FireSwap: The Native DEX of Phoenix Blockchain
Since the inception of Phoenix Blockchain, the intention was always to have a functioning DEX that our users can visit; to interact between the various cryptocurrencies that will soon populate the Phoenix network.
What is FireSwap (DEX)?
Simply put, FireSwap, a DEX, is a decentralized exchange. A decentralized exchange is a peer-to-peer marketplace that facilitates transaction directly between buyers and sellers. There are no third-party entities that may interfere in the business conducted via a DEX. This implies banks, brokers, or any payment processors are powerless to officiate any of the on-going transactions taking place on the blockchain.
How does a FireSwap (DEX) work?
FireSwap is a collection of smart contracts that establish the price of one cryptocurrency against another algorithmically. The DEX will often include features like liquidity pools that serve as locked investments for which the investor will receive interest-like rewards and NFT staking that opens the possibility to earning passive from your already purchased NFTs
FireSwap transactions are recorded directly into our blockchain ledger (Phoenix Explorer) and can be inspected at any time, furthermore DEXs themselves are created on open-source code, giving it an increased level of transparency when compared to a Centralized Exchange or CEX.
How do you connect to and interact with FireSwap?
- You can connect to FireSwap using MetaMask (through your web browser).
- Interaction with FireSwap (https://fireswap.org) will usually occur through the device that has MetaMask running and can open websites. Firstly, launch the Dapp. Then in the top-left corner click “Connect Wallet.
- A confirmation message will appear in your MetaMask asking for permission to interact with FireSwap. Confirm this action and thus full access to the DEX is open.
- You’ll also need a supply of PHX to begin swapping within the Phoenix Blockchain ecosystem.
What can you expect to find on FireSwap currently?
As it stands, FireSwap is still beta testing with new developments taking place every passing day. However, two cryptocurrencies that have recently found a home on Phoenix Blockchain are META and ZEBRO.
MetaTec (META) is a project founded by KronicLabz with the purpose of educating the wider public about blockchain development in various aspects and in a several maturing industries that are beginning to accept and adopt this new form of learning.
Zebrocoin (Zebro) is a multi-chain smart contract e-commerce token that can be used for generating passive income through locking away a set figure for a specified period of time.
And as a bonus.. our secret Preparation H (PH) token! Who knows what this will bring.. chaos, destruction, or maybe a party?! Time will tell…
For more information about Phoenix Blockchain please check out our Linktree and subscribe to our weekly WeBurnWeRise Show!
