Polkaswap 2023 in review: showcasing major features and products launched this year.
Polkaswap has made significant progress in 2023, making DeFi stylish, intuitive, and accessible to everyone. As a crucial platform of the SORA network (and part of Polkadot), Polkaswap provides users with tools that democratise access to finance globally, without boundaries.
This year has been one of notable progress, and we’re excited to share the milestones achieved with your support as we continue to enhance the decentralised exchange experience. Your engagement and feedback have been crucial to our progress.
Together, we are not just a community but active participants in shaping economic evolution. Here’s to the accomplishments of 2023 and a future filled with more innovation and success.
P.S.: We’re on a mission to enhance your experience in 2024 and need your insights! Please help us prioritise features and innovations for a better Polkaswap experience next year. Fill in the survey to share your thoughts. The top 3 ideas will win exclusive Polkaswap branded t-shirts!
Let’s dive into milestones and features delivered on Polkaswap in 2023.
Connect with Google
Understanding that managing seed phrases can be challenging for beginners, we’ve introduced the ‘Connect with Google’ feature to Polkaswap. This integration allows users to manage their accounts through a familiar Web2 interface, bridging the gap between traditional and decentralised finance. It’s a step towards making DeFi more accessible and user-friendly, encouraging wider adoption.
The ‘Connect with Google’ option enhances the flexibility of accessing Polkaswap. Whether you’re using different devices or browsers, this feature simplifies creating or importing your SORA account without needing an external wallet. It’s designed to offer a seamless experience, aligning with the needs of both new and experienced users.
We respect the diverse preferences of our community.
For those who prefer traditional methods, like securing their mnemonic phrases on metal for safekeeping, that option remains available and respected. The fundamental principle here is choice — you have the autonomy to manage your assets in a way that suits you best. Everything in Polkaswap is self-custodial, empowering you to control your assets. Here’s a guide on how to use it!
Full changelog of the release here.
HASHI Bridge Substrate Upgrade
Securing the SORA Kusama parachain has naturally led to the next step: extending the HASHI bridge capabilities. This enhancement facilitates the smooth transfer of assets between the SORA network and the Kusama relay chain. It’s a crucial development that improves current functionalities and sets the stage for future expansions, particularly the anticipated bridge to the Polkadot network and the addition of Polkadot networks tokens to Polkaswap.
This is an exciting development on our roadmap, promising to strengthen the connections within the Polkadot ecosystem further.
In the meantime, the SORA Polkadot parachain crowdloan is still active. Your contribution to this auction is invaluable. It’s more than support for Polkaswap; it’s an opportunity to be part of something bigger and to contribute actively to our growth and expansion. By participating, you’re helping bring the full potential of Polkaswap to the Polkadot network participants.
Full changelog of the release is here.
Synthetic Assets (XST) On Polkaswap
In 2023, we reached a significant milestone by implementing the SORA Synthetics (XST) platform on Polkaswap.
SORA Synthetics are algorithmic stablecoins collateralised by the XST token and pegged to the value of a diverse range of assets. This includes cryptocurrencies like Bitcoin, fiat currencies such as the US Dollar, Swiss Franc, Japanese Yen, and Real World Assets (RWAs) like Troy ounces of Gold and Sterling Silver.
With SORA Synthetics (XST), Polkaswap becomes a gateway to a broader, more dynamic world of trading possibilities.
Full changelog of the release is here.
Mises browser support
This year, we’ve taken a significant step in enhancing the accessibility of Polkaswap by introducing support for the Mises mobile browser. This update aligns perfectly with our commitment to providing a seamless and flexible trading experience.
Mises stands out with its open-source nature, user-friendly interface, and compatibility with a wide range of Chrome extensions, making it an ideal choice for our community. It’s designed to simplify your trading journey, ensuring that style and freedom go hand-in-hand with convenience and efficiency. If you haven’t already, we encourage you to try Mises.
Full changelog of the release is here.
Statistics page
This year, we’ve enriched the Polkaswap user interface with a Statistics page, an essential tool for informed decision-making for every trader.
The Statistics page makes tracking SORA-related metrics seamless and straightforward. You can monitor vital statistics such as trading volume, fees, Total Value Locked (TVL), token supply, transaction count, new accounts, and bridge transactions.
There is also a configuration option for these metrics. You can view data over different intervals — daily, weekly, monthly, or yearly — to suit your analysis needs. Check it out here.
SORA Card Integration
How much do you value your financial freedom? With the SORA Card integrated into Polkaswap, your finances are all in one place. This year, great strides have been made despite the delays commonplace in legacy finance; SORA Card applications were made possible, and towards the end of the year, IBANs were distributed among those who successfully passed the KYC process.
SORA Card is more than just a payment tool; it’s a tangible bridge between Decentralized Finance (DeFi) and Traditional Finance (TradFi). It offers you the unique ability to use your cryptocurrency in real life and simultaneously keep the self-custody of your crypto.
SORA Card physical card and fully functioning virtual card is expected to finally become available on Polkaswap in Q1 2024.
For more details, check out soracard.com.
Full changelog of the release is here.
Price Alerts
2023 brought an essential enhancement for Polkaswap with the introduction of Price Alerts. This feature is tailored to help you keep track of your favourite assets more efficiently. Now, you can set notifications for significant price movements, defining specific criteria for what you want to monitor. Polkaswap takes care of the rest, sending you a message whenever a change matches your settings. This eliminates the need to watch the market or check for updates constantly.
We’ve also recently improved the Price Alert feature, increasing the number of alerts you can set and implementing various user experience enhancements. These updates are part of our ongoing commitment to making your trading experience as convenient and user-friendly as possible.
Accessing Price Alerts is straightforward. Navigate to the Polkaswap user interface, click the settings button in the top right corner, and select ‘Set Notifications.’
Full changelog of the release is here.
WalletConnect Support for the HASHI Bridge
As part of the HASHI bridge upgrade, we’ve added WalletConnect compatibility. This development allows you to connect more wallets to Polkaswap and bridge Ethereum-based assets to the SORA network.
This feature offers the flexibility of onboarding to Polkaswap with your Ethereum network assets.
Full changelog of the release is here.
Order Book (Currently on Testnet)
As 2023 comes to a close, one of our most significant developments is the implementation of a decentralised Order Book, which is currently in its testnet phase.
Unlike other platforms where order books are often centralised, Polkaswap’s on-chain order book leads the way in secure, blockchain-based data storage, setting a new standard in truly decentralised finance.
Explore it now at https://test.polkaswap.io/#/trade and stay tuned for the mainnet launch in January 2024.
SORA Validator Staking
Closing the year strong, Polkaswap’s latest release now features XOR validator staking. This provides users with the additional venue to stake XOR in a user-friendly and simple way!
Stake XOR, contribute to the SORA network’s security, and earn VAL tokens with style and freedom on Polkaswap’s Staking tab.
Full changelog of the release is here.
Product Experience Improvements
If you’ve been closely tracking Polkaswap’s journey, you’ll have seen many improvements in our user interface. The Polkaswap team is deeply committed to refining and elevating your DEX experience, working tirelessly to ensure seamless and user-friendly interactions.
We’re not just tweaking features but transforming how you interact with decentralised finance.
Please take advantage of our bi-weekly ecosystem updates to stay informed on these continuous improvements and comprehensively understand the changes. You can catch up or review these updates and more in the Polkaswap Medium.
Bottom line
As we conclude our 2023 Polkaswap Year in Review, we celebrate a year rich in innovations! Your engagement has been pivotal in our journey, and we’re eager to evolve further with your input — remember to share your thoughts in our survey for a chance to win exclusive merchandise.
Stay updated on our journey, and let’s make 2024 even more stylish and free.
About Polkaswap
Polkaswap is a DeFi application on the SORA network, it is a self-custodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem and beyond. It offers boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).
Polkaswap utilizes SORA network interoperability with the Polkadot and Kusama networks, as well as the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.
