Ho Chi Minh City, Vietnam, February 11, 2023, Chainwire
AshSwap, the first stable exchange DEX on the Blockchain MultiversX (formerly Elrond Network), officially launched on the MultiversX mainnet on February 17. The DEX will seamlessly link critical DeFi functions and provide tighter spreads with a fraction of the liquidity on MultiversX.
In November 2021, AshSwap successfully raised $2.5 million in a private sale led by Elrond. The initial supply of ASH tokens on Maiar Launchpad ran out, with 70,000,000 ASH (7% of total supply) worth $2.8 million. AshSwap has since released all of its core features, which have been available on MultiversX Devnet since October 2022.
After more than a year of rigorous testing and development, AshSwap will go live on the mainnet with the following features:
- Pool V1 (Stable-swap)
- Pool V2 (Swap not stable)
- Liquidity provision
- Liquidity stake (agriculture)
- Governance
- Yield increase
As of the launch date, AshSwap will open three pools:
- USDC/UDST/BUSD (stable swap)
- CASH/USDT (V2)
- EGLD/BUSD (V2)
AshSwap will be launched with Liquidity provision, a feature that allows users to add liquidity in three available pools and receive LP tokens as receipts. There will also be the opportunity to participate in yield farming. LPs can stake LP tokens to earn ASH tokens as farming rewards. Distribution to farms will be decided by the DAO.
By staking ASH in Governance, users receive veASH (voting escrow ASH) in return and unlock multiple benefits. There will also be Voting on emissions, giving veASH holders governance control over ash emissions for each pool. The more votes a pool gets, the more ASH rewards will be awarded. Therefore, the APR will be higher for that particular pool, attracting deeper liquidity.
Another essential feature: Bribe, this will allow anyone to bribe veASH holders to vote for their farms. For example, if the owner of a project with a AAA token wants to increase the liquidity of the AAA/USDT pool on AshSwap, they can offer incentives, called bribes, to encourage more veASH holders to vote for their pool.
AshSwap stands out because it is the first stable exchange DEX on MultiversX. In any blockchain ecosystem, stablecoins typically have a profound effect on yield farming and borrow/lend cycles. Therefore, a DEX that offers a stable exchange rate is crucial for a thriving environment.
Neil NguyenCEO of AshSwap, said, “We chose to build our product on the MultiversX because we believe the team presented the most compelling vision for bringing the next billion people into the web3, and technology, development philosophy, achievements and above all the community, are a strong indication of their ability to implement this vision.
AshSwap believes that adding greater DeFi interoperability will increase capital efficiency for liquidity providers and maximize returns over time. This is why the AshSwap team intends to develop more trading products in addition to stable swap in the future while providing a seamless and user-friendly interface to trade and manage assets.
Additionally, AshSwap’s native token, ASHis designed to serve the sustainable growth of the protocol with real-world use cases and incentivize liquidity providers on the platform.
To celebrate the launch of its DEX stable exchange, AshSwap is hosting a series of incentive warm-up activities, including:
- ASH Staking Reward Pool in which veASH bettors will share a pool of 2,000,000 ASH over 27 days beginning January 21.
- AshSwap Launch Racea referral program that awards up to $1,000.
- 250% APY (2.5x) boosted for all pools within 7 days from launch. Enjoy the lucrative APY here.
- Ash Point Custom Questthree events allowing users to obtain CASHpoints by completing the Gleam quest, trading on AshSwap DEX, and staking ASH. The more ASH points you have, the more likely you are to be whitelisted in the next AshSwap airdrop.
You will find more information about these programs here. Join the AshSwap community and participate in the future of decentralized trading today at app.ashswap.io
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Contact
Community Manager
Erik Pham
Ash Exchange
erik@ashswap.io