Low-fee Cross-chain Token Swap Using Anyswap
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The Ethereum-based Uniswap is by far the most popular decentralized automated market maker (AMM) in terms of the trading volume. It is the top gas spender in the Ethereum ecosystem, with almost 7 million dollars in total spent on the gas fee. Despite its popularity, it has become more expensive and restrictive to use. Anyswap is a newly launched open-source swap protocol that aims to provide a cheaper and cross-chain token swap service with better user experience. Anyswap is currently running incentive programs to onboard new users by rewarding users in ANY token, their governance token.
Anyswap is better than Uniswap in many ways. First, Anyswap is much cheaper to use. Uniswap is severely limited by the congested Ethereum network where traders need to pay a high gas price for each token swap transaction. Each Uniswap transaction costs more than $3.50 on average in Aug. The gas fee serves as an obstacle for traders with low trading volume since the gas price is agnostic to the transaction size. The Fusion-based Anyswap provides a low-cost alternative where each transaction costs less than $0.0001.
Second, Anyswap supports cross-chain token swaps. Uniswap only supports the token swap among ERC-20 tokens given the limitation of the Ethereum blockchain. Anyswap facilitates a trustless cross-chain swap using decentralized control rights management (DCRM) technology. This technology enables decentralized cross-chain bridges where users can deposit any coins into the protocol and mint wrapped tokens on the Fusion blockchain in a trustless manner. The DCRM technology supports the majority of blockchains that utilize ECDSA or EdDSA as a signature algorithm, including Bitcoin, Ethereum, Ripple, etc. That means 95% of all tokens can be supported, including BTC, ETH, and any ERC-20 tokens such as USDT. This technology allows cross-chain assets to be traded seamlessly in the Anyswap protocol without any custodial risks.
Third, Anyswap offers sustainable liquidity mining and trade mining rewards to both market makers and takers respectively. Both liquidity providers and traders are rewarded pro-rata in ANY token, Anyswap's governance token. The annual percentage yield (APY) for liquidity mining currently sits at 430%. The incentivized schemes will run for more than 4 years to maintain the sustainable growth of the ecosystem and bring in loyal and active users that utilize the platform and participate in governance via discussion and voting.
Fourth, Anyswap is community governed. Uniswap lacks any governance module, and everyone can list any swap pairs on the permissionless protocol. This often leads to scam tokens flooding the market and discourages novice cryptocurrency traders from using the platform with confidence. Anyswap aims to tackle this issue by giving control to ANY token holders. ANY is the governance token of Anyswap, and holders can vote to decide which token pairs should be listed on the platform.
Anyswap just announced a strategic partnership with Hotbit, a centralized exchange. Hotbit will provide 1 million USD worth of liquidity in Anyswap to facilitate low-slippage cross-chain token swap on the platform. The ANY token is also getting listed on Hotbit. This partnership enables both parties to collaborate in top DeFi projects and the discovery of new and promising DeFi tokens. Any DeFi-related project listed on Anyswap will be given a high priority to get listed on Hotbit.
Anyswap currently supports FSN, ANY, and USDT token, with the support of BTC, ETH, XRP, and LTC coming soon. It is a community-governed one-stop-shop for low-fee and cross-chain token swap leveraging the DCRM technology, a trustless and decentralized protocol on the Fusion blockchain.