Meet Citadel.one Extensions: Uniswap, PancakeSwap, and Osmosis
In December 2021, three new extensions for three different ecosystems will be added to Citadel.one platform: Uniswap for Ethereum, PancakeSwap for Binance Smart Chain, and Osmosis for Cosmos based blockchains. This will make us one of the first projects giving the opportunity to use DeFi instruments in three blockchains simultaneously.
What is DEX?
A decentralized exchange (DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXs fulfill one of crypto’s core possibilities: fostering financial transactions without an intermediary institution managing the ledger or controlling user funds.
There is no difference between DEX extensions and their original apps. You will use the same DEXs running inside our platform.
Let’s talk about each exchange in more detail so you can understand why we decided that it is essential for the Citadel.one platform to have those extensions built into.
Uniswap is the most popular Ethereum-based DEX that uses an AMM model, employs liquidity pools instead of order books, and has LP tokens for liquidity providers. Uniswap is the mother chain of PancakeSwap. As one of the first wildly successful DeFi protocols, most DEXs have, in one way or another, borrowed features from Uniswap to run their own platforms.
The AMM model removes the need to have a partner on the other side of a buy or sell order for a trade to go through. Consequently, less trading time is consumed on DEXs using this model. By removing the need to go through KYC procedures, these exchanges give access to decentralized token swapping to more people.
PancakeSwap is a DEX powered by the Binance Smart Chain, which uses an AMM model to fulfill orders. Liquidity providers interact with PancakeSwap’s Pools and receive LP tokens that represent their share in the pool. These tokens are key to removing their share from the pool. Since the platform runs on BSC, the tokens adhere to the platform’s BEP-20 token standards.
PancakeSwap offers on-chain games or gambling system. Users can participate in the price prediction of BNB or enter into the lottery to win prizes in BNB.
At the same time, Pancake Swap is unique in that it has its own NFT marketplace.
Osmosis is a decentralized exchange for IBC-supported networks. Osmosis allows developers to design, build, and deploy their own customized AMMs, with sovereign liquidity pools. The DEX uses a native token called OSMO for governance and staking. Heterogeneity and sovereignty are two core tenets of the Cosmos ecosystem, and Osmosis takes these two values and extends them into core characteristics of this AMM protocol.
The project alleges to provide superfluid staking and instant block confirmation. Superfluid staking lets liquidity holders stake their LP tokens to earn pro-rata staking rewards in OSMO. This gives token holders the ability to compound staking and liquidity yields while keeping the network secure. Instant block confirmations create Miner-Extractable-Value resistance, which keeps traders from cherry-picking transactions on the network.
The platform community is actively involved in governance. At the moment, 82 proposals have already been published in Osmosis DEX.
The main feature of DEX extensions is the possibility to exchange any token right on the Citadel.one platform. Now users also will be able to track transactions, their statuses and add comments to them right in our application. Transaction history will be stored for a long time. It will also be easy to switch between all created/imported addresses.
Aside from the obvious convenience of using all DEXs in one app, this feature also improves your security. From the moment the extensions are implemented users will be able to exchange any tokens without leaving our app. It will make the exchange process far safer. All DEXs will be built into the Citadel.one platform — you will not need to look for their links and there will be no chance you could get to the phishing site, so your data will never be leaked.
Right now we’re preparing a detailed guide on all three extensions and it will soon be released. We will explain to you in detail how they will operate and how to use them properly. We will also step you through the process of dealing with any error that may appear, so you won’t have to google it feeling confused about some strange symbols. Of course, our support chat will still be there for you when anything is needed.
XCT will be closer
Last but not least, after PakcakeSwap integration users will be able to purchase XCT tokens right in the Citadel.one app!
If you have further questions, drop us a message to firstname.lastname@example.org. You can also join our chat in telegram, there is an active discussion of all current updates, as well as round-the-clock support from our managers.
Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.
The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.
One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.
Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.
Among PoS platforms, Citadel.one supports BAND network ($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST ($IOST), KAVA ($KAVA), BSC and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the nearest future.