnam, February 11, 2023, chain wire
AshSwap, the first stable-swap DEX on the MultiversX (formerly Elrond Network) blockchain, will officially launch on the MultiversX mainnet on February 17th. The DEX will seamlessly bridge critical DeFi functions and offer tighter spreads with a fraction of the liquidity on MultiversX.
In November 2021, AshSwap successfully raised $2.5 million in a private sale led by Elrond. The initial offering of ASH tokens on Maiar Launchpad sold out with 70,000,000 ASH (7% of total supply) valued at $2.8 million. AshSwap has since released all of its core features, available on MultiversX Devnet since October 2022.
After more than a year of rigorous testing and development, AshSwap will go live on the mainnet with the following features:
- Pool V1 (stable swap)
- Pool V2 (unstable swap)
- liquidity provision
- Liquidity staking (agriculture)
- governance staking
- yield increase
On and after the start date, AshSwap will open three pools:
- USDC/UDST/BUSD (stable swap)
- ASH/USDT (V2)
- EGLD/BUSD (V2)
AshSwap will launch with Liquidity Provision, a feature that allows users to add liquidity in three available pools and receive LP tokens as receipts. There will also be an opportunity to participate in yield farming. LPs can use LP tokens to earn ASH tokens as farming rewards. The DAO decides on the distribution to the companies.
By staking ASH in Governance Staking, users receive veASH (Voting Escrow ASH) in return and unlock multiple benefits. There will also be emissions voting, giving veASH holders control over ASH emissions for each pool. The more votes a pool receives, the more ASH awards will be allocated. Therefore, the APR for that particular pool will be higher, attracting more liquidity.
Another core feature: Bribery, it will allow anyone to bribe veASH holders to vote for their farms. For example, if the owner of a project with token AAA wants to increase the liquidity of the AAA/USDT pool on AshSwap, they can provide incentives, called bribes, to encourage more veASH holders to vote for their pool.
AshSwap is notable for being the first stable swap DEX on MultiversX. In any blockchain ecosystem, stablecoins tend to have a profound impact on yield farming and borrow-to-borrow cycles. Therefore, a DEX that offers a stable exchange rate is crucial for a thriving environment.
Neil Nguyen, AshSwap CEO, said: “We chose to build our product on top of the MultiversX because we believe the team has the most compelling vision for onboarding the next billion people into web3, as well as the technology, development philosophy, achievements and the community in particular, are a strong indication of their ability to execute on that vision.”
AshSwap believes adding greater DeFi interoperability will increase capital efficiency for liquidity providers and maximize returns over time. Therefore, AshSwap team intends to develop other trading products alongside stable swap in the future while providing a seamless and user-friendly interface for trading and asset management.
Additionally, AshSwap’s native token, ASH, is designed to support the sustained growth of the protocol with actual use cases and incentivize liquidity providers on the platform.
To celebrate the launch of its stable-swap DEX, AshSwap is hosting a number of warm-up incentives, including:
- ASH staking reward pool where veASH stakers share a pool of 2,000,000 ASH over 27 days starting January 21st.
- AshSwap Launch Race, a referral program that awards up to $1,000.
- 250% APY (2.5x) for all pools within 7 days of launch. Enjoy the lucrative APY here.
- Ash Point Custom Quest, three events for users to get ASH points by completing the Gleam quest, trading AshSwap DEX and using ASH. The more ASH points you have, the higher your chance of being whitelisted in the upcoming AshSwap airdrop.
More information about these programs can be found here. Join the AshSwap community and get involved in the future of decentralized trading at app.ashswap.io today
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Contact
community managers
Eric Pham
AshSwap
[email protected]
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