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We would like to thank our community for supporting beta testing of FuseSwap during the month of November and helping get it ready for general use.
As explained in a previous blog post, FuseSwap is a fork of the Uniswap protocol which has been a game changer for the decentralized exchange space over the past 2 years. The advent of automated market making and liquidity pools that allow tokens and communities to build on top of that liquidity without dealing directly with centralized exchanges and with relatively low entry barrier. This was a requested feature for communities created on Fuse to tap into this liquidity but without exposing users to gas fees or long verification times. This is why we created FuseSwap.
Fuse Bridge
Among the most exciting features that come with FuseSwap is the bridge. This allows anyone who wants to move ERC20 tokens between Fuse Network and Ethereum main net to do so!
The process for transferring tokens from Ethereum to Fuse is simple:
- Connect to FuseSwap using wallet on mainnet Ethereum (in MetaMask for example).
- Click on “Select a Token” and enter an amount.
- Click “Transfer”.
- See this guide for a step-by-step walkthrough with images.
It’s that simple. The protocol is also designed to check if you have FUSE on your wallet on Fuse Network. If the balance is 0 then, for a limited time, you will be gifted with a small amount of Fuse in order to be able to transact for free on the network.
Best StableCoin experience on mobile
A key use case for the team when deciding to launch FuseSwap was providing US dollar stable coin exposure and other major currencies to people and communities that are in parts of world that suffer from high inflation. We see stable coins as an important innovation that have, in the past couple of years, gained a lot traction outside of the day trading community. The team is currently working on integrating FuseSwap liquidity and functionality into our mobile app to provide a seamless experience for trading crpyto assets right from the phone without needing to deal with Metamask or other other tools which cause friction.
Liquidity Pools
Liquidity is, of course, what makes AMM protocols like FuseSwap work. The more liquidity the more powerful the tool becomes as users are able to exchange tokens freely on more and more pairs with minimum slippage.
Currently, there is around $30,000 of liquidity on FuseSwap on various different pairs with a focus on WETH (wrapped Ethereum), USDC, DAI and USDT. Some of this liquidity has been provided by Fuse foundation whilst some has also been provided by community members and partners.
Buying FUSE on FuseSwap
Liquidity support for FUSE has also been made available on FuseSwap, allowing users to transfer ERC20 assets over using the bridge in order to purchase FUSE directly on Fuse network. This is especially important for users who plan to delegate staking to one of our validators.
Providing Liquidity
The “Pool” functionality is for anyone wishing to provide liquidity on FuseSwap whether it is for existing pools such as the USDC/USDT pair or to provide liquidity for a token that is, for example, new to Fuse Network.
In order to provide liquidity for a pair:
- Go to “Pool”.
- Choose the two assets.
- Enter the amounts ensuring a 50:50 value ratio.
- Click “supply”.
- See this guide for a step-by-step walkthrough with images.
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Thanks to Isaac Rodgin
