Polkaswap is a non-custodial Automatic Market Maker (AMM) DEX built on the Polkadot ecosystem. The platform was founded by Soramitsu in June 2020. It had a soft launch in April 2021 with a focus on interoperability. Polkaswap enables the exchange of assets as well as the creation and listing of new assets.
Polkaswap is a DEX, hence, it does not require user identification, which means it is not subject to KYC. The platform serves people across the world, with no list of prohibited countries. However, some countries with strict cryptocurrency policies may prohibit some or all products of Polkaswap cryptocurrency exchange. The platform is available online through the web application. Additionally, users can access the Polkaswap cryptocurrency exchange through SORA mobile apps.
Polkaswap crypto exchange supports spot trading. Polkaswap spot allows users to instantly trade cryptocurrency assets without any leverage. Polkaswap trading pairs include crypto-to-crypto markets. It supports over 180 cryptocurrencies spread across various cryptocurrency pairs.
PSWAP is the native token of Polkaswap. It is one of the three primary tokens of the SORA Network. Other platform tokens include XOR and VAL. PSWAP is mainly used as a reward for liquidity providers on Polkaswap. The token was launched in 2021. Polkaswap crypto price is available on the live chart here.
Polkaswap cryptocurrency exchange offers cross-chain swaps across Ethereum, Polkaswap, and Kusama networks. Additionally, the platform uses liquidity aggregation technology to allow trades against multiple liquidity sources under a custom liquidity aggregation algorithm. The algorithm can aggregate liquidity from various sources, which can be in the form of AMM DEXs, order books, or any other algorithm. This mechanism ensures that users find the best value for their swaps.
Polkaswap uses an AMM to create liquidity through liquidity pools. Polkaswap liquidity routing combines only the best price from all available markets. Users can choose between SMART and TBC functions when using the Swap feature. When you use TBC, your trade is executed on the token bonding curve (TBC). TBC manages the XOR supply and it is used for liquidity as long as the asset price is more affordable than from other sources. It helps the Polkaswap crypto exchange achieve deep liquidity. By reducing the effects of slippage, the liquidity supports large Polkaswap trade volumes. On the other hand, a trader can use the SMART function to trade at the best possible price.
The Polkaswap exchange fee is 0.3% for every trade. Polkaswap crypto fees are paid in XOR. However, in case you are trading in other tokens, the platform will automatically deduct the fee, convert it to PSWAP, and then burn it. After that, a certain percentage of the burned amounts is reminted and distributed to liquidity providers, the Parliament, and as a bonus to users.
In addition to its unique trading features, Polkaswap provides users with other earning opportunities through staking and liquidity provision. Users can add liquidity to various available liquidity pools and receive pool tokens representing their position. These tokens earn holders he fee proportional to their share of the pool. The reward can be redeemed at any time. You can also stake various tokens on the platform to earn interest calculated as APR.
Moreover, there's the Polkaswap Bridge, which enables users to easily convert tokens from SORA to various Ethereum networks.
Additionally, users can earn through reward programs, including referral programs.
About the Company
Polkaswap crypto exchange was founded in June 2020. It had a soft launch in April 2021. Soramitsu, a Japan-based company, with the support of the Web3 Foundation Grant, leads its development.
Soramitsu built Polkaswap on Polkadot to enable speed, low fees, and interoperability. The developers ultimately built Polkaswap to enable cross-chain swaps of multiple assets. The project has been growing in user base since its launch. The increased activities on the platform enable growth in Polkaswap volume.
Soramitsu, the team behind Polkaswap, is among the biggest contributors to the Hyperledger Iroha project. They have also been involved in financial technology solutions for institutions and businesses.