DeFi Platfrom XSwap Reaches $60M TVL in One of the Most Successful DEX Launches Ever

XSwap, the decentralized exchange built on ABEYCHAIN, may have had one of the most successful DEX launches ever, passing $60 million in TVL in the exchange’s first week.

XSwap opened to the public on November 6, 2021 and has seen some impressive growth since that moment. As of November 15, 2021 the exchange had over $75 million in total value and averaged more than $9 million in volume per day.

XSwap’s second week is already off to a successful start, averaging over $12 million in total liquidity each day from November 13-15. The timing is right as XSwap is set to featured at AIBC Europe in Malta beginning on November 16.

Eman Pulis, group founder of SiGMA (the owner of the SiGMA, AIBC, AGS and Med-Tech conferences, in addition to the new Ikigai Ventures fund, said, “XSwap’s launch is pretty impressive! The world’s best known DEXs took weeks and months to reach tens of millions in TVL, so XSwap’s $60M TVL in only seven days is testament to the ABEY team’s energy and the DeFi sector as a whole.”

In fact, it took highly respective Uniswap more than 18 months to reach $60 million in TVL. XSwap reached that mark in seven days. In Uniswap’s first week, the exchange passed $176,000 in TVL, XSwap’s first week was nearly 350 times that.

“According to our research, we believe that XSwap is one of the most successful DEX launches in history, especially considering the important metric of total value locked,” said ABEY Foundation Spokesperson Simon Cousins.

XSwap is one of the earliest decentralized financial (DeFi) apps developed by the ABEY user community was XSwap. Through the use of an automated liquidity protocol and an automatic market maker (AMM) system that is not maintained nor tied to a single contact, the XSwap decentralized exchange (DEX) produces a one-of-kind trading model in contrast to centralized exchanges.

ABEYCHAIN, one of the world’s fastest-growing blockchain initiatives, serves as the foundation for the whole project. XSwap provides decentralized trading, liquidity mining, and staking by combining the best elements of many major blockchain ecosystems into a single platform.

Early milestones

Since August 2021, ABEY has added an average of 20,000 new ABEY addresses per week, resulting in a total of over 140,000 active ABEY addresses. Since its public launch on November 6, 2021, XSwap has amassed about $60 million in total value locked (TVL).

It has been announced that ABEY has been nominated for the AIBC Awards Europe 2021 as Blockchain Solution and DeFi Project of the Year. The AIBC Europe Awards will be hosted on November 16, 2021, and will be taking place in Malta. 

XSwap is run and governed by a worldwide community of people who are excited about the prospect of using the new exchange. XSwap had over $20 million in total value locked (TVL) in the first 48 hours, and more than $11 million in TVL in the first 24 hours, according to the company. More than 3.5 million XT, the exchange’s official governance token, were mined in the first week of the exchange’s existence. The price of XT has skyrocketed from $0.02 at launch all the way to $0.55 as of November 15, 2021.

Since its introduction, XSwap has produced more than $75 million in total volume, with an average daily volume of more than US$9 million.

Overview on XSwap and XT

Another significant feature is the introduction of the protocol’s official governance token, symbolized by XT. As a consequence of the liquidity mining process, users will get 1.2 billion XT tokens. It is possible for holders to propose and vote on future protocol changes using XSwap’s decentralized governance system. This includes modifications to the protocol’s cost structures and changes to the way new tokens are distributed to the community as a result of these changes. According to the exchange, there will be more XT airdrops in the future.

XSwap is interoperable with all ARC-20 tokens and assets (such as BTC, ETH, and DOT). To use XSwap, users must have a wallet compatible with it, such as non-custodial open-source wallet systems like MetaMask and the ABEY 2.0 Wallet, both developed by the ABEY Foundation. Users may then add ABEY to their wallets in order to trade on XSwap and pay transaction fees with the native ABEY token after building their wallets.

The transaction costs are determined by the number of users on the network and the speed at which the user wants the transaction to be completed. The latter incurs higher fees because the network incentivizes miners to verify quicker transactions over slower transactions.

Because of its rapid growth and development, ABEY has emerged as a serious competitor to the more renowned but less efficient Ethereum network. The innovative token economic model of XSwap aspires to provide a reliable trading mechanism for the cryptocurrency market.

Source: https://bitcoinerx.com/blockchain/defi-platfrom-xswap-reaches-60m-tvl-in-one-of-the-most-successful-dex-launches-ever/