Paybswap’s New Token will Help in Developing DeFi Space
The DeFi space is evolving rapidly, but the platforms face various challenges in the process. Not all of them manage to overcome the obstacles. However, Paybswap aims to conquer most of them.
This decentralized application runs on the Binance Smart Chain, as well as Polkadot and Ethereum blockchains. PaybSwap’s basic trading functionality comes from the pankcakeswap codebase. Its users pay fees for exchanges between the paired assets, and this money goes to liquidity providers. The platform also offers its customers liquidity farming inspired by similar projects such as Sushiswap.
Furthermore, PaybSwap takes advantage of cross-chain features to boost trading between assets from multiple blockchains using the Bridge. Building a cross-chain bridge means connecting the Polkadot ecosystem and Ethereum Chain.
PaybSwap Bridge currently supports two types of cross-chain transactions. These are Burn and Mint transactions. The customers can “burn” pegged assets from the selected host chain. After that, they can “mint” the equivalent amount of pegged assets on another host chain.
However, that’s not all. The company is launching the PAYB token today. ICO price is $0.03. According to Paybswap, 400,000,000 PAYB will be for sale.
What are the company’s goals in the near future?
PaybSwap aims to overcome several challenges. The main one is DeFi’s complexity. The existing infrastructure is huge but scattered. The whole ecosystem is so complex that it poses a barrier to entry for a regular investor. PaybSwap prefers to adopt a simple design so that everyday users could easily navigate the platform.
Furthermore, the ecosystem is developing rapidly. It is changing so fast that it’s very challenging catching up with different chains and their improvements. However, PaybSwap’s cross-chain nature makes it possible for users to follow up on these improvements and changes across all three chains on PaybSwap, the central platform.
Higher gas fees are also a problem for many people. The average Ethereum transaction fee has reached unimaginable heights. As a result, the average trader or investor often can’t afford to use the Ethereum network for smaller transactions. That eliminated a lot of DeFi activity for such users. Paybswap tried to change the situation. It offers lower gas fees by connecting to DeFi projects on the Polkadot ecosystem and Binance smart chain.
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