Swaps in DEXs on the Rise
The use of non-custodial exchanges is a trend that is gaining more and more followers within the crypto ecosystem as users demand greater security and privacy for their assets.
According to data from CoinMarketCap, the market size of DEX is more than $5 billion. But what motivates the increasing use of decentralized exchanges (DEX) among cryptocurrency users recently? There are several reasons; security, privacy, and so on. Privacy and security are probably the main reasons why they use DEX.
Due to the constant hacks in centralized exchanges (CEX) and the need to monetize the assets in wallets that remain in the custody of users, the swap in DeFi is one of the great attractions offered by the crypto ecosystem.
The use of DEXs for swaps was designed to be able to exchange and ‘cultivate’ currencies in the DeFi sector at the best available rate, taking advantage of proven and audited protocols, which allow an excellent incentive program generally driven by the native token of the platform in question.
In this way, according to the technical capabilities of the blockchain network on which protocol is developed, there are various options in the DeFi sector that the advantages in rates, speed and usability vary from one protocol to another.
Currently, almost all DEXs offer an incentive program for liquidity pools that support these swaps expeditiously between two different tokens through smart contracts in addition to the inherent advantages of privacy and security for users with respect to non-custody of their funds.
The operation is very similar to most of these protocols, the majority of which are now offering the exchange of cross-chain assets through bridges built within the blockchain ecosystem, which allow the interoperability long-awaited for years by the users of the cryptocurrencies.
One of these exemplary cases is the bridge established between Fleta Blockchain and TomoChain through the TomoZ: Zero Friction protocol. As a result, Fleta token holders will seamlessly benefit from having access to existing TomoChain features as well as upcoming TomoP protocols to enable private transactions for the Fleta and TomoX token for potential DEX integrations.
While TomoChain is a great ally for Fleta, it is not the only decentralized exchange where Fleta can be swapped. At Uniswap v2, the Fleta token can also be traded and earn incentives for providing liquidity to the pair arranged in this DEX.
Other options for Swaps on DEXs
In addition to the popular TomoDEX and Uniswap, there are other exchanges working on alternative chains such as Binance Smart Chain and Polkadot, which offer the ability to swap tokens of Ethereum (ERC-20) and the chains in BSC (BEP-20) and Polkadot (DOT).
CoinMarketCap offers a ranking of the main DEXs found in these and other blockchain platforms with their volume and liquidity. Thus, within the top ten of this classification, we find popular decentralized exchanges such as Uniswap on Ethereum and PancakeSwap on Binance Smart Chain or the rising one, QuickSwap on Polygon chain.
FLETA is a blockchain platform that aims to offer infrastructure that can be applied to real-world business models. FLETA has its own core blockchain technologies like Level Tree Validation, Parallel Sharding, Independent multi-chain Structure, Block Redesign, and PoF(Proof-of-Formulation) which is its own consensus algorithm. With them, it aims to solve problems that existing platforms have such as slow speeds, scalability limitation, and excessive fees and provide a flexible development environment. Moreover, through its Gateway technology, it enhanced its interoperability by allowing projects issuing their tokens through other mainnets to maintain their mainnets while using FLETA chain.
Sendsquare, a foundation that developed FLETA project, was selected as one of the blockchain PoC support projects by the National IT Industry Promotion Agency (NIPA) of the South Korean Government since 2019 and has developed the blockchain-based on-chain clinical data management system (eCRF System) and RWD basic clinical research analysis report platform using blockchain technology.
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