Quipuswap is an open-source DEX platform providing users the opportunity to seamlessly exchange tokens based on Tezos and XTZ in a decentralized fashion. It was launched in 2021 by a Ukrainian blockchain technology company known as Madfish solutions.
Here are the various features of this platform:
- Cryptocurrencies supported
As long as the tokens are based on XTZ or Tezos, you can swap between them. Some of the supported tokens include XTZ, USDS, CRUNCH, wCEL, wCOMP, wLINK, wMATIC, etc.
- Native token
The governance token of this platform is known as QUIPU. Apart from Automated Market Maker governance, it is also used as a form of payment for future services.
- Funding methods
There are two fields in the swap window, namely input, and output. You must have an adequate number of Input tokens in your wallet in order to carry out the transaction.
- Wallets supported
This exchange supports the Temple wallet that is specially made for the Tezos blockchain, along with another browser extension wallet called Spire. It also supports desktop & web wallets, as well as mobile wallets.
How does Quipuswap work?
On this platform, you can perform the following actions:
Here, you can exchange one token for another for a fixed fee. For this, you need to connect your wallet to the platform.
- Add liquidity
In the Invest section of the website, you can add liquidity to a pool after selecting the proper address. By providing liquidity, you get share tokens. These tokens have value in FA and XTZ tokens. After disinvesting the tokens and burning the shares, the user receives incentives in terms of FA and XTZ tokens.
- Receive baking rewards
After creating your liquidity pool, you can receive baking incentives in roughly a month. The incentives are proportional to your share in the pool and the time during which you stored your tokens in the pool. To get the rewards, you must have LP tokens in your wallet.
- Integrate with smart contracts
If you are a developer, you can directly integrate with the smart contracts of this protocol. This helps you power interactions with retail experiences, trading interfaces, and tokens.
- Vote for bakers
Each user can vote for a baker by staking their shares. It is also possible to vote against a dishonest baker.
What can you buy on Quipuswap?
This platform is built on the Tezos blockchain. This is an open-source network enabling P2P transactions and following a proof-of-stake mechanism. Some of the most popular tokens on this platform include XTZ, KUSD, QUIPU, wXTZ, USDS, tzBTC, STKR, USDtz, ETHtz, hDAO, WRAP, CRUNCH, wAAVE, wBUSD, sDAO, and PXL.
Is Quipuswap safe?
The security consulting company Least Authority performed a security audit on the smart contracts of Quipuswap. There were several issues found with the system, which tells us that this platform has room for improvement.
At this moment, there are no reviews for this DEX platform on the web. As such, we cannot determine how the general experience of customers has been with this system.
Quipuswap fees, compatible wallets, and transactions
The swap fees on this exchange are based on the constant product formula that is dependent on the reserve balances of the tokens. They are also dependent on the provided liquidity rate and the fee percentage, which is currently 0.3%. This DEX is compatible with browser extension wallets like Spire and Temple Wallet, desktop & web wallets like Galleon, Kukai, Umami, and the AirGap mobile wallet.
What are the ways to trade on Quipuswap?
To trade tokens, you need to navigate to the Swap tab. Here, you need to select the tokens and the amount to exchange. You can confirm the transaction and press the Swap button. You can exchange tokens having different FA standards. This occurs via batch transitions, where the middle token is XTZ.
There is no official contact address for the support team. However, you can join the Quipuswap community on platforms like Discord, Reddit, and Telegram, in case you require assistance. The Discord and Telegram communities have 1562 and 1727 members, respectively.
Should you buy Quipuswap token?
Quipuswap summaryQuipuswap summary
- Integration feature for developers
- Instant token exchanges
- Voting for delegates
- Limited number of tokens