DeFi project KingSwap migrates from Uniswap
The decentralized finance [DeFi] ecosystem has been booming. Its total market capitalization has reached $17.662 billion, while Ethereum’s market cap has been close to $53.994 billion, at press time. DeFi market cap is over 30% that of Ethereum and it does not seem to stop here.
Many projects have contributed to the growth of DeFi and Uniswap has been one of this. A protocol on Ethereum for swapping ERC20 tokens without the need of buyers and sellers to create demand, Uniswap has been the most sought-after crypto exchange. It has also been responsible to provide a platform for new projects.
Today, KingSwap, a high-yield liquidity platform completed the migration from Uniswap to its own liquidity and farming pools. As the project was listed on Uniswap, it garnered $4 million in transaction volume. However, the project has moved to create its own ecosystem and offered extensive staking rewards, digital collectibles, and fiat conversions. An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards, noted the press release shared with AMBCrypto.
According to KingSwap advisor Malcolm Tan, the team has been looking forwards to build upon NFT launched and enhancing their platform in the coming weeks. Based in Singapore, KingSwap has been the first regulated DeFi project.
Uniswap provided a platform for such new projects but has been now stumbling. As its UNI farming ended on 17 November, the total value locked in Uniswap jumped from $2.718 billion to $1.29 billion. Since its launch in September, the exchange had been operating four liquidity pools, with each amassing 583,333 UNI every week. With the incentives ending, it was important for the team to communicate with users to remain on the exchange. Currently, it lacks direction to move forward and with the end of farming, it will be crucial for the team to figure out the path ahead.