The debut of QiSwap, its current partnership with Qtum, and its proposed future alliances may serve as one of the game-changers of the DeFi ecosystem.
Emerging decentralized protocol QiSwap is set to launch its mainnet, three months after its public testnet went live. According to a press release shared with Coinspeaker, QiSwap has partnered with the Qtum blockchain to bolster its decentralized finance offerings, through Automated Market Maker (AMM) algorithm.
According to the release shared, the Qtum blockchain with its business-friendly smart contracts will seek more flexible DeFi offerings by tapping into the liquidity provisions that is offered by the QiSwap protocol.
“By leveraging the Qtum blockchain, QiSwap is able to offer extremely low transaction fees, rapid transaction confirmation times, and an additional revenue stream for Qtum and QRC20 liquidity providers, who will earn fees with every completed trade,” the shared release reads. “The platform will be powered by the QiSwap token (Qi), which will be used for community governance.”
While both QiSwap and Qtum are independent DeFi focused projects, both are working hand in hand to enhance each other’s platforms. With QiSwap, users will be able to “create new markets, provide liquidity, and build DeFi applications on top of Qtum that were previously not available.”
Following the launch of the QiSwap mainnet, the other notable events that will follow include the launch of the QiSwap token and economic model, with the addition of new trading pairs besides the QTUM-QC trading pairs launched at mainnet. In addition to this, the project will cooperate with notable exchanges and expand the network’s partners for more market access and the governance contract for the Qi token will be launched at a later date, enabling community governance of the QiSwap protocol.
QiSwap aims to advance its reach in the AMM market space that is currently dominated by the likes of Uniswap and SushiSwap by adding top trading pairs such as “Qtum-QC (Qcash); Qtum-qBTC (wrapped BTC); Qtum-qETH (wrapped ETH); and Qtum-qFil (wrapped Filecoin).” At a later date, QiSwap said its users will be able to add their own custom QRC20 token pairs.
QiSwap Mainnet Launch: Another Advancement of DeFi
The launch of the QiSwap mainnet is another testament to the proliferation of unique decentralized finance offerings as is prevalent in the cryptosphere today. DeFi seeks to change every aspect of traditional finance and its associated marketplace by modifying every aspect of the market.
There has been an increasing clamor and support for DeFi backed blockchain projects in recent times with Changpeng Zhao, the Founder and Chief Executive of the Binance exchange taking the lead as one of the key proponents of DeFi. CZ as he is fondly called has expressed interest in seeing more DeFi projects enlisted on Binance and this complements the long-term plans of the exchange to tag with DeFi projects.
The debut of QiSwap, its current partnership with Qtum, and its proposed future alliances may serve as one of the game-changers the DeFi ecosystem is beginning to unravel.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.