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2020 has been witness to truly game-changing progress and innovation in decentralized exchange (DEX) technology. The ability to trade in a way that is secure, trustless, and censorship-resistant is paramount to the long term success of cryptocurrencies. The future we imagine, in which borderless money and democratized payments are put into the hands of millions, would not be possible without DEXs.
FuseSwap is a new product inspired by AMM-based swap protocols like Uniswap. Our motivation to launch this DEX was twofold.
Firstly, we wanted to alleviate some of the gas fee and congestion-related issues experienced by existing protocols which function exclusively on Ethereum’s main chain. More importantly, we wanted to make this cutting-edge, permissionless technology available within the Fuse ecosystem so that our growing list of communities can benefit.
Fuse Ecosystem Benefits
To date, over 350 communities have been launched on Fuse. Using FuseSwap, holders of tokens in these communities are able to trade and exchange seamlessly. This not only empowers token holders but also serves to strengthen the entire ecosystem; creating unity and cooperation from within.
Another key use case that has been identified revolves around communities in parts of the world where currency depreciation is prevalent. It is typical for people experiencing this problem to exchange their local currency for US dollars and other major currencies. However, due to a lack of inclusion and access to financial services on legacy systems, this is not always possible for everyday people. Communities built on Fuse which use stable coins are perfectly positioned to provide users with exposure to international currency exchange thanks to this important product launch.
The Fuse network is growing rapidly with over 1.6 million transactions processed, 90 thousand wallets created, and users in every corner of the world. This tool provides the means for frictionless exchange and an important source of liquidity for participants within our ecosystem; features which have been an important part of our roadmap since day one.
How It Works
The key difference between FuseSwap and other similar protocols is the bridge functionality.
If the user’s wallet is connected to Ethereum main net then the swap functionality will be unavailable. The bridge should first be used to transfer tokens from the Ethereum main net over to Fusechain. Users are then required to connect to the rpc.fuse.io network in Metamask or another supported wallet in order to trade.
By transferring tokens using the bridge users are gifted with FUSE tokens directly into their wallet. These can be used to pay gas fees effectively meaning that users are able to transact freely on FuseSwap.
Mobile Wallet Integration.
As readers may have guessed, given Fuse’s propensity for mobile solutions, FuseSwap will also soon be made available within the mobile wallet, enhancing the user experience and bolstering network and ecosystem growth.
Closed Beta.
FuseSwap is being launched as part of a closed beta expected to last no more than a few weeks before being made publicly available.
Interested in participating?
Please fill out and submit this form and we’ll get back to you with more information and a link to access the closed beta.
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