TangoSwap - the First Publicly Doxxed DEX on SmartBCH
Imagine two well-respected, long-standing Bitcoin Cash supporters deployed a DEX - and nobody knew about it before it actually launched!
Ian Blas - a public member of Bitcoin Cash Argentina - and Fernando Pelliccioni - the lead developer of the Knuth Bitcoin Cash development team - have just deployed a fully-operational DEX (decentralized exchange) on SmartBCH. In fact, it is the first DEX with publicly known developers on SmartBCH.
And the developers are not just publicly known, they are also well-respected Bitcoin Cash supporters. That's why I am personally 100% convinced that TangoSwap is a legitimate DEX. Both, Ian and Fernando point out that they are in it for the long run. And they want to develop their DEX to serve the Bitcoin Cash community in the best way possible. And the first proof of that has already been delivered with the fair launch of the DEX and the choice of initial farms.
As I mentioned before, the DEX launched today without any premise, presale or pre-announcement.
The launch of TangoSwap was announced on November, 23rd 2021 at 7 AM UTC in several Bitcoin Cash related Telegram groups at the same time. And that was the exact time the DEX started emitting its native token Tango to liquidity providers.
I had just woken up and when I read the message, I believed that it was just an announcement that Ian and Fernando plan to deploy a DEX at some point in the future - but no, half an hour later I realised that the DEX was in fact ready to go and already operating! And nobody had any idea about it beforehand! 🤯
As you can see in the following screenshot, TangoSwap added all tokens of other DEXs as a farm with high APY to their set of initial farms. MIST (MistSwap), EBEN (BenSwap) and MILK (MuesliSwap) can all be farmed I. The liquidity pair with BCH.
The code was forked from MistSwap
The developers are publicly doxxed (Ian Blas - Bitcoin Cash Argentina and Fernando Pelliccioni- Knuth Bitcoin Cash lead developer)
Tango (reward token with constant emission)
xTango (staked Tango, compounds part of trading fees when unstaked)
Fair launch: No premine, no presale
Initial Tango price: $0.25
10x increased Tango emissions for 2 weeks
100 Tango per block (every 6 seconds) for two weeks
10 Tango per block afterwards
10% of Tango emissions go to developers' wallet
0.3% swap fees (0.25% for liquidity providers, 0.05% to XTango holders)
Burn mechanism will be added
3 day timelock will be implemented soon
Audit will follow soon
As you can see, the launch was extremely fair. And assuming that you are reading this shortly after I publish the article, you are still learning about its launch very early.
Just like in the first two weeks of MistSwap, TangoSwap starts without a presale and with increased emissions in the first two weeks for early adopters.
Unlike MistSwap, however, there is no pre-existing SLP token that can be bridged to the SEP20 Tango - which should give Tango some price development advantages when compared to MIST.
For completeness, please note that MistSwap contains a migrator code - and therefore, I do assume that TangoSwap does, too. For that reason MistSwap implemented a 3 day timelock - which TangoSwap will implement, too. However, currently, this timelock has not been implemented yet.
On the other hand keep in mind that everyone knows who the developers of TangoSwap are - and that they would ruin their good reputations if they did anything shady. As I wrote before, they are in it for the long run.
I am completely amazed by the surprise launch of TangoSwap - and I bought some Tango - even though I am a terrible dancer.
What are your thoughts on TangoSwap and the other DEXs on SmartBCH? Tell me in the comments!