DeFi on NEAR Protocol: A Guided DEXs Tour
In the past months, the NEAR ecosystem has witnessed immense growth. There is an ever-expanding array of DeFi applications able to satisfy a multitude of needs. Having so many different applications is truly empowering but it can also be overwhelming for newcomers.
Our first “DeFi on NEAR Protocol” edition will guide you through four new major DEXs on NEAR, namely, Trisolaris, Riskswap, Jumbo, and Wannaswap. In particular, we are going to focus on their different functionalities, value propositions, and the various ways they can be used.
Aurora Native DEXs
Trisolaris: The One-Step Trading Platform for the NEAR blockchain
Trisolaris is a community-owned DEX with fast settlement, low fees, and democratic governance process built on NEAR Protocol’s Aurora EVM. Trisolaris markets itself as the best alternative for those that want an Ethereum-like experience without the high gas fees and long transaction times.
Powered by the NEAR blockchain and the Aurora engine, Trisolaris has been able to build a DEX where all the native Ethereum tooling is available and more importantly the operation costs are only a fraction of the cost of mainnet Ethereum. On Trisolaris, users not only can pay the fees in ETH they also have access to Metamask, Wallet Connect, and Etherscan.
Apart from offering high-speed trading at negligible fees and Ethereum native tooling, Trisolaris also has the ability to provide liquidity and swap any ERC20, liquidity mining incentives, and a simple and intuitive UI, as well as to transfer any asset from Ethereum to NEAR through Aurora EVM using the Rainbow Bridge.
- On Aurora
- Simple and intuitive UI
- High-speed trading at negligible fees
- Ability to provide liquidity and swap any ERC20
- Liquidity Mining Incentives
Who is it for?
Trisolaris’ simple and intuitive user interface makes it incredibly easy for anyone to get started on DeFi. As it offers Ethereum native tooling, Trisolaris is particularly appealing to those that are familiar with DeFi on Ethereum who are on the lookout for a cheaper and faster solution. The Ethereum-like features are making the transition from Ethereum to NEAR seam- and painless.
What Can I do on Trisolaris?
On Trisolaris, users are able to provide liquidity for any ERC20 tokens on Aurora, swap between ERC20 tokens, and earn fees for providing liquidity. All the information on how to start farming on Trisolaris can be found here.
WannaSwap: The Liquidity Hub on Aurora EVM
WannaSwap is one of the first DEXs to run on Aurora’s EVM, allowing fast, simple and cost-effective trading between Ethereum tokens such as Sushi, Balancer, and Uniswap, and those on NEAR. WannaSwap’s goal is to become a liquidity hub on Aurora EVM as well as a vital onramp for new DeFi users.
WannaSwap allows developers to deploy and run their apps on an Ethereum-compatible, high-throughput, scalable platform with very low transaction costs for their users. On WannaSwap users will be able to exchange tokens, farm, stake $WANNA to earn $WANNA, and easily bridge assets from Ethereum to Aurora through the Aurora Bridge.
- On Aurora
- Intuitive UI/UX
- Trading between ERC-20 tokens and NEAR tokens
- Token exchange
- Staking LP tokens to earn $WANNA
- Referral: Users that refer friends get a 3% on the amount earned by the person they referred
Who is it for?
WannaSwap is for those that are looking for a user-friendly DEX that enables users to easily become a liquidity provider and swap any ERC20 token for NEAR tokens.
What Can I Do On Wannaswap?
On WannaSwap you can add liquidity to any ERC-20 token, become a liquidity provider and get the fees as rewards. You can also swap between 2 ERC-20 tokens, and easily move assets between Ethereum and NEAR through the Aurora EVM.
For more information about WannaSwap check out their Website, Medium, and Twitter.
Multichain DEXs
Spin (formerly Risk Swap): The Best Entry Point for Traders
Spin is a multichain DEX that focuses on making trading safer and more efficient. To curb risks, Spin provides traders with advanced risk management and strategy-building tools and a Central Limit Order Book order execution module combined with AMM.
Spin’s main value proposition is to allow users to trade derivatives such as futures and options on a decentralized exchange with an order book that features proprietary risk management tools. Spin is a great entry point for traders of all levels as it presents a very intuitive user-friendly experience and is equipped with tools that guide the less experienced trader.
- Position builder: Is a tool that helps to assess PnL by simulating your futures and options positions, visualizing profits and losses, and exploring Greeks charts.
- Delta hedger: SPIN allows for creating delta neutral trading strategies by utilizing a proprietary delta hedging mechanism & interface.
- Singleblock: Is a tool designed to build up options and futures strategies with multiple different “legs” to mitigate position risks such as severe price movements by simultaneous bids and asks executed as FOK orders.
- Spin native token: SPIN is designed to provide users with a rich incentive program by offering fee discounts, the opportunity to use SPIN as collateral, staking features, and governance voting.
Who is it for?
Spin is essentially a tool for both experienced and new traders. With its user-friendly and low-entry point UI/UX, new traders can appreciate the advantages of financial derivatives on blockchain. However, Spin is also a platform that meets the needs of professional traders. The Spin team has an extensive background within asset management, algorithmic trading, risk hedging at Algalon Capital — a hedge fund that combines algorithmic, DeFi and stock market strategies. Hence making it a great platform for the experienced traders on the lookout for a legit trading platform.
What Can I Do On Spin?
On Spin, traders have easy access to liquidity for trading while investors can profit from the market-making mechanism developed by the Spin team. Users also have access to a portfolio builder that can help them visualize their profits and losses, explore Greeks charts, and even do simulations on futures and options positions. To top it off Spin offers trading strategies and options for future strategies enabling safer and easier trading.
For more information about Spin check out their Website, White Paper, and Twitter.
NEAR Native DEXs
Jumbo (Coming Soon): The Most Intuitive DEX on the Market
Jumbo is a NEAR native AMM DEX designed to be the most user-friendly exchange on the market. Jumbo’s main objective is to eliminate the barriers to DeFi by providing an intuitive interface and seamless user experience. All interactions happening on the Jumbo exchange are accompanied by immediate visual feedback and instructions to guide users. Additionally, Jumbo offers tools like Smart pools, Jet, and On-the-Fly pool transitions that help users discover the most prospective opportunities for providing liquidity and more seamless and flexible interaction with pools.
Powered by NEAR, Jumbo is able to offer extremely cheap transactions as well as the lowest slippage thanks to NEAR’s proprietary algorithm. Its overall architecture allows literally anyone to use a DEX, opening the doors of DeFi to a much broader audience.
- NEAR Native DEX
- Optimal UI/UX experience
- Instantaneous swaps
- Smart Pools
- Permissionless liquidity pools
- Lowest slippage
- Jet
- Yield Finder
- Wide liquidity for users and projects
- On-the-Fly pool transition
Who is it for?
Jumbo was created to be the most user-friendly DEX on the market, therefore it is the perfect tool for newcomers to get started with DeFi. It is also a great DEX for anyone seeking a simple and straightforward DEX experience.
What Can I Do On Jumbo?
On Jumbo you can trade, swap, stake your digital assets, and benefit from a variety of tools enabling the easiest DEX experience out there: discover the most profitable pools, seamlessly interact and change pools and become a liquidity provider without third-party confirmation.
For more information on Jumbo check out their Website, Medium, and Twitter.
In this first edition of — we guided you through NEAR Protocol’s DEXs. We focused on highlighting the DEXs value propositions, core user features, and their target audience.
Trisolaris and WannaSwap are the best alternatives for those that are looking for a user-friendly DEX experience, and to easily swap and provide liquidity to ERC-20 tokens. Spin instead, is the best DEX for any trader that is looking for an optimal UI/UX, and tools that allow for a safer and smoother trading experience. Lastly, Jumbo is the perfect entry point for any newcomers to DeFi. It provides guidance and visual feedback, as well as a host of tools that facilitate any user’s DEX experience.
