AuroraSwap Decentralized Exchange Review

AuroSwap is a DEX platform that is based on Uniswap’s automated market maker (AMM) model. It was launched on December 26, 2021. Unfortunately, there is no information on the developers behind this platform and we don’t know where it is based.

AuroraSwap overview

Here are the main features available on this platform:

Supported cryptocurrencies

This DEX facilitates easy swap of tokens while offering guaranteed rates. For each swap, there is a fee that goes to the market makers. Some of the supported crypto coins include ETH, MATIC, NEAR, PICKLE, SOL, and USDT.

Native token

The native token of this exchange is known as Borealis or BRL. You can stake this token on the platform to earn rewards. 

Funding methods

You can easily conduct swaps on this DEX provided you have an adequate number of coins in your wallet. If that is not the case, you first need to buy the coins from a different exchange. 

Wallets supported

This every exchange, this one also requires you to connect your wallet before you can carry out a transaction. Some of the supported wallets include TrustWallet, Metamask, TokenPocket, WalletConnect, and Binance Chain Wallet.

How does AuroraSwap work?

This platform lets you perform the following tasks:

1. Swap tokens

Thanks to the automated liquidity pools, you can instantaneously swap one token for another. You can choose the transaction deadline as well as the slippage tolerance. 

2. Add liquidity

To become a liquidity provider, you must deposit equal values of two tokens. This way, you can earn BRL-LP tokens, which are the liquidity pool tokens for this DEX. They represent a proportional share of the given LP. For each swap made on the pair, you receive a fee. This in turn enhances the value of the liquidity pool tokens. Using supported LPs, you can take part in yield farming as well. 

3. Farm

This DEX incentivizes users for providing liquidity and staking their asset pairs in the market. For example, if you deposit BRL-LP tokens to a farm contract, it will emit a fixed number of BRL tokens per block. Based on your contribution, you can earn BRL tokens. 

4. Bridge to Aurora

You can use the Rainbow Bridge 2.0 to transfer tokens between Aurora and other networks like NEAR and Ethereum.

What can you buy on AuroraSwap?

This platform is based on the Aurora Chain. It aims to achieve advanced security and faster processing speed while focusing on fairness. It is compatible with several consensus systems. Some of the most popular coins on this DEX include BRL, NEAR, LUNA, ETH, BTC, USDC, USDT, and UST.

Is AuroraSwap safe?

This platform does not have any advanced safety features. We cannot find any audit reports that tell us about the vulnerabilities of the system. 

User reviews

At this moment, there are no user reviews for this exchange on third-party websites. This indicates a lack of reputation and it is evident that not many people are currently signed up on this platform.

AuroraSwap fees, compatible wallets, and transactions

There is a 0.3% fee for every swap conducted through this exchange. The liquidity providers of the applicable liquidity pool receive 5/6 of the fee, while the rest goes to the protocol fee vault. Farm deposits do not carry any fees. The wallets compatible with this exchange are Metamask, TrustWallet, MathWallet, TokenPocket, WalletConnect, SafePal Wallet, and Binance Chain Wallet.

What are the ways to trade on AuroraSwap?

To trade tokens, you need to navigate to the Exchange tab. After that, you need to select the From and To tokens, specifying the slippage tolerance and the transaction deadline. This exchange also has a Stableswap feature where you can enjoy almost 500 times smaller slippage and 15 times lower exchange fee for tokens like USDT, BUSD, and USDC.

Customer support

Unfortunately, this platform does not have a dedicated support team. This makes it difficult for new users to seek assistance for the issues they might face. AuroraSwap has a Twitter handle and you can join the Telegram or Discord Channels if you face any difficulties. 

Should you trade with AuroraSwap?