Spherium Unveils Its Cross-Chain Token Swap, Code-Named HyperSwap
Spherium is delighted to announce the early specs of its cross-chain token swap protocol.
Token swaps have become as ubiquitous as decentralised exchanges over the past couple of years. A simple Google search unveils multiple platforms, offering instant token swaps. According to DeFi Pulse, the total value locked in DEXes is over $20.15 billion, with Uniswap having a 33% market dominance.
However, these platforms restrict you to a single blockchain network. A user must register on different platforms to perform token swaps across different blockchains.
That’s where Spherium comes in. HyperSwap, Spherium’s native token swap platform, offers cross-chain token swaps with the click of a button.
HyperSwap: Access Ethereum Network and BSC Together
HyperSwap pioneers cross-chain token swaps, allowing users to swap tokens across Ethereum and Binance Smart Chain. What would have required two different accounts can now be accomplished with HyperSwap.
The current DeFi landscape is full of products with complicated user interfaces. You’ll need some degree of technical proficiency to switch between different platforms, making the entire process susceptible to human error.
HyperSwap focuses on providing a user-friendly interface. HyperSwap users can switch between Ethereum token swap and BSC with a single click. You don’t have to transfer your assets across different wallets to access these networks.
HyperSwap for Liquidity Providers
HyperSwap addresses critical challenges faced by liquidity providers across current token swap platforms.
- Front running: HyperSwap resolves front running by introducing the concept of virtual balances. During a high-slippage trade, HyperSwap prevents impermanent loss through gradual settlements, allowing the prices to adjust over a period of 5 minutes. In addition, HyperSwap takes a major portion of profits booked during these volatile periods, therefore returning these profits to the liquidity pool.
- Access to broader user base: Liquidity providers will have access to a larger user base across both the Ethereum network and BSC. HyperSwap offers an intuitive UI for adding and removing liquidity across both chains.
HyperSwap: Leveraging Layer-2 Solutions
Spherium plans to leverage cutting-edge layer-2 solutions for HyperSwap. While the initial version of HyperSwap is built on layer one, the Spherium development team is already working on the second version built on layer-2 solutions, with Matic (Polygon) being the prominent choice at the moment.
The idea behind using layer-2 solutions is to facilitate swift transactions while minimising the cost of transactions. Unfortunately, most of the current token swaps involve high gas charges because of their layer-one design. HyperSwap aims to resolve this issue in its second instalment.
Boosting DeFi adoption is one of the primary goals of Spherium Finance. Our every single solution aims to take the industry forward by resolving the current challenges.
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About Spherium Finance
The Spherium Finance platform offers a complete suite of financial services comprising a universal wallet, token swap platform, money markets, and inter-blockchain liquidity transfer. Our platform will function as a global financial service provider, extending fundamental financial services to the unbanked.
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