Swappi is a decentralized exchange that runs on Conflux eSpace and allows us to stake, swap, earn, and win. The platform allows you to exchange any of the tokens this network supports for another token. Let’s analyze what this DEX can offer us and whether it is a good choice for trading.
Swappi overview
Here is a description of the DEX’s features:
- Transparent
According to the vendor, Swappi is created on open-sourced software, and even the site and all the smart contracts are made visible to the public to promote transparency.
- Low fees
As earlier mentioned, Swappi runs on Conflux eSpace, a blockchain claimed to have much lower transaction costs compared to Bitcoin or Ethereum, and other DEXes.
- Decentralized
Swappi allows you to trade directly from your preferred wallet and keep 100% ownership of your own coins.
How does Swappi work?
You can engage in these actions on the platform:
- Swap crypto tokens
- Stake your PPI and LP tokens
- Play games to earn PPI (coming soon)
- Bridge tokens to Conflux eSpace
- Farm tasty avocados
- Create liquidity pools
What can you buy on Swappi?
Swappi supports the following assets:
- PPI (Swappi’s native token)
- Conflux (CFX)
- BNB
- Ether (ETH)
- MULTI
- Swappi Token (PPI)
- USD Coin (USDC)
- Tether USD (USDT)
- Wrapped BTC (WBTC)
- Zero One (ZO)
Is Swappi safe?
The DEX applies several measures to keep your account and money safe. For one, it incorporates a multisig feature on all contracts, which means that 2 or more signatures are required to authorize a transaction. Secondly, the platform uses timelocks. The deployment of all contracts by timelocks ensures that transactions are locked out until a preset time is reached. This serves to reduce counterparty risk. Lastly, a bug bounty program is included to avert loss of funds through direct draining of locked assets or engineering attacks by making sure users are redirected or forced to sign a transaction.
Swappi fees, compatible wallets, and transactions
The DEX is compatible with three wallets, namely Install Metamask, WalletConnect, and Install TokenPocket. Other wallets like Fluent will be added at a later date. A 0.25% fee is charged on trades conducted on Swappi. 0.03% of this amount is sent to the Swappi Treasury, 0.05% is sent towards PPI buyback and burn, and the rest (0.17%) is returned to Liquidity Pools in the form of a fee reward for liquidity providers.
What are the ways to trade on Swappi?
These are the ways to trade on this decentralized exchange:
- Yield farming
This entails staking two tokens in order to receive LP Tokens. You will then stake these tokens on the Farm to earn rewards. In the end, you earn PPI and maintain a position in your other tokens.
- PPI staking
It is possible to stake your PPI tokens so as to earn additional PPI tokens. If you lock in your PPI in the PPI staking pool for a prolonged period, you can earn a boost of up to 3 times the liquidity you are offering on Swappi.
- Swapping
You can exchange one crypto asset for another and earn income when their prices fluctuate.
- Liquidity provision
As earlier indicated, traders who provide liquidity on Swappi can earn fees when other traders use their pool.
Customer support
The devs say that Swappi doesn’t provide customer support. So, if you experience any problems with the platform, it is advisable that you first check the General FAQ page. The other alternative is to reach out to your local Telegram group. However, you are cautioned that the admin will never send you a direct message.