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Recently, decentralised exchanges (DEX) have become extremely popular, with sites like Uniswap and PancakeSwap reporting rising trading volumes.
Simply said, Swipe Swap wants to enable peer-to-peer (P2P) cryptocurrency exchanges in place of centralised exchanges (like Coinbase or even Swipe’s parent firm, Binance). This is similar to the goals of its rivals.
This decentralised strategy promotes the trustless, decentralised idea of the blockchain by doing away with the necessity for a middleman.
Uniswap and PancakeSwap only permit the exchange of tokens based on Ethereum, but Swipe Swap seeks to provide interoperability between the two. This is one significant area in which Swipe Swap seeks to advance beyond its rivals.
Liquidity pools, which are crowdsourced pools of tokens used to produce the liquidity that would traditionally be given by an exchange, will enable transactions on the Swipe Swap DEX.
Incentives are necessary to keep providers satisfied because these liquidity pools are crowdsourced. This is accomplished by allocating trading commissions and rewards.
A cited 0.3% of all trade costs will be allocated to those looking for compensation for providing liquidity, proportionate to the amount of liquidity offered.
Finally, the DPoS mechanism, which compensates nodes with SXP for validating transactions, will be used to secure transactions. Compared to the proof-of-work (PoW) protocol used by Bitcoin, this is significantly more energy efficient.
Currently in beta testing, Swipe Swap has an all-time trading volume of $216.12 million dollars and has so far paid out less than $650,000 in fees to liquidity providers. The total liquidity as of the writing was $3.89 million.
Swipe Swap still has a long way to go when compared to Uniswap’s $3 billion in trading volume and $4.92 million in fee distribution in just a single 24-hour period.
Joselito Lizarondo, a tech start-up specialist, established Swipe in 2019 with the intention of competing in the emerging crypto card market with a smorgasbord of user features, strong insurance policies, and attractive cardholder benefits.
Binance, a major exchange, saw Swipe right away. In a secret agreement, Binance bought Swipe in June 2020 for an undisclosed value.
Since then, Swipe has changed from a front-end cryptocurrency card service to the application programming interface (API) supporting Binance’s own cryptocurrency card, which was made available to consumers in the UK and EU in July 2020.
Swipe offers back-end services comparable to those offered by FTX, a US-based cryptocurrency exchange that just unveiled its own crypto card.
As a result, while Swipe’s own cryptocurrency card only saw moderate success, the company as a whole prospers as an API supporting a number of significant partners and running its own decentralised exchange (DEX), which is presently in beta.
All of this is made possible through Swipe’s own cryptocurrency, the ERC-20-based Swipe (SXP) token.
What is the purpose of the Swipe coin and how does it operate?
At its most basic level, an application programming interface (API) enables communication between two separate applications. Have you recently bought something on eBay using PayPal? It was made feasible using an API.
As an API, Swipe assists in addressing a problem that is becoming more and more crucial: How can we eliminate the barrier between bitcoin assets housed in a wallet and a physical store that only accepts fiat currency?
By managing the point-of-sale (POS) conversion behind the scenes, Swipe’s API protocol achieves this.
Due to Binance’s acquisition, the Swipe coin underwent a significant period of change, much like the Swipe firm did. Initially, SXP was created as a staking mechanism for Swipe’s former crypto card. Simply put: A particular quantity of SXP had to be “staked” in order to acquire a Swipe crypto card. Transaction fees could be completely eliminated thanks to this kind of collateral.
The SXP token serves as the engine powering Swipe’s API in its current state. In addition to being a means of exchange for the API, it can be used to pay transaction fees.
This implies that although POS payments can be made using the cryptocurrency of your choice, the SXP protocol ultimately processes the transaction. It takes place behind the
SXP also serves as the governance token for the Swipechain, the company’s fork of the THORChain, a cross-chain decentralised exchange (DEX) for trading cryptocurrencies like Bitcoin and Ethereum among blockchain networks.
When Lizarondo destroyed his entire SXP wallet in April 2021, cutting the supply of SXP by 17%, people took notice. Because “I am not motivated by money,” Lizarondo wrote in a blog post that he was forgoing “a likely billion dollars in the future.” My desire to run a successful business drives me.
At this time, SXP is selling for $2.33. A market capitalization of $449.15m is achieved with the current circulating supply of 192,768,788 (80% of the current maximum supply). On the market cap charts, SXP is placed 166.
SXP has increased by more than 12-fold after the Swipe cryptocurrency initial coin offering (ICO) went live on August 1st, 2019 at an initial offer price of $0.20. Over the course of a week-long ICO, it raised $12 million.
A set amount of tokens are planned to be burned on-chain over time, correlated to the rate of demand and user acceptance of the Swipe protocol, as part of SXP’s deflationary architecture, which controls its price.
When SXP’s overall supply falls to 100 million units,
When it comes to solid future plans, the company remains frustratingly mum, offering just an out-of-date white paper and no current roadmaps.
However, there is active community participation, as seen by the regular release of blogs and Telegram posts.
With Swipe, it’s very much “watch this space.” Although many crypto cards are working smoothly on its API protocol, the performance of its own DEX is still unknown.
Check out our Swipe (SXP) prediction for more details on how the Swipe coin is trading.
192,768,788 units are now in circulation, which is 80% of the current maximum supply. The maximum supply of a deflationary currency reduces over time as tokens are burned.
Binance owns the majority of Swipe after purchasing it in July 2020 for an undisclosed sum. Joselito Lizarondo was the original founder of Swipe.
The most used exchange for buying and trading SXP is Binance. At the moment, SXP is not accessible on currency.com. Do your homework before trading in crypto assets, please.