[PRESS RELEASE – BVI, British Virgin Islands, February 23rd, 2024]

Polkaswap upgrades to a hybrid exchange by launching a fully decentralized on-chain order book that will function alongside the established AMM swap. This sets a new standard in decentralized finance by offering a comprehensive view of market liquidity, real-time updates, and advanced trading strategies.

The decentralized, on-chain order book is at the heart of this transformation—a cutting-edge system that records every order and transaction directly on the blockchain. This system matches trading orders directly, offering an experience similar to traditional financial markets while operating entirely on-chain.

The on-chain order book facilitates a familiar and direct trading environment for users accustomed to centralized exchanges. This is a significant user experience upgrade, as many people have turned to DEXs within the last year. Major events such as the collapse of FTX, a centralized finance giant, have significantly impacted the cryptocurrency landscape, as many people could not withdraw their assets from centralized exchanges. As a result, there has been a notable surge in DeFi exchange trading volumes and a rising demand for self-custodial solutions, marking a pivotal shift towards decentralized finance for many crypto users.

For most people, trading on a DEX was perceived as a different experience than a CEX. This is why improving DeFi services and facilitating user interaction is important. Therefore, Polkaswap’s Order Book launch aims to elevate the user experience in the decentralized sphere, offering benefits such as anonymity, decentralization, and unrestricted global access unlike anything a centralized exchange could ever offer.

Polkaswap stands out for its robust security through decentralized control of private keys, ensuring users manage their crypto assets. This emphasizes the importance of self-custody, enabling direct control of digital assets and protection from the vulnerabilities of centralized exchanges. Polkaswap drives transparency and efficiency in trading by offering smart liquidity routing for the best prices across multiple liquidity pools.

By prioritizing user privacy and operating without KYC, restrictions for a broader user base are removed. This way, Polkaswap opens opportunities for people who value freedom or have limited access to traditional trading avenues.

Additionally, Polkaswap leans on SORA’s decentralized on-chain governance system, allowing the user community to add trading pairs through governance. Polkaswap also explores innovative trading options, including pairs with synthetic assets for FX-type trading, further diversifying its ecosystem.

All these features bring further innovation to the advanced Polkadot ecosystem, kicking off an amazing start of the year after SORA secured a Polkadot Parachain. The Polkaswap DEX is a SORA network community-driven project, and SORA is a community-first ecosystem built with Polkadot (Substrate) blockchain technology. Community members, contributors, and builders are key stakeholders in SORA. The upcoming SORA Card launch will connect Polkaswap and the SORA network to a TradFi neo banking suite with IBAN and debit card features to further enhance user experience and opportunities.

Stefan, one of the contributors to Polkaswap, shares: “We are excited to unveil a game-changing feature: a fully decentralized on-chain Order Book. Polkaswap is not just redefining cryptocurrency trading but crafting an experience that blends innovation and decentralization seamlessly. Join us on the journey to reshape your trading strategies and embrace a future where every order is a step toward financial freedom. Polkaswap is where innovation meets your trading aspirations.”

Polkaswap is a SORA community-maintained project under constant development and improvement, and efforts are underway to enhance the overall experience with notable advancements on the horizon. Upcoming Order Book features include enhanced customization options, a mobile-friendly UI, improved liquidity aggregation, and the addition of trading reports available as CSV files to facilitate tax declaration. Additionally, introducing several order types is under consideration, further broadening Order Book’s functionality and user accessibility.

About Polkaswap

Polkaswap is a next-generation, cross-chain liquidity aggregator DEX protocol for swapping tokens based on the Polkadot (and Kusama) network(s), Parachains, and blockchains connected via bridges. Through the development of bridge technologies, Polkaswap enables Ethereum-based tokens to be traded. This is done seamlessly, at high speed and low fees, while exchanging assets in a non-custodial manner on the SORA network.

Polkaswap utilizes liquidity aggregation technology to trade against multiple sources, promising to solve critical problems AMM DEXs faces, such as impermanent loss and pair fragmentation; additionally, it includes an order book for advanced trading. As an open-source project, it allows the community to add more liquidity sources, enhancing its potential. Polkaswap is the first cross-chain, fully decentralised exchange interoperable via bridges with Polkadot, Kusama, and Ethereum, with Bitcoin and various EVM-based ecosystems coming soon.

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Contact

Director
Beno Van Gansen
[email protected]