Silica launches its first decentralized crypto exchange 'Zilswap', developed by the team of Dex company Switchio.
Zilswap is a fully functional chain decentralized crypto exchange, an expandable public blockchain platform. Zilswap is the latest addition to Silica's habitat in a plan to enter the Defy area.
For the first time, users can now use the Commercial Digital Assets platform. Like Uniswap. Zilswap is used by the automated market maker as a permanent product above the unlicensed liquidity protocol.
Users can trade ZIL or ZRC tokens directly from their wallets through the Silica blockchain, or they can add the tokens they currently hold to a liquidity pool to earn as market makers. One can get ZIL-XSGD as the first token pool. Owners of ZIL and XSGD can earn up to one per cent from each trade by adding liquidity pools to the decentralized crypto exchange.
XSGD is a stable coin supported by the Singapore dollar.
Switch also plans to release a ZRC-2 governance token soon on Zilswap These governance tokens will be distributed and distributed between liquid providers and users of the decentralized crypto exchange platform. Control of the newly launched decentralized exchange will then be transferred to a DAO, which will be controlled by the owners of ZRC-2. Concerns such as protocol fees will be under review by the DEO.
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