Collection.xyz’s NFT Decentralized Exchange Protocol goes live on the Ethereum mainnet

Published: April 4, 2023 12:00 p.m Updated: 4/4/2023 12:00 p.m

Two months after launching on the Goerli testnet, Collection.xyz’s NFT protocol for decentralized exchanges (DEX) has now been launched on the Ethereum mainnet. Automated market maker capabilities allow users to create liquidity pools using NFTs and ETH to automate the buying and selling of NFTs without intermediaries on a simple app interface.

The launch of Collection.xyz aims to eliminate the inefficiencies of pricing and trading on current order book-based platforms by offering automated, highly customized trading options. When creating liquidity pools, users can filter the NFTs they wish to accept by specifying parameters such as Unique Traits, Super Rare NFTs, or Above Ground NFTs.

Additionally, all Collection.xyz users can browse the “Hotlists” to generate ideas on curated filters to customize their pools. Users can also run automated trading strategies by targeting individual token IDs within a collection.

Collection.xyz has previously launched community-based projects like The Mutant Hideout for Mutant Ape Yacht Club owners, involving the community in market-making activities and sharing profits among users. NFT project creators can leverage the protocol’s draw vault to incentivize liquidity and royalties for their collections. By escrowing NFTs or ERC-20 tokens, eligible liquidity providers can earn rewards based on their contribution. As liquidity grows, creators earn royalties.

According to a press release shared with Metaverse Post, the DEX protocol has been successfully audited by ABDK Consulting, which counts Uniswap, GMX, ZKSpace, CitaDAO, and Sudoswap among its clients.

During the testnet phase, Collection.xyz hosted a testnet competition involving over 120 wallets, with 302 pools created to trade Collection Zodiac NFTs. More than 1,100 Collection Zodiac NFTs have been purchased through pools.

At launch, the protocol will include the following features, among others:

• Buy and sell NFTs instantly on the platform.
• Create pools and provide liquidity for each collection.
• No log fees.
• Tokenized ownership of pools (LP tokens); Users can collateralize the LP token and transfer it to any address.
• Integration with various NFT marketplace aggregators to allow users to trade from their apps.
• Adjust license fees to creators when liquidity providers set up pools; Collection.xyz’s app honors full royalties by default.
• Support for these ERC20 tokens: Ethereum (ETH), Wrapped Ethereum (WETH), Dai (DAI), USD Coin (USDC), Tether (USDT) and ApeCoin (APE).
• Create incentive vaults with Collection Draw to reward liquidity providers with NFT or token rewards. Creators can start new collections based on the liquidity made available to NFT collections. ERC-20 tokens can also be distributed as an incentive and used as a form of token issuance.

In the future, Collection.xyz plans to improve the trading experience by minimizing gas consumption and expanding chain coverage. Collection.xyz is a confirmed launch partner for Base by Coinbase, an Ethereum Layer 2 network.

“We want to make sure we have a version of our UX that meets the needs of the new users of NFTs while having an interface that appeals to the professional audience with more data, real-time capabilities and features. The fuel fee reduction benefits all users and we will take this into account when developing the next version. We plan to launch as one of the launch partners on Base L2 on Ethereum. After that, we will prioritize other EVM-compatible networks with significant demand and traction,” Collection.xyz co-founder Spencer Yang told Metaverse Post.

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