The decentralized protocol unblocks yield farming on Ethereum and Shiden to allow users to enter the cross-chain ecosystem

The world is full of financial problems. This is partly why so many are turning to decentralized finance (DeFi), a solution where there is no intermediary and users are in complete control of their wealth. The uses for this technology are many, including the ability to trade, invest, or earn. Since then, many projects have tried to present this wide range of offers with their own decentralized exchanges (DEX). However, they are yet to succeed due to the lack of liquidity, a problem that will continue to exist as blockchains operate in isolation.

Because of this, cross-chain swaps are becoming essential to bringing multiple ecosystems together, further highlighting the utility of DeFi and injecting liquidity into the decentralized marketplace. Protocols like Uniswap (UNI) allow developers to build on an existing foundation, adding functionality and extending the reach of existing APIs. Kwikswap is no different.

Together, Kiwikswap DEX and Kwikstarter Initial DEX Offering (IDO) Launchpad plan to create a gateway for all new traders, DeFi projects and startups to enter an innovative cross-chain ecosystem. The platform itself is a multi-cross-chain swap protocol powered by Ethereum (ETH), Binance Smart Chain (BSC) and Polkadot (DOT), with its exchange component being the first DEX live on the Shiden Network (SDN). is known.

For those not in the know, the Shiden network is poised to build the leading multi-chain smart contract platform on the Kusama network. It acts as a proving ground for development and functionality, allowing for the creation of token markets with Layer 2 scaling and of course the ultimate possibilities of decentralization.

Solving the liquidity problem

In order to promote liquidity in the community, which includes several new users, yield farming is often used, a concept that offers users a way to earn interest as they hold tokens. As a result, Kwikswap quickly introduced Ethereum & Shiden LP yield farms and Kwikswap token staking in response. The result is that the Kwikswap AMM can enable efficient token exchanges and users can earn high farming rewards. For comparison, LP Yield Farms has already reached a total locked value of more than $400,000 shortly after its launch.

At the same time, these releases are an opportunity for users to earn high farming rewards for a number of LP token market pairs, which now include SDN/ETH, SDN/USDC, SDN/DAI, and SDN/USDT. For reference, users who stake 100 SDN of liquidity against any of these pairs can earn 250 KWIK and an additional 0.25% on each pool trade.

Founder James Lee shares,

“Kwikswap Protocol was very honored to be accepted into the Shiden Builders program as we genuinely love working with the Astar/Shiden team. We truly see our Kusama integration as taking the Kwikswap ecosystem to a new level in the crypto sphere. Our farms really blew up! Expect mayhem!”

Alongside this announcement, the team released a migration tool that allows Uniswap LP holders to transfer tokens and set them on the Kwikswaps Ethereum DEX ecosystem.

More insights into kwikswap here

Looking at the Kwikstarter portion of the project, users can note the capabilities that the IDO launchpad brings to the table, allowing new projects to raise funds through LPs. The Launchpad has since become the foundation for other projects such as the NFT platform ShoeFy, Polkasocial, and an NFT bridge called Scotty Beam, further highlighting the diverse use cases of DeFi.

“Expect Chaos”

With the reported success of Kwikswap’s launch of Shiden DEX, the launch of their yield farms and the successful release of the launchpad, the team continues to advance their goals to increase the token value tied to their DEX to more than 20 million and increase competitiveness in the DEX market.

Disclaimer. Cointelegraph does not endorse any content or products on this site. While we aim to provide you with all the important information we are able to obtain, readers should do their own research before taking any action regarding the company and take full responsibility for their decisions, and this article can nor should it be considered investment advice.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers