CherrySwap Decentralized Exchange Review

CherrySwap is a decentralized exchange that was launched in July 2021 on the OKExChain (OEC). It adopts the Automatic Market Maker (AMM) mechanism and focuses on attaining self-driven liquidity creation with broad functions like the lottery, liquidity mining, DAO, NFT, and IFO, in order to ensure users receive the optimum value bonus.  

CherrySwap overview

We have summarized below some of the DEX’s offerings: 

• NFT market

The NFT marketplace brings together different professionals on a sole platform to develop and trade NFTs. 

• Initial Farm Offering (IFO)

This offering gives users the chance to purchase new tokens using a new token sale model and earn rewards in the process. 

• AirDrop

CherrySwap is currently engaged in an AirDrop, a project that allows users to obtain new tokens free of charge. 

• Bridge

Through this feature, users can move tokens between different networks in a fast and cost-effective way. 

How does CherrySwap work?

Here is a list of the actions you can perform on this DEX:

• Trade tokens in an instant
• Add liquidity to receive LP tokens
• Stake LP tokens to earn CHE (the native token for CherrySwap) 

What can you buy on CherrySwap?

These are some of the tokens you can transact on the platform:

• BALA
• BNB
• CELT
• CGD
• CHIP
• COOK
• Crystal
• DAIK
• EGG
• FILK
• GLORY
• OKB
• pUSDT
• SHIBK
• SUSHIK
• UFO
• USDT

Is CherrySwap safe?

The platform gives you 100% control of your funds, so, no third-party can access your assets without your permission. It would also interest you to know that CherrySwap was recently audited by Tencent’s network security company (KNOWNSEC) and passed. As per the report, thirty-one audit items in the 2 main categories of business security testing and basic vulnerability code testing have passed the audit. Contracts have also been found to be free from risk. 

CherrySwap fees, compatible wallets, and transactions

The major wallets that CherrySwap supports include MetaX, Metamask, HuobiWallet, WalletConnect, and TokenPocket. 

When you make a token swap on the exchange, you will incur 0.3% of the transaction fee. A quarter of this fee will be allotted to the liquidity pool as a way of offering a liquidity reward, while the rest will be apportioned to the public fund’s pool (Treasury). Expect to incur gas fees as well. But you need not worry since this charge is usually small. It is meant to reward miners for processing transactions on the platform’s blockchain. 

What are the ways to trade on CherrySwap?

CherrySwap offers a variety of trading options for its users. See below what you can do on the platform:

• Trade coins

The DEX lets you make trades directly from your wallet. Once you identify the coin pair you desire to trade, you can initiate the transaction process. Notably, the wallet you use can be thought of as a place for storing your tokens, and it is here where the DEX derives the coins you will use for trading. 

• Provide liquidity

This is a novel way through which you can earn passive income. By creating and adding liquidity to your pool, you can earn LP tokens. These tokens prove that you have a stake in the pool. Fees earned from trades enter the liquidity pool directly, hence causing your token holdings to appreciate proportionately as your liquidity pool grows. 

• Farm 

Through this platform, you can stake your tokens so as to earn high rewards or returns in the form of extra coins. 

Customer support

Customer support is available through email. You may also join the vendor’s Telegram group. It is a great interaction platform, where you can post any questions about the DEX’s functions and receive valuable feedback from the community. 

Should you trade with CherrySwap?