New technologies have been popping up on various blockchains, creating a plethora of options for crypto users across the board. Predominantly over the last year, traders have been mostly limited to trading on Ethereum-based DEXes – but those days are long gone. Polkaswitch is making headlines as the next big thing in DeFi by revolutionizing cross-chain trading and taking it to the next level.
This decentralized cross-chain asset exchange and liquidity protocol, acting as a one-stop-shop for tradingBlo Polkadot, Ethereum, and ERC20 tokens, enables users to enjoy low trading fees and a clean seamless user interface that eliminates the hassle of creating multiple wallets across different DEXes.
The project is currently laying the groundwork with big future expectations and upgrades and tons of exciting news to come. There is a lot of buzz in the crypto community. People are looking forward to start testing this new technology and seeing how it fairs in comparison to its predecessors and competitors.
How does Polkaswitch work?
Polkaswitch utilizes smart contracts, relayers, and bridges to combine liquidity across the major DEXes (i.e., Uniswap, Sushiswap, Bancor). Algorithms find the most optimal methods to execute trades, and these trades are fulfilled based on the best offers provided by DEXes and liquidity providers. This process ensures the user receives the best possible price and largest selection of available tokens to trade, and it is the project’s main key value proposition.
The project will also be building its decentralized protocol on Moonbeam, a Polkadot smart contract parachain that is Ethereum-compatible, to help facilitate cross-chain communications. This allows the project to take advantage of being first-to-market and reel-in new users, which will further grow awareness.
Additional Polkaswitch Features and Benefits
Polkaswitch is looking to bring some additional features to the table that will truly make it shine:
- Professional trading charts are extremely intuitive and advanced, providing users with several mechanisms to facilitate trades on their own terms. One additional bonus is the ability to execute limited orders to give users more convenience and control.
- Compatible with MetaMask, Polkaswitch is completely non-custodial and trustless. Your assets belong to you and no one else, thereby eliminating the ambiguity of ownership with the likes of traditional exchanges.
- High liquidity and multiple assets to select from across the Polkadot and Ethereum ecosystems. Users are instantly and seamlessly able to access the liquidity of other DEXes.
Polkaswitch is investing strong efforts into developing the user interface to enhance the overall look, feel, and trading experience. It aims to create an elegant yet simple way to incorporate and aggregate all of the different data, markets, and tokens to tailor to all types of investors.
The project will also help fuel adoption for Polkadot, cementing itself as a true force in the crypto world by spurring the growth of next-gen technologies and solutions. Some have labeled Polkadot as the true “Ethereum killer” – if this is the case, then there could be even bigger things in the cards for Polkaswitch.
Target Market
Who is Polkaswitch targeting and catering to in regards to its customer base? The answer is a wide spectrum of crypto enthusiasts, ranging from your average everyday trader to your experienced and veteran traders who execute large-volume transactions.
Of this target segment, the project aims to market to DeFi users, particularly those who trade relatively frequently and have a decent understanding of the crypto space. Of course, there are hopes that the average retail investor will adopt more steam, which opens up even more doors from a user base perspective. As its network continues to grow and doors keep opening, this possibility will most likely eventually become a reality.
What’s Next in the Pipeline?
So what does the future hold for Polkaswitch? There is a lot of promise and hype for this project, with major developments occurring quickly in multiple phases from Q1 – Q3 2021.
In mid-March, Polkaswitch received a $3 million capital injection in seed funding from major VC firms to help build their protocol, a huge stepping stone to really hit the ground running. Arrington Capital and Ascensive Assets have taken charge in leading the investment initiative, with additional help from Signum Capital, LD Capital, Bitscale Capital, DFG, Skynet Trading, Gestalt Capital, Waterdrip Capital, and Vendetta Capital. These industry professionals are a critical piece of the pie to help drive Polkaswitch’s success.
Q1 2021 will have a testnet launch, frontend development/UX testing, and a token generation event. In Q2 and Q3 2021, things really get rolling – there will be a mainnet launch, user onboarding, and beta testing, multiple security audits, Ethereum Bridge integration, and a final product launch. Down the line, it is setting its sight on utilizing Binance Smart Chain, layer-2 scaling, and potentially integrating with other major layer 1 protocols.
With so many developments underway and much more to come in the future, you won’t want to miss out on any updates. Be sure to stay tuned for news releases, AMA’s, launches, and more by visiting Polkaswitch’s website and following the project on social media:
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Source: https://www.cryptonewsz.com/polkaswitch-the-next-frontier-for-cross-chain-trading/
