PaintSwap is a decentralized protocol that enables users to automatically exchange tokens on Fantom, a base for the open NFT Marketplace. The software was launched in 2021. It aims at improving the definition of a DEX while advancing the usefulness and potential of the Fantom Opera Network.
Here are the features of the DEX:
This involves holding liquidity pool (LP) tokens and staking them to earn BRUSH rewards. The goal is to motivate users to hold LP positions that are advantageous to the entire PainSwap ecosystem.
This is an alternative to farming that offers users the chance to generate rewards by having BRUSH. PainSwap provides a one-sided BRUSH staking pool for users to stake BRUSH.
- NFT Marketplace
Through this platform, you can buy and sell NFTs. It is also possible to bid on others’ NFTs at very competitive prices.
How does PaintSwap work?
You can use PaintSwap to do the following activities:
- Create liquidity pools and offer liquidity on farms to earn fees and extra BRUSH
- Trade and bridge tokens
- Trade thousands of NFTs on the open marketplace
- Develop your NFT and sell it
- Stake the BRUSH token in the liquidity pool
- Swap between different tokens
What can you buy on PaintSwap?
These are the assets/tokens that you can buy on the platform:
- Fantom (FTM)
- Bitcoin (BTC)
- Ethereum (ETH)
- Random (RNDM)
- USD Coin (USDC)
- Binance (BNB)
- Curve DAO (CRV)
- Spooky token (BOO)
- PaintSwap token (BRUSH)
- UniDex (UNIDX)
- Dai stablecoin (DAI), and many more
Is PaintSwap safe?
PaintSwap is generally safe as it allows users to hold their private keys. So, you are the only person who will have access to all the funds in your account. Furthermore, since you don’t need to transfer your assets to an exchange, this DEX can decrease the risks of theft and loss of funds caused by hacking.
PaintSwap fees, compatible wallets, and transactions
This software only supports two main wallets; WalletConnect and Metamask. You may incur some fees while conducting some activities on the platform. We have listed and described them below:
- Swap fee
For each swap you make, you will pay a 0.3% trading fee, all of which goes directly to liquidity providers.
- Minting fee
This charges 7.5 BRUSH to mint on the PaintSwap Community contract. But a 50% discount is offered for those who own an official PaintSwap NFT.
A 2.5% commission is charged on all successful sales. Half of it is utilized in buying back and burning BRUSH. The other half is distributed between the DAO fund and the major contributors of the project.
- Sale fee
To initiate a sale or auction, 5 BRUSH is required. A 50% discount is available for owners of an official PaintSwap NFT.
What are the ways to trade on PaintSwap?
You can purchase, bid, and sell NFTs through the PaintSwap NFT Marketplace. The main currency used is FTM, and you can utilize the fees to purchase BRUSH. It is also possible to farm and stake BRUSH to receive rewards in proportion to the staked amount.
PaintSwap offers different customer support options. We have FAQs, troubleshooting and pool token guides, Multichain tutorials, and a bunch of articles. If you cannot find what you are looking for in any of the resources we have mentioned, you can contact the support team by opening a ticket. The vendor warns that they might respond slowly when they have a high request volume.
Should you trade with PaintSwap?
PaintSwap summaryPaintSwap summary
- Allows staking and farming to earn rewards
- Offers several customer support options
- Supports many tokens
- Can trade thousands of NFTs
- Still new in the market
- Charges commissions on sales