Launching ComethSwap, a Layer 2 Decentralized Exchange to fuel DeFi & NFT on Cometh ☄️
Launching ComethSwap, a layer2 decentralized exchange that lets you swap any ERC20 tokens at low cost, in no time. ComethSwap sits on top of the Cometh ecosystem, a game fuelled by DeFI and NFT.
Discover the burgeoning apps available in Cometh: https://app.cometh.io/
The DEX is a running on Polygon’s (ex-Matic) Layer2 with intertwined capabilities with the game, as portions of fees generated circle back to players while properly incentivizing liquidity providers.
“Uniswap is the standard way for thousands of people to freely exchange tokens and to provide liquidity on token pairs. Liquidity providers perceive fees on the swaps for which volume, albeit significant today, remains hindered by the transaction cost of the blockchain. The monthly transaction cost consumed on applications like Uniswap is in the ten million range in USD.
Cometh includes a [LAYER2]* based Uniswap in order to offer an opportunity to the players to swap tokens without having to pay for gas. While players will be able to swap without hassle, liquidity providers are set to perceive more fees compared to a regular decentralized exchange: since swaps fees are bound to be very low, swaps will be much more frequent.
There is an incentive for both players (very low fees) and liquidity providers (fees perceived on a higher transaction count) to use such an exchange. Similarly to other versions of Uniswap (like Sushiswap) which are incentivizing liquidity providers and token holders to contribute to their ecosystem, a small portion of the fees generated on ComethSwap will be sent over to the Cometh Generator or converted in MUST and dropped in the TUBE.”
Liquidity Mining 2.0 is coming
A UNIV2 liquidity mining scheme at ≈200% APY via Uniswap (L1) has been running for the last months.
Another round of incentives (Liquidity Mining 2.0) will soon come on both Layer1 with very exciting news coming soon, and Layer2, where we are going to incentivize liquidity provisioning on Comethswap, with attractive APY and exclusive NFTs.
Pools with initial liquidity are the following:
Initial liquidity mostly came from spaceships NFT sales. As a reminder, 100% of spaceships NFT sales proceeds are going back to players via mining in the Cometh Game and liquidity providers via ComethSwap.
On each trade on ComethSwap there is a 0.5% fee split between Liquidity Providers for 90% and Cometh players for 10%. Fees are added to the pool, accrue in real time and can be claimed at any time when by withdrawing liquidity.
The ComethSwap fees dedicated to the game are dropped on asteroids for the players to mine with their NFT Spaceships.
Stay tuned and follow us:
*Arbitrum’s Optimistic Rollup being on hold, ComethSwap has been released on Layer2 via Polygon.