OpenSwap Decentralized Exchange Review

OpenSwap Decentralized Exchange

OpenSwap is a decentralized finance protocol found on the Harmony network that offers simple ways for customers to trade, provide liquidity, and yield farming capabilities. It also provides cross-chain tools to bridge the Ethereum, Harmony, and Binance Smart Chain networks. The DEX, which was founded in 2017, is based in Hong Kong, China. OpenSwap aims to increase the access of DeFi across the globe via powerful and easy-to-use tools while offering high rewards for those who provide liquidities. 

OpenSwap overview

The key features of the software are described here:

  • Liquidity pools

This is where tokens or crypto coins are collected and locked in a smart contract. In essence, the owner can use it to conduct exchanges, provide loans, and other applications. 

  • Fees on provided liquidity without staking

Users providing liquidity can earn fees from trades implemented on the platform proportional to the amount of liquidity they have delivered.

  • Tokens/coins trading

The platform allows traders to trade different crypto assets or tokens for other digital currencies or tokens.

  • Personal farming profile

This feature allows users to detail their rewards including, Average APR%, Total Stake Value, Total Current Reward, and Total Current Rewards in USD.

How does OpenSwap work?

With OpenSwap you can:

  • Provide liquidity to pools
  • Stake and farm tokens
  • Bridge tokens/coins across different blockchains
  • Vote on governance decisions, including adding new tokens

What can you buy on OpenSwap?

The platform works with numerous tokens. We have listed some of them below:

  • Viper
  • Vincy
  • bETH
  • bADA
  • bBake
  • XYA
  • hMOCHI
  • OpenX
  • LMA
  • eFRONT
  • pWETH
  • eUP

Is OpenSwap safe?

OpenSwap prioritizes your security. That’s why it uses audits, precautions, and education to keep security at the center of each action it does. It also conducts audits regularly on its smart contracts to ensure that they don’t present security issues to the platform. 

OpenSwap fees, compatible wallets, and transactions

Presently, this DeFi supports two main wallets: Harmony One and Metamask. By connecting to any of these two wallets, you will be able to utilize the full features of the website. You are allowed to change between the types of wallet. OpenSwap doesn’t ask users to pay unnecessary fees for controlling their funds. So, it only charges a single fee. As such, it subjects every token swap to a 0.30% fee. 

What are the ways to trade on OpenSwap?

OpenSwap provides a variety of trading options for users. 

  • Provide liquidity

The platform allows you to join LP pools and earn income when other traders transact on the pool. The vendor is also creating custom bots that will enable users to perform cross chain and local chain arbitrage.

  • Bridge tokens

With this feature, you can transfer tokens or coins to/from Harmony on the Binance Smart Chain and Ethereum networks. The team is planning to release Polygon and Terra in the future. 

  • Stake

The platform offers a staking option that makes it possible for you to stake your coins to earn revenue. A lending and borrowing platform will soon be rolled out, enabling users to stake without giving up their rewards or losing their position. 

  • Farm

You can offer liquidity to the marketplace for traders to swap from one token to another. As a consequence, you will receive compensation by the annual interest rate exhibited on every pool. 

Customer support

There are several articles available on the official website that can help answer some of the questions users have about the DEX. You can also interact with OpenSwap through various sites like Facebook, Telegram, Twitter, Discord, Reddit, Github, etc. The support team can also be reached directly through this email address: [email protected]

Should you trade with OpenSwap?

OpenSwap summary

OpenSwap summary
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OpenSwap might be right for you if you are looking for an easy way to trade tokens, capitalize on staking to increase your funds as well as bridge tokens across networks. You will also not incur needless fees because the platform will control your funds free of charge. However, you will only be limited to working with either Metamask or Harmony One wallet.
OpenSwap might be right for you if you are looking for an easy way to trade tokens, capitalize on staking to increase your funds as well as bridge tokens across networks. You will also not incur needless fees because the platform will control your funds free of charge. However, you will only be limited to working with either Metamask or Harmony One wallet.

Pros

  • Offers many trading options
  • Various customer support options are available
  • Doesn’t charge unnecessary fees

Cons

  • Limited wallet support options
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