SokuSwap, a decentralized exchange that lives on both the Ethereum network and the Binance Smart Chain, has added new features to its decentralized exchange (“DEX”), the world’s only multichain DEX. The exchange offers a unique combination of automated market maker (“AMM”) smart contracts, limit orders, staking pools, farms, a token swap, fiat currency onboarding and live chat for assisting new users. The company announced that is prepared to onboard new DeFi and web3 enthusiasts and has created a welcoming and helpful community, high APR pools and farms, and excellent functionality for experienced traders. Both the platform and community is decentralized, and community members from around the world self-moderate, creating an atmosphere that enables new users to thrive and encourages productive communication. A SokuSwap website is available to help new users set up so they can begin trading on the DEX.
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SokuSwap uses automated market maker smart contracts to create liquidity pools of both ERC-20 tokens and BEP-20 tokens. This allows users to trade using an algorithm versus an order book used on conventional exchanges. Prices are determined using the formula x∗y=k; any number of X tokens and Y tokens are in an equation to always maintain the invariant that x∗y=k for some constant k. This ensures reserves stay in relative equilibrium. SokuSwap reserves are pooled among liquidity providers that supply the exchange with tokens in exchange for a share of the transaction fee. SokuSwap utilizes registry contracts to facilitate an exchange between different currencies. The system mechanics ensure trades between cryptocurrencies are based on their relative supply. The platform is easy to use, supports privacy and offers lower gas fees than most exchanges. SokuSwap is designed for traders and performs exceptionally well as a component of other smart contracts that require guaranteed on-chain liquidity. The SOKU token also functions as a decentralized governance token that allows holders to vote on upcoming upgrades. SokuSwap is a decentralized exchange made for the people, run by the people and governed by the people. Holders have the ability to vote on what changes/upgrades they think the team of developers should make first. For more information, please visit www.SokuSwap.org.
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