Netswap Decentralized Exchange Review

Netswap is a DEX platform that follows an Automated Market-Making (AMM) model similar to Uniswap. There is very little background information on the parent company. As such, we don’t know when it was launched or where it is based.

Netswap overview

Here are the key features of this platform:

• Supported cryptocurrencies

On this exchange, you can trade in all tokens issued by Metis Andromeda and Ethereum. Some of them include METIS, AAVE, BNB, CAKE, CRV, rAVAX, and rFTM.

• Native token

The native token of this platform is known as NETT. It is a governance token distributed by the community. There are no team members, investors, or other stakeholders, which means it is entirely up to the community to develop this token.

• Funding methods

For swapping coins on this platform, you first need to connect your wallet. You need to hold an adequate amount of coins based on how much you wish to swap.

• Wallet supported

You can trade tokens through the Metamask wallet, or use one compatible with WalletConnect protocol. If it is a mobile wallet, you can scan a QR code, and if it is a desktop wallet, you need to select it from a list.

How does Netswap work?

This exchange allows for the following:

1. Swap tokens

Like all exchanges, this one allows you to swap one token for another. For this, you need enough liquidity in the liquidity pool. In case it is insufficient, you will get a warning. After that, you can decrease the amount or stand by till there is enough liquidity.

2. Provide liquidity

This DEX platform handsomely rewards market makers. Providers earn a portion of the trading fee proportional to their share of the pool. A new liquidity pool can be created for a pair that does not exist. You can also remove liquidity from a pool if you wish.

3. Farm

When you provide liquidity, you earn LP tokens that you can stake in the Farm. This allows you to harvest rewards in the form of NETT tokens.

4. Check analytics

Here, you can get daily statistics on pairs and tokens. You can view and track wallet addresses, transactions, liquidity, earned fees, etc.

5. Stake NETT

By staking NETT, you can earn METIS tokens. You can also unstake them anytime you like.

What can you buy on Netswap?

This platform is built on the Metis Andromeda (Layer 2) network. This open network protocol is accessible to all who wish to launch tokens, decentralized applications, and other projects. Some of the popular tokens on this platform include BNB, WETH, NETT, m.USDC, BUSD, and m.LINK.

Is Netswap safe?

This exchange has been audited by Armors Labs, which is one of the top blockchain security labs in the industry. The platform passed all the tests and no security vulnerabilities were detected by the firm.

User reviews

We were unable to find any user reviews for this platform on third-party websites. This tells us that not many people are currently using it to trade in tokens.

Netswap fees, compatible wallets, and transactions

There is a standard 0.25% transaction fee for swaps carried out through this platform. From this, 0.3% goes to the liquidity providers. You can win transaction fee rewards by staking LP tokens as well. Apart from Metamask, the WalletConnect compatible wallets include Ledger Live, Tokenary, Infinity Wallet, Wallet 3, and Ambire Wallet.

What are the ways to trade on Netswap?

After launching the app, you can head over to the Swap section to trade tokens. Select the coin you wish to part with and the one you wish to receive. From the transaction settings, you can modify parameters like slippage tolerance, and transaction deadline. You can also toggle expert mode to bypass confirmation modals and conduct high slippage transactions. This mode also lets you add a recipient wallet address where the token is sent automatically. 

Customer support

Unfortunately, there is no dedicated support team for this exchange. The vendor has not shared any contact information, but there is an official Telegram group that you can join to receive updates and resolve queries. All the information about the system can be found in the Docs section.

Should you trade with Netswap?