Plutos Network Launches Next-Generation DEX on Public Mint Blockchain
Plutos Network, the leading multi-chain based DeFi Synthetic Hub, is super excited to announce that they will be launching NovelSwap, a next-generation DEX, on the Public Mint network. The two companies will also expand collaborations in other upcoming solutions.
Public Mint is an open and complete blockchain platform for fiat money, where funds are fully collateralized and held on deposit with regulated, FDIC-insured institutions. The launch of NovelSwap on Public Mint will be the beginning of the in-depth collaboration between the two sides. In the future, Plutos Network will work with the Public Mint team to integrate the powerful, simple payment system that Public Mint offers.
NovelSwap is already live at Public Mint testnet now, and we have a small group of beta testers that are stress-testing the DAppswap and providing valuable feedback to our developer team. NovelSwap should be launching on the Public Mint mainnet in about a month, at the end of October.
By launching NovelSwap on Public Mint — a fiat-native blockchain, Plutos Network will offer the Public Mint community a way of trading their MINT tokens for their native USD. And in the future, any project that launches on Public Mint will be able to use NovelSwap for trading.
“While we are seeing some leading public blockchains growing fast during the last quarter, Public Mint is one that we do see very promising potential for massive adoption. By building NovelSwap on Public Mint, we will be able to offer the best trading services for PLUT traders.”
Juan Capilla, CEO Plutos Network.
NovelSwap will be the first-ever solution built by an independent developer on top of the Public Mint blockchain, and it will offer Public Mint users the first gateway to trade using their native USD.
“We are thrilled to have the first independently-built project on our network — especially by such a reputable group like Plutos Network. Moreover, we’re excited about the potential of this partnership and we hope to take our collaboration to new heights in the near future.”
Jorge Pereira, Co-Founder & CTO Public Mint.
The Next-Generation DEX, NovelSwap, out now on testnet. Get test USD to your wallet and test it out.
NovelSwap features and benefits
- NovelSwap is the first and only DEX currently on the Public Mint blockchain.
- Part of the trading fee incurred from the DEX will be used for buyback of PLUT tokens.
- NovelSwap will leverage Public Mint’s low-cost and fixed gas fees, currently only at $0.30 for buying, and $0.53 for selling tokens. The gas fee is paid in USD and fixed regardless of the trading amounts.
- NovelSwap’s trading fee model is fair and transparent. Sellers are charged 0.5% on the transaction, while buyers pay zero fees — which ensures a much fairer price action for the launch of new projects by up-and-coming startups.
- Swaps take only four seconds on average on NovelSwap, due to Public Mint’s fast blockchain confirmation time and instant finality.
- Traders can easily fund their wallets with USD via Public Mint wallet’s direct connection via bank transfer or credit card/wire, or via USDC deposits via the company’s partnership with Circle. And after selling tokens, users can withdraw fiat directly from their wallets to their bank accounts; there is no need to go through another exchange.
- NovelSwap is launching with a MINT-USD pair. Once Public Mint adds Euros and other fiat currencies to their blockchain, we will also consider launching EUR/MINT and other trading pairs.
- Once a project deposits LP into NovelSwap, that liquidity is locked.he project owner can choose the duration of the lock, and when this lock expires, this will be publicly displayed in the NovelSwap pair interface so anyone can verify.
Check out the all new NovelSwap DEX here. Test USD faucet for testing here.
In addition to Public Mint, Plutos also plans to launch NovelSwap on BSC and Ethereum in the near future.
NovelSwap FAQ
Q: What is so novel about NovelSwap? Isn’t this is just a fork from UniSwap just like SushiSwap or PancakeSwap and hundreds of other swaps?
A: No, this NovelSwap is not a fork from UniSwap. It is 100% written from scratch. PancakeSwap and SushiSwap all inherited a vulnerability from UniSwap due to it is a fork from UniSwap. NovelSwap does not have this vulnerability since it is not a fork from UniSwap and completely an internal developed, you can refer the below link for the vulnerability referenced where the UniSwap forks currently hold and still exist today.
See this link: https://lebed2045.medium.com/pancakeswap-has-an-exploit-that-allows-stealing-tens-of-thousands-of-dollars-of-liquidity-ec982a88e7c5
Q: What is the difference between NovelSwap and other Swaps?
A: NovelSwap has few unique selling points:
- NovelSwap only charges a trading fee of 0.5% for sellers (those who sell tokens for USD), and there is zero trading fee for buyers. Other swaps will charge same percentage of trading fee both buyers and sellers.
- NovelSwap has a special fee for project owner to impose (optional). This is to help startup projects during initial development and to support an environment that leads to healthy price action and to reduce sell pressure. The special fee collected is paid to the project owner wallet, and the project owner can use the fee collected to redistribute to holders or for other development purposes.
- When the project owner deposits LP into NovelSwap, he/she must choose the duration of locked period (from 0 days onward). This lock period is clearly presented in the NovelSwap information, where the user can see when the LP locked will expire.
- The gas fee for trading is fixed at $0.3 for buyer and $0.5 for seller, regardless of trading amount. Other DEX gas fee is dependent on the amount and congestion and significantly more expensive than the NovelSwap gas fee.
- The confirmation time for NovelSwap is only 4 seconds, due to the fast confirmation time of Public Mint.
- When selling tokens, we only approve the exact amount required for that trade. We will not approve an unlimited and high amounts like other swaps. This will protect user funds in case of hack.
Q: Shouldn’t Plutos Network’s development focus on Synthetic products only? Why divert your development to DEX and will this cause delays in your development?
A: NovelSwap is developed by our developer called “ZebraCrossing”. He is not involved in the core development team of our main product. Our main product has 10 fulltime developers focusing only on our main product development, and thus it will not affect the Plutos Network platform development. The launch of NovelSwap is to collect fees and use part of the fees collected to buyback of PLUT. The strategy is to create multiple streams of revenue for the long term sustainability of Plutos Network. We always look at any new and promising ways to increase our revenue.
ZebraCrossing has also developed our highly successful staking DApps V1 to V6 as well as faucet and trackers. He is a highly experienced in the industry and a dedicated team developer.
Q: Did you have beta testers for NovelSwap?
A: Yes, we recruited a small group of beta testers from the Public Mint (PM) community, since this DEX is launching on PM. Below are some of the feedback from our beta testers.
Beta Testers feedback:
“It has one of the sleekest user interfaces I have seen on a DEX and the Devs worked diligently and fixed the issues we pointed out very quickly. I can’t wait until its live as the first DEX on the Public Mint Blockchain, being the first and one of the most important stepping stones for what’s coming”, B., @BDecrypt
“NovelSwap is super fast, low cost, and easy to use. Best of all it’s a DEX that allows you to trade in USD (and more currencies to come). Truly a game changer in the crypto space.”, Saiko Takeshi, @fomolandxd
“Clean, simple and intuitive interface. Shows all the fee involved transparently to the user and provides a sense of trust”, Hello World, @nftsmasher
“The potential of trading tokens and fiat currencies on chain, with low fees and incredibly fast, will definitely make this DEX a game changer. All this done on a very professionally looking interface is definitely a plus.”, Alvaro, @alcarajox
Q: When do you plan to launch NovelSwap mainnet?
A: We plan to launch mainnet within 2–3 weeks from now. We (the developer and beta testers) still continue to test all functionality of the DEX, we want to assure that the DEX is free of bugs before we launch at mainnet. So far, all the functions of the DEX are working properly.
Q: What about security and safety of NovelSwap since this is not a fork from UniSwap?
A: We followed strict safety and security protocols when carrying out development. When swaps occur, NovelSwap only approves the exact amount required for that trade, we do not approve a huge amounts like other swap. The only tradeoff for security is that when you sell your token, you must first approve (and pay some gas fee, which is $0.15 per approve per trade). This approach will assure in the event of hack of the swap, user funds are SAFU. If we approve large amounts, then hacks of the swap will mean user funds are drained by the hacker.
Q: Where can I see the Github of NovelSwap?
A: The team are yet to make the code public yet. It is in private repo. We don’t want to release it just yet as many projects will simply copy our code and fork it. When NovelSwap achieves a good volume and reputation, the team will then make it public.
Q: NovelSwap is launched at Public Mint? What is Public Mint?
A: Public Mint (PM) is a fiat native blockchain. For Ethereum, for example, all the gas fee are paid in ETH. For PM, all the gas fee are paid is USD, and thus the gas fee is fixed, while the gas fee of ETH will depend on the price of ETH. This approach encourages retailers and mass adoption more applicable, no retailers would like to use a blockchain where the transaction fee can vary from $1 to $200. Moreover, PM has instant finality, which means only 1 confirmation is required rather than for ETH 30 confirmations. And the block time for PM is just 4s in average. Making PM a very attractive blockchain for DEX application.
You can read more about Public Mint here:
https://publicmint.com/
Q: But there aren’t projects on Public Mint yet?
A: Correct. However, PM will launch a ERC <-> PM bridge, then all erc20 tokens can be bridged to PM and thus trade using our DEX.
Our first pair of trading is MINT-USD where MINT is already launched in their native blockchain.
Q: Is NovelSwap only on PM?
A: No, we will also launch NovelSwap on other blockchain in near future, notably ETH, BSc and Polygon.
Q: Ok, where to get some test USD for testing?
A: You can get some test USD here: https://testmintdex.github.io/faucet.html to test on https://novelswap.plutos.network
About Plutos Network
Plutos Network is a multi-chain synthetic issuance & derivative trading platform which introduces mining incentives and staking rewards to users. By integrating blockchains such as Solana, Polkadot, and BSC, enabling on-chain and cross-chain liquidity and trading, Plutos Network is to offer users synthetic issuance and trading services for a wide range of synthetic products which are sustainable, profitable, and disruptive to the traditional derivative market.
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About Public Mint
Public Mint is an open and complete blockchain platform for fiat money, where funds are fully collateralized and held on deposit with regulated, FDIC-insured institutions. Public Mint offers an open, fiat-native blockchain and APIs, ready for anyone to build fiat-based applications and accept credit cards, ACH, wire transfers, stablecoins and more. On top of that, the Public Mint EARN platform offers users automated and diversified returns on USD assets, leveraging the power of blockchain and DeFi.
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