ZilSwap Decentralized Exchange Review

ZilSwap is an on-chain DEX platform that is built on a scalable blockchain network based in Singapore. It allows for permissionless transactions and is supported by a vibrant community.

ZilSwap overview

Here are the key features of this system:

• Cryptocurrencies supported

Through this exchange, you can effortlessly swap a ZIL or ZRC-2 token for another. Some of the supported tokens include FLAT, SIMP, STREAM, zETH, zWBTC, FRANC, and ZWAP.

• Native token

The native token of this platform is known as ZWAP. It enables stakeholders to participate in the decision-making processes, enacting improvements and developing the platform in a decentralized fashion. This token follows the Lightning Liquidity Mining Programme that rewards liquidity providers and traders with more tokens.

• Funding methods

To conduct trades on this exchange, you must have an adequate amount of coins in your wallet. 

• Wallets supported

Before you can start swapping tokens, it is mandatory to connect your wallet to the exchange. You can use different wallets like ZilPay, Zeeves, and BoltX.

How does ZilSwap work?

You can do the following on this platform:

1. Swap tokens 

Provided there is enough liquidity you can swap one token for another in exchange for a fee. 

2. Supply liquidity

By supplying liquidity to the protocol, you can earn fees and incentives. When you add tokens to a pool, you get a 0.3% share on trades conducted through that pool. Immediately after the completion of a transaction, providers receive the fees. For certain pools, you can earn ZWAP tokens. 

3. Take part in ZILO

ZILO is the Initial Liquidity Offering program of the exchange. Those who hold ZWAP tokens can provide liquidity for new tokens, even before their launch. You need both ZIL and ZWAP tokens and commit them in a 30/70 ratio. After the completion of ZILO, you can claim the allocated tokens and those that were not spent. Since you would be directly committing tokens instead of using an LP token, there is no risk of impermanent loss.

4. Collect NFTs

This DEX platform has its own NFT marketplace known as ARKY. You can discover art collections sorted by collection size, floor price, and trading volume. You can use advanced filters to find the NFTs you are looking for. You have the option of buying an NFT at the displayed price or placing a lower bid.

What can you buy on ZilSwap?

This platform runs on the Zilliqa blockchain network. This is a network that divides its infrastructure into multiple interconnected networks. Therefore, it is able to support high transaction volumes. Some of the most popular tokens available on this exchange include ZIL, MESSI, XCAD, XSGD, FEES, SPW, BLOX, STREAM, and DMZ.

Is ZilSwap safe?

Unfortunately, there is not much information on the security features offered by this platform. The only notable safety feature is the disabling of login via private key. Unlike other DEX platforms, this one has not been audited by trusted third-party organizations.

User reviews

There are no user reviews on the web for this exchange. Therefore, it is clear that not many users are currently using this platform.

ZilSwap fees, compatible wallets, and transactions

For swapping tokens, there is a 0.3% trading fee that goes into the existing pools of the liquidity providers. For the ARKY marketplace, there is a 2% platform fee and a royalties fee of 0% to 8% determined by the creators. You can use wallets like ZilPay, Zeeves, and BoltX on this DEX.

What are the ways to trade on ZilSwap?

To start trading on this exchange, you need to navigate to the Swap + Pool tab. Then, you need to connect your wallet. You should select the token you wish to swap and the one you wish to receive. This will display the Price, the minimum received, the price impact, and the estimated fee. After that, you can confirm the transaction.

Customer support 

This DEX platform does not have a dedicated support team. If you are in need of help, you can check the Help docs or the FAQ section. Alternatively, you can join the Discord group and seek assistance from community members. 

Should you trade with ZilSwap?