Ethereum-based decentralized protocol Kwikswap has announced that it will be launching its Kwikswap V2 Testnet on ACALA parachain. Following the launch, the decentralized protocol, which allows users to swap, create markets, add liquidity, and stake, will become the first DEX implementing two Layer 2's in the Polkadot parachain.
The decision to deploy its testnet on ACALA is coming amid an upgrade to a newer version of Substrate by PLASM Network. It is worth pointing out that the Kwikswap team is already working with PLASM as a possible Layer 2 solution. However, testing and implementation are currently on hold due to the earlier mentioned reason. Alternatively, the team has also chosen to deploy its solution on the ACALA network.
While revealing the new development in an official blog post, the Kwikswap team said:
“We are planning to work with ACALA Parachain for Deployment. Users will be able to use their Ethereum Wallet address as a Polkadot Wallet. Users will be required to bind their wallet address to a Substrate wallet address. This will allow them to easily transfer cross-chain funds and resources efficiently.”
Meanwhile, Kwikswap has a lot of other exciting features under its belt. First is the Kwikstarter Incubator and IDO Launchpad on Binance Smart Chain. Furthermore, Kwikswap will also be launching the Polkapanda NFT marketplace in the coming weeks.
As the name suggests, Kickstarter is a launchpad that bridges the gap between new projects and retail investors. At one end, startups can raise funds for their projects from liquidity pools. And at the other end, are “everyday retail investors” investors who will have the chance to participate in promising upcoming projects before they are quickly snapped up by venture capitalists.
Polkapanda, on the other hand, is a promising NFT marketplace that features top international designers.
ACALA is a Polkadot parachain designed to function as a decentralized finance hub and stablecoin platform. It enables cross-chain liquidity and applications. It is a first-of-its-kind decentralized finance consortium aiming to introduce financial stability, liquidity, and accessibility to mainstream finance.
The solution offers a plethora of financial primitives, including a multi-collateralized stablecoin backed by cross-chain assets, a decentralized exchange, and a trustless staking derivative.
As earlier stated, ACALA is the second interoperability and layer 2 scaling solution that Kwikswap will deploy to offer a better-decentralized experience. Overall, the KwikSwap layer-2 upgrade will enable cross-chain p2p value transfers, lower gas fees, and faster transaction throughputs. Furthermore, the Kwikswap team pointed out the potential of ACALA and its close collaboration with the PLASM team.
“ACALA offers many exciting new features including Stable Coins, Liquidity Staking, Fixed & Recurring Payments and Native Tokens for Gas fee and other many more interesting features to come in the pipeline.”
What to expect?
Decentralized Finance, also known as DeFi, has been dubbed the future of finance. This rather nascent subsector of the crypto industry can no longer be ignored considering its phenomenal rise to prominence in 2020. Kwikswap is tapping into the massive potential of the DeFi sector to reward users for their participation.
Although there are no details as to whether Kwikswap DEX will expand to other platforms, the current plan is to roll out the solution on PLASM and ACALA. In addition to other perks like eliminating the need for a third-party, both platforms will be used to enhance user experience on KwikSwap V2.
Following the rollout, Kwikswap users will be able to enjoy some of the latest features of the Acala network such as instant token swaps using ACA, KWIK, DOT, aUSD, and BTC on ACALA, the use of native tokens for gas fees, liquidity staking, and several others.
Kwikswap has also hinted that subsequent iterations after V2 will introduce other interesting updates including a decentralized Launchpad, as well as staking and pools on the Kwikswap DEX.
In closing, Kwikswap is fully operational on Ethereum with all systems working perfectly. A successful deployment on Plasm or Acala parachain will bring a massive upgrade to the network.