Mistswap Decentralized Exchange Review

Mistswap is a DEX platform based on the popular SushiSwap exchange. It is the premier DeFi platform of smartBCH that lets you trade, launch, stake, farm, invest, automate, and build. The team aims to build tools that enable people to interact without borders or permissions. We don’t know when the platform was launched or where the parent company is based.

Mistswap overview 

Here are the key features of the system:

• Cryptocurrencies supported

Mistswap is a non-custodial exchange that does not hold any of your tokens. It is also an automated market maker that lets you swap tokens like BCH, 1BCH, AKITA, ARG, ART, AWE, AXIEBCH, BCHDAO, BPAD, BURN, etc.

• Native token

The native token of this platform is known as Mist. By staking this token, you get xMist tokens that give you voting power. It lets you create proposals that the community members vote on.

• Funding methods

To conduct swaps on this exchange, you need to possess tokens in your wallet. If you don’t have enough, you need to purchase them from another exchange for fiat currency.

• Wallets supported

Before you can swap tokens on this platform, you need to connect your wallet. At this moment, it only supports Metamask and desktop wallets supported by WalletConnect.

How does Mistswap work?

Mistswap allows for the following:

1. Trade tokens

On this DEX, you can conduct trustless, peer-to-peer transactions with liquidity supplied by other users. This allows new projects to effortlessly connect to their desired markets as long as someone else provides the liquidity. 

2. Pool tokens in liquidity pools

By adding liquidity to liquidity pools, you can conduct trades in a decentralized fashion. To pool liquidity, the amount supplied by the user must be equally divided between two coins, known as the primary token and the base token. Liquidity providers receive MLP tokens that represent a proportional share of the pooled assets. You can reclaim the funds whenever you wish.

3. Yield farming

There are two types of yields available on this platform, namely Protocol usage, and Network tokens. Once you find a token pair that you wish to hold, you can use it to stack two types of yield. Usually, the pairs require BCH and a second token. After supplying liquidity, you can deposit the MLP tokens into a yield farm to earn MIST.

4. Use the bridge for conversion

The Mist Bridge lets users convert easily from popular crypto coins to and from smartBCH. Depending on the asset that is utilized, you are charged a fee for each transaction. 

What can you buy on Mistswap?

This DEX platform is based on smartBCH. This is a sidechain of Bitcoin Cash offering maximum throughput for DApps in a fast, secure, and decentralized manner. Some of the tradeable tokens available on this platform include flexUSD, WBCH, MIST, JOY, sBUSD, GAME, WBCH, LAW, HAM, CATS, DAO, ARG, SPICE, etc.

Is Mistswap safe?

Changes made to the system are controlled by a 3-day time lock, thus delaying admin actions. The smart contracts of the platform have been audited by Certik and 0xGuard.

User reviews 

At this moment, there are no reviews for this DEX on third-party websites.

Mistswap fees, compatible wallets, and transactions 

There is a 0.3% fee applicable for each trade, from which 0.25% goes to the LP pool. For Bridge transactions, users are charged 0.1%-1.1% per transaction, depending on whether BCH, smartBCH, or another asset is utilized. Apart from Metamask, you can also use WalletConnect compatible systems like KryptoGO, Keyring Pro, RICE Wallet, Ambire, SecuX, Wallet 3, Infinity Wallet, Tokenary, and Ledger.

What are the ways to trade on Mistswap?

Once you have linked your wallet, you can head to the swap page. Here, you can select the token you wish to swap and the one you wish to receive. You have the option of adjusting the slippage tolerance and transaction deadline.

Customer support 

There is no dedicated support team for this exchange and the vendor has not shared any contact information. If you need any help, you can consult the docs section. 

Should you trade with Mistswap?