Amid the rising demand for an optimal decentralized exchange (DEX) platform in terms of cost, reliability, and scalability, AstroSwap comes as a savior. Decentralized exchanges allow users to conduct digital peer-to-peer cryptocurrency transactions without the involvement of an intermediary body.
What is AstroSwap?
AstroSwap, the First Decentralized Exchange (DEX) based on the Cardano Blockchain, promises to address existing concerns in the blockchain ecosystem along with pushing trading to new heights. While other blockchains struggle with scalability, reliability, adoption, and performance, the Cardano Chain, on which AstroSwap is built, offers considerably more scalable solutions.
AstroSwap, which offers its services at the lowest transaction fees, has set January 28, 2022, as its debut date. It has opted to use the Swapz protocol, which allows for fast and secure cross-chain swaps without the chance of funds becoming stranded.
Cross-chain swaps are possible with AstroSwap and Swapz, which support Ethereum, Binance Smart Chain (BSC), Polygon, and Velas, among the industry’s largest blockchains. BSCPad, among the most popular IDO platforms in the business, has sponsored AstroSwap.
AstroSwap is powered by WagyuSwap, another promising DEX based on the Velas blockchain that is DDOS resistant and capable of processing up to 75k transactions per second following the upgraded Solana fork.
What makes AstroSwap unique?
AstroSwap is a complete DEX that enables all the traders to trade digital assets on the Cardano blockchain, the first on the blockchain, with trust and efficiency. As a platform fostered by the extremely successful BSCPad, the DEX benefited from the revolutionary security mechanisms, blockchain experience, and turn-key marketing and promotional services given by the BSCPad team.
AstroSwap, as a DEX, will allow users to trade their tokens hassle-free without the need to create an account or go through a complicated and controlled KYC process. AstroSwap also protects its consumers’ privacy by providing non-custodial trading services, offering complete control over their assets. This is in addition to the cheap transaction fees, which will allow traders to keep more of the digital assets they receive following trade.
AstroSwap will be shifting to Cardano blockchain and would be one of its kind. Due to its proof-of-stake system, which compels miners to stake their holdings to verify transactions, the third most valuable cryptocurrency in terms of market capitalization, Cardano is substantially more energy-efficient. This also leads to fast transactions.
Furthermore, smart contracts created for the Cardano blockchain are often built on an off-chain computational layer that only requires a hash reference, substantially increasing its scalability.
Users can also engage in liquidity pools, where they will get LP tokens proportional to their contribution, allowing them to partake in the fees. By simply locking their LP tokens into a smart contract, users can earn $ASTRO. This provides users with a method to handle the risk of temporary losses that is inherent in providing liquidity on a DEX. Similarly, users have the option of staking their tokens, which is a faster way to grow their tokens.
AstroSwap is not any general DEX that only offers to trade between digital assets, but it offers multiple services ranging from user-friendly DEX to staking, yield farming, and lotteries that keep on helping users to grow.
AstroSwap takes advantage of the Swapz bridge which supports nami wallet.
Additionally, the Swapz bridge will make AstroSwap multi coin and a layer 2 for cardano with EVM comparability, plus has plans to support Solana in the future, making the possibilities of swapping with AstroSwap endless.
The native token: $ASTRO
The exchange also offers a promising token $ASTRO. Users can earn $ASTRO tokens proportionately to boost their APY and collect interest. holding $ASTRO tokens also helps the AstroSwap community to grow infinitely. $ASTRO is a method to invest in the future of crypto, not just a token backed by the exchange.
With the initial circulating supply of 120,000,000 $ASTRO, the token is capped by the total supply of 10,000,000,000 $ASTRO. While the public price was set to $0.001, the coin is currently trading at $0.1999 with a market capitalization of $46,686,010 at the time of writing.
Out of the total circulating supply, 12% of the tokens are allocated to the AstroSpace team, while 45% is reserved for staking purposes. Advisors are getting around 6% of the total supply, whereas private sales have taken away 10% of the tokens. AstroSwap’s partner ADAPad has been allocated 2% of the total supply along with 10% reserved for the AstroSpace ecosystem. The rest, 5%, is saved for airdrops and reserved purposes.
- Ultra-high APYs
AstroSpace offers ultra-high APYs as 45% of the 10 billion token supply is assigned to staking reserves.
- Simplistic user interface
The intuitive and optimized user interface will let users send tokens between networks at a rapid speed by building bridges.
- Exciting rewards and lotteries
SpaceSwap takes care of its users and soon will come with a lottery feature and multiple other exciting plans.
- Auto liquidity locking
Auto liquidity locking mechanism prevents a rug pull situation by restricting contract owners and developers from accessing the liquidity pool to steal funds, making DEX more reliable.
- Yield Farming
AstroSwap offers the option of Yield farming which means that the users can lend or stake their assets to earn rewards in the form of $ASTRO.
AstroSwap has already launched its staking service and is coming with the DEX platform on January 28, 2022, intending to release a cosmic lottery feature in the first quarter of 2022. It also aims to launch the mobile app and new New Frontiers Tokens (NFT) soon in Q1.
The first-ever DEX on Cardano aims to launch cross-galactic feature and prediction markets beta release in Q2 2022. It also keeps discovering new life forms in its roadmap for Q2 2022.
AstroSwap seems like a very promising DEX that provides fast transactions at the lowest rates, something that the crypto community sees a lack of. Furthermore, the DEX is also expanding at a very fast pace and has various partnership deals coming with ADAPad, WagyuSwap, BlueZilla, Swapz, and many more entities.
For more such detailed decentralized project reviews, jump to TheCoinRise review section.