SwapMatic: The First Swap Service on Matic Network
SwapMatic started as a hacking project for Matic Network. The idea was to apply the Uniswap protocol to Matic. There were no other DeFi services on Matic Network at that time.
SwapMatic implements Uniswap v1 protocol on Matic Network and extends it with many advanced features.
An early decision to “move the business” on this rapidly developing new L2 chain was not made in haste. All things considered, Matic was deemed to be the best foundation for a long-term commitment and development — unlike some other L2 chain options that were only marginal in the overall strategy (like xDAI) or too corporate and centralized (like BSC). And yes, Matic had (and still has!) a friendly, engaged, and focused team.
Some progressive crypto communities quickly adopted SwapMatic. The first two PoS bridged projects KIWI PoW Token and 0xBitcoin provided liquidity and an enthusiastic introduction to their user base. Ethereum GAS crisis was getting worse, and these projects wanted to get to the ‘next level’ as soon as possible.
SwapMatic also enrolled in Matic’s first Build-and-Earn round and landed as #7 with hefty boost-of-morale funding.
A foundational DeFi service serves all ecosystem participants, and the initiative attracted both funding and love in the first Matic & GitCoin Build-n-Earn round.
The project attracted some funding and a lot of love in GitCoin.
Many of the fellow projects were listed and got good visibility and liquidity in SwapMatic.
The service has been live on Matic Mainnet (now Polygon) since August 2020 and waits for more PoS bridge and Matic-native ERC20 tokens to be listed.
SwapMatic main interface: https://swapmatic.io/swap
