What is XSwap? Information about XSWAP Token

What is XSwap?

XSwap is one of the first cross-chain protocols developed by Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Additionally, XSwap is an official member of Chainlink’s BUILD program, the leading Oracle platform in Web3 today.

XSwap plays a central role, promising flexible cross-chain liquidity movements.

Related: What is Chainlink? Information about LINK Token

XSwap Products

XPay

XPay is a powerful payment tool designed to simplify cross-chain transactions. Built on Chainlink’s CCIP, XPay ensures maximum security and easy integration across multiple blockchains.

XPay enables one-click token purchases and cross-chain swaps, making it easy for users to buy in-game tokens directly from the website or app. This simplifies marketplace transactions and enhances the user experience in the gaming world.

XPay helps DeFi protocols introduce cross-chain swaps, expanding their target audience and increasing liquidity. This innovative payment tool facilitates smooth onboarding and creates new revenue streams.

XPay enables the tokenization and trading of real-world assets across different blockchain networks. XPay ensures secure and efficient transactions, making the integration of real-world assets into the blockchain ecosystem smoother than ever.

Bridge & Swap

With XSwap, users can perform token bridging and swapping, connecting native assets across different blockchains. These features aim to simplify the inherent complexities of cross-chain transfers and connectivity, promoting a more flexible and interconnected decentralized ecosystem.

Currently, XSwap’s Bridge feature supports networks like Ethereum, Base, Arbitrum, Optimism, Polygon, Mode, and Avax. In the future, the network will expand to support additional blockchains.

You can transfer USDC on the Ethereum network to USDT on the Binance Smart Chain (BNB). With XSwap, you can directly swap USDC for USDT or bridge USDC tokens to their equivalent representation on the BNB chain, depending on your needs.

In addition to these features, XSwap offers a point accumulation system to receive airdrops when using XSwap services.

Key Highlights of XSwap

• First Mover Advantage: XSwap is proud to be one of the first platforms leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This pioneering step sets XSwap apart from other DeFi platforms and positions it to become a leader in cross-chain swaps.
• Chainlink’s Technological Backbone: Chainlink, renowned for its decentralized oracle network, introduces CCIP as a breakthrough in blockchain interoperability. CCIP is designed to optimize and simplify the movement of assets across diverse blockchains.
• Enhanced User Experience: With XSwap powered by CCIP, users can expect a streamlined and user-friendly experience, reducing complex transaction steps and wait times.
• Ease of Integration: XSwap offers a range of tools allowing third-party projects to easily integrate cross-chain liquidity movements. This innovative approach transforms single-chain applications into cross-chain message handling applications effortlessly.
• Broadened Accessibility: With the rise of DeFi, many users spread their assets across various networks. XSwap’s integration with CCIP ensures that users can effortlessly access and move their assets, expanding the scope of decentralized finance.
• Security and Trust: Combining XSwap’s inherent security features with Chainlink’s robust CCIP protocol ensures that users’ assets remain safe during swaps, minimizing the risks commonly associated with cross-chain transfers.

Team

Updating…

Investors

XSwap has successfully raised about $3.6 million through token sales. Some of the investors who have funded XSwap include P2 Ventures, ZBS Capital, MH Ventures, etc.

What is the XSWAP Token?

Basic Information about XSWAP Token

• Token Name: XSwap
• Token Symbol: XSWAP
• Blockchain: Ethereum
• Smart Contract: 0x8Fe815417913a93Ea99049FC0718ee1647A2a07c
• XSWAP Price: $0.045
• Market Cap: $4.14 million
• Fully Diluted Valuation: $15.84 million
• Total Supply: 347,960,272 XSWAP
• Max Supply: 350,000,000 XSWAP
• Circulating Supply: 90,929,876 XSWAP (as of 19/8/2024)

XSWAP Token Allocation

• 5% – Private: TGE: 15%, Cliff: 1 month, Vesting: 16 months
• 8% – Public:
  • IDO: TGE: 50%, Vesting: 1 month
  • LBP Launch: TGE: 100%
• 20% – Ecosystem: TGE: 0%, Vesting: 24 months
• 23% – Operational: TGE: 0%, Vesting: 18 months
• 12.5% – Marketing: TGE: 5%, Vesting: 18 months
• 9.5% – Advisors: TGE: 0%, Cliff: 6 months, Vesting: 18 months
• 5% – Liquidity: TGE: 100%
• 2% – Airdrop: TGE: 50%, Vesting: 1 month

XSWAP Token Release Schedule

The XSWAP TGE date is 6/5/2024. According to the token allocation, all tokens will be unlocked after 24 months.

What is the XSWAP Token Used For?

• Staking: Users can hold XSwap tokens to earn rewards in the form of additional XSwap tokens.
• Buy & Burn: XSwap intends to repurchase its tokens on the secondary market and burn them, reducing the overall token supply. This strategy aims to control inflation and increase the value of tokens held by investors.
• DEX Tax: 0% buy, 2% sell. All tokens collected through tax are automatically burned, introducing further deflationary pressures.

Currently, XSwap has burned about 2 million XSWAP tokens.

Where to Trade XSWAP Tokens?

Currently, XSWAP is being traded on exchanges such as Gate.io and MEXC.

Trade XSWAP on Gate.io Here!!!

Roadmap

Phase 1 Q1 2024

• Smart contracts for connecting DEXes cross-chain with CCIP
• Bridge and Swap platform for users
• Support for executing contracts on the destination chain
• Custom swap route support with main route splits
• Integrate multicalls for smart contracts on the destination chain

Phase 2 Q2 2024

• SDK release
• Instant cross-chain swaps
• XSwap widget implementation

Phase 3 Q3/Q4 2024

• Non-EVM ecosystem integration
• XSwap Payment Tool integration in numerous Web3 projects

Personal Opinion

I highly appreciate this project for two factors:

• Product: In addition to basic products like Swap and Bridge, XPay is a breakthrough product from the project. The point accumulation mechanism for airdrops is also an advantage to attract users.
• Revenue: The revenue comes from transaction fees, part of which is used for token burning, and they have already burned 2 million tokens.

However, I don’t highly rate the other factors.

Conclusion

AZC.News has introduced readers to what XSwap and XSWAP Token are. If you have any questions, please leave them in the comment section!