Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Emiswap distributed 15k ESW tokens, Targeting $100 Million TVL by rewarding Liquidity Providers with Magic Card NFTs

CryptocurrencyMay 31, 2021 07:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Emiswap distributed 15k ESW tokens, Targeting $100 Million TVL by rewarding Liquidity Providers with Magic Card NFTs

Emiswap distributed 15k ESW to new community members, a recent update reveals.

The protocol is the first Automated Market Maker (AMM) DEX with NFTs incorporating the ESW token to compensate for Gas fees. The campaign attracted over 10,500 entries, highlighting the popularity of DeFi and how participants yearn to trade and invest cheaply.

The Gas Problem in DeFi
In Early May 2021, the average Gas fees in Ethereum rocketed to over $69.

It meant a poor user experience, discouraging DeFi users from posting transactions since they had to pay more. Unlike simple on-chain transactions, DeFi swapping or staking, for instance, involves the deployment of complex smart contracts. The more complex a smart contract, the higher the fee.

At peaks, opening and exiting positions in a swapping operation was upwards of $100.

What is Emiswap?
Emiswap describes itself as an ecosystem of meaningful interactions that integrates NFTs and gamification. The solution is the first DEX in the broader EmiDAO ecosystem that is first launching on the Binance Smart Chain (BSC) platform.

The BSC is a product of Binance, the world's largest exchange by client count. Differentiated from Ethereum, BSC is interoperable, scalable, and is cheaper to transact in. The integration of NFTs and gamification in a DAO-powered ecosystem makes Emiswap more interactive.

Emiswap AMM uses Moonswap
At the center of their AMM and swapping operations is Moonswap that has virtual balances. The protocol is an improved version of mechanisms priming Uniswap v2.

Accordingly, Moonswap, unlike competing AMM iterations, safeguards against front-running. Out of this, liquidity providers (LPs) won't forfeit benefits from brief periods of market slippage. At any time, LPs will capture profits that would, in other AMM systems, have gone to arbitrageurs.

As such, Emiswap, because of their use of Moonswap, can effectively maintain most of their slippage revenue within the pool due to their virtual balances that automatically balance for different swap directions.

The Bonus System for Early Swappers and Liquidity Providers
To incentivize participation, Emiswap has a bonus system for adopting liquidity providers. At the same time, it shall compensate 100 percent for Gas fees paid for any operation on its exchange using ESW token.

The first liquidity providers stand to earn 10X rewards from the 11th to the 100th day after launch. 30k ESW is proportionally distributed among LPs for one million DAI trading volumes. Meanwhile, swappers will receive 16 ESW for every personal turnover above 1,000 DAI.

Running concurrently will be another reward system. Between the 11th and the 40th day after launch, Emiswap will distribute an additional 6,150 ESW tokens after every 1k blocks to liquidity providers proportional to the amount staked.

NFTs and Magic Cards to Reward Liquidity Providers, Emiswap Targets $100 Million TVL
Emiswap also has an NFT program using Magic Cards. Through these non-fungible, non-exchangeable items, users can farm, sell, or use them to fight in tournaments. Receivers of these cards automatically receive a yield-boosting benefit.

It is a gamified feature with practicality that makes Emiswap a blockchain entertainment center, encouraging interactions.

In their plans of growing their TVL, Emiswap is centering NFTs at the center of their efforts. Liquidity providers who help the project cross every key milestone are rewarded with Emiswap's limited-edition NFT Magic Cards.

There will be six categories of Magic Cards with varying rarity. For instance, there is only one mythic card, 40 Epic cards, and 500 ordinary cards.

The protocol plans to release 100 cards (1 Legendary, 4 Epic, 15 Rare, 30 Uncommon, and 50 Ordinary) in limited edition once every $10 million milestone is reached.

Continue reading on BTC Peers

Emiswap distributed 15k ESW tokens, Targeting $100 Million TVL by rewarding Liquidity Providers with Magic Card NFTs
 

Related Articles

Senator Cynthia Lummis excited to buy the Bitcoin dip
Senator Cynthia Lummis excited to buy the Bitcoin dip By Cointelegraph - Jun 23, 2021

United States Senator Cynthia Lummis, a Republican from Wyoming, took advantage of a deeply discounted Bitcoin (BTC) price this week by adding to her holdings. In the wake of yet...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email