Ho Chi Minh City, Vietnam, February 11, 2023, Chainwire
AshSwap, the first stable-swap DEX on the MultiversX blockchain (formerly Elrond Network), is officially launching on the MultiversX mainnet on February 17th. The DEX will seamlessly bridge critical DeFi functions and provide tighter spreads with a fraction of the liquidity on MultiversX.
In November 2021, AshSwap successfully raised $2.5 million in a private sale led by Elrond. The initial offering of ASH tokens on Myr Launchpad sold 70,000,000 ASH (7% of the total supply) worth $2.8 million. AshSwap has since released all of its core features, which have been available on the MultiversX Devnet since October 2022.
After more than a year of rigorous testing and development, AshSwap will go live on mainnet with the following functions:
Pool V1 (stable-swap) Pool V2 (non-stable swap) Liquidity provisioning Liquidity staking (cultivation) Governance Staking Yield enhancement
On and after the launch date, AshSwap will open three pools:
USDC/UDST/BUSD (stable-swap) ASH/USDT (V2) EGLD/BUSD (V2)
AshSwap will launch with Liquidity Provision, a feature that allows users to add liquidity to three available pools and receive LP tokens as receipts. There will also be an option to participate in the cultivation of the produce. One can stake LP tokens to earn ASH tokens as rewards for LP farming. Distribution across fields will be decided by the DAO.
By staking ASH in governance staking, users receive veASH (Voting Escrow ASH) in return and unlock multiple benefits. Emission voting will also take place, giving VASH holders governance control over ASH emissions for each pool. The more votes a pool receives, the more ASH rewards will be allocated. Hence, attracting deep liquidity, the APR will be higher for that particular pool.
Another key feature: Bribery, this will allow anyone to bribe VASH holders to vote for their farms. For example, if the owner of a project with AAA tokens wants to increase the liquidity of the pool AAA/USDT on AshSwap, they can offer incentives to encourage more VASH holders to vote for their pool, which is known as kickbacks. It is said.
AshSwap stands out because it is the first stable-swap DEX on MultiversX. In any blockchain ecosystem, stable coins usually have a profound effect on the cycle of yield farming and borrowing/lending. As a result, a DEX that offers a stable exchange rate is vital for a flourishing environment.
Neil NguyenAshSwap CEO said: “We chose to develop our product on MultiversX because we believe the team has the right vision to bring Web3 to the next billion people, and the technology, development philosophy, achievements, and especially the community, to execute on that vision. a strong indication of their potential.
AshSwap believes that adding more DeFi interoperability will increase capital efficiency for liquidity providers and maximize returns over time. This is why the AshSwap team intends to develop more trading products in addition to stable-swap in the future, while still providing an intuitive and user-friendly interface to trade and manage assets.
Additionally, AshSwap’s native token, ASH, is designed to serve the continuous development of the protocol with real use cases and to incentivize liquidity providers on the platform.
To celebrate the launch of its stablecoin-swap DEX, AshSwap is hosting a series of incentivized warm-up activities, including:
ASH Staking Reward Pool in which VASH stakers will share a pool of 2,000,000 ASH over 27 days starting January 21st. AshSwap launches Race, a referral program that rewards up to $1,000. Increased 250% APY (2.5x) for all pools within 7 days starting from launch. Enjoy attractive APY here. Ash Point Custom Quests, three events for users to earn Ash points by completing Gleam quests, trading on the AshSwap DEX, and staking Ash. The more ASH you have, the more likely you are to be whitelisted in an upcoming AshSwap airdrop.
More information about these programs can be found here. Join the AshSwap community and participate in the future of decentralized trading today at app.ashswap.io
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Contact Community Manager
Eric Pham
ash swap
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