Cypherium launches CypherSwap, a cross-chain compatible DEX

By Pavithra R

Cypherium, the enterprise-focused blockchain platform facilitating interoperability between blockchain and central bank digital currency (CBDCs), launched CypherSwap, a decentralized exchange (DEX) harnessing the power of cross-chain compatibility and rendering near-endless liquidity. 

CypherSwap is based on Cypherium public chain, and its ecosystem is mainly composed of two types of users: liquidity providers and traders. Liquidity providers furnish corresponding tokens on the chains of various currencies through the CypherLink protocol. These cryptos are then bought by traders who can exchange coins at a fixed fee of 0.30%. The exchange process is completed via smart contracts within the Cypherium chain.

It automatically matches liquidity providers with liquidity pools bearing the highest interest and allowing them to realize the maximum possible yield. It comes equipped with its own governance token, CypherSwap Token (CST). 

According to Cypherium, CypherSwap removes several limitations offered by other DEXs such as UniSwap. Unlike other DEXs, CypherSwap is not tethered solely to Ethereum tokens. By leveraging the company’s expertise in interoperability, CypherSwap offers a litany of tokens from virtually any blockchain ecosystem, including Bitcoin, ETH, and XRP. 

CypherSwap is making use of the deterministic algorithm “Automatic Market Maker” (AMM) to remove liquidity concerns. AMM provides liquidity regardless of the size of the order book or liquidity pool by gradually increasing prices along with demand. CypherSwap also supports other market makers, such as order book and new market maker mechanism can be added to CypherSwap as a plugin. It also supports trading varieties such as NFT and derivatives. 

“I believe interoperability will be the lynchpin between the cryptocurrency market and traditional finance. CypherSwap enables this kind of interoperability, allowing for far deeper liquidity and accessibility to the decentralized finance sector. By doing so, it will encourage a much broader demographic, far beyond the current niche of the ethereum-dominated DeFi quarter,” said Cypherium CEO Sky Guo.

Founded in 2017, Cypherium is a highly scalable blockchain infrastructure based on hybrid proof-of-work and Byzantine fault tolerance consensus. CypherSwap is expected to launch by the end of 2020, 2–3 months after the launch of Cypherium’s Mainnet scheduled for October 31, 2020.