HakuSwap claims to be the future of decentralization. It is an automated market maker facilitating peer-to-peer trading in a secure environment. Being a fully decentralized platform, it lets you enjoy full ownership of your tokens. Unfortunately, there is no info about when it was founded or where it is based.
Here are the key features of this DEX:
- Cryptocurrencies supported
You can trade one crypto token for another in an instant. Some of the supported coins include AVAX, AAVE.e, 1INCH.e, BAT.e, ALPHA.e, BHC, COMP.e, BUSD.e, and DAI.e.
- Native token
The native token of this platform is known as HAKU. When you swap any tokens, you get Haku as a reward. You can also earn HAKU by staking liquidity provider tokens. It can also be used to vote for projects.
- Funding methods
The recommended swap route for this DEX is AVAX. To swap tokens, you need to hold an adequate number of coins in your wallet.
How does HakuSwap work?
On this platform, you can perform the following actions:
- Trade ERC20 tokens
There are automated liquidity pools on this DEX through which you can conduct token swaps for low fees. For any transaction, you receive HAKU rewards. Unlike other AMMs operating on Avalanche, you don’t need to use the ETH or USDT swap routes.
- Provide liquidity
By providing liquidity to liquidity pools, you can receive LP tokens proportional to your share in the pool. You can redeem your funds at any time by removing the liquidity. Liquidity providers are exposed to impermanent loss, but they receive a portion of the trading fees.
- Yield Farming
Yield Farms let you stake LP tokens to earn HAKU. Each farm has its own APR which depends on the price of HAKU, reward multiplier, and the value of the LP tokens.
There are staking pools on this platform where you can earn free tokens by staking HAKU. There are some pools that let you stake other tokens as well.
- Fee sharing
You can earn a sum of the APRs by staking HAKU into xHAKU. While the number of xHAKU tokens remains constant, the value of each token will increase indefinitely.
What can you buy on HakuSwap?
This DEX platform is based on the Avalanche blockchain. It is a proof-of-stake blockchain that is compatible with the Ethereum network. Some of the tokens available on this platform are AVAX, HAKU, USDC.e, LINK.e, USDT.e, WBTC.e, MIM, BHC, DEP, etc.
Is HakuSwap safe?
This DEX has passed a smart contract security analysis conducted by the Hash0X team. It doesn’t hold your funds unlike centralized exchanges, so you have full ownership.
Since HakuSwap is a relatively new DEX platform, there are no user reviews for it on third-party websites.
HakuSwap fees, compatible wallets, and transactions
When you conduct a token swap on this platform, you need to pay a 0.20% trading fee, which is pretty standard compared to other DEXs. From the 0.2 fee, 0.1% goes to the liquidity pools as fee reward for liquidity providers, 0.05% is used to buy back HAKU for xHAKU, and 0.05% is sent to the HakuSwap treasury. This platform supports wallets like Metamask, TrustWallet, MathWallet, ONTO Wallet, BitKeep Wallet, and Wallet Connect.
What are the ways to trade on HakuSwap?
To trade tokens on this platform, you need to visit the official website and click on the Exchange tab. After that, you can select the token you wish to exchange and the one you wish to receive. By clicking on settings, you can adjust the slippage tolerance and set the transaction deadline. You can also view all the recent transactions.
If you are in need of support, you can check the extensive docs section on the official website. Alternatively, you can join the Telegram group. HakuSwap also has a Twitter handle and a Discord channel. Unfortunately, the company does not provide support via email or phone.
Should you trade with HakuSwap?
HakuSwap summaryHakuSwap summary
- Low trading fees
- Large number of supported wallets
- Trade mining rewards
- New DEX platform
- No user reviews on third-party websites