For many years, Ethereum has been the leader and go-to platform for building decentralized applications (Dapps). However, recently the platform has been plagued with slow transaction processing and high fees. Because of these challenges, some other blockchain platforms have been created to serve the same purpose as Ethereum, while offering better features for users.
Polkadot is one such new blockchain protocol that has been created as an Ethereum alternative and a better platform for building Dapps.
The development of Polkadot has taken the market by storm, with many projects being built on the platform due to its numerous benefits. Polkadot has relatively faster transaction speeds with lower costs and is highly scalable as compared to Ethereum. However, Ethereum has a larger user base and considerably higher adoption rates. With these two protocols seemingly in competition, the creation of another platform that merges them into a unitary seamless ecosystem is a milestone in itself.
Polkaswitch has taken up this challenge and is doing well thus far.
What is Polkaswitch?
Polkaswitch is a decentralized cross-chain liquidity protocol built on Ethereum and Polkadot blockchains seeking to enable traders to capture value across these chains and provide frictionless liquidity for all assets. Polkaswitch uses smart algorithms, contracts and bridges to facilitate the most ideal trades across top decentralized exchanges with the objective of bringing benefits to its users with low fees and best token prices.
Polkaswitch is looking to enhance the overall DEX marketplace by encouraging the utilization of both Ethereum and Polkadot instead of competition between the two. The project is created with users in mind, because by synthesizing the difficult chains, it will create the best user experience while incorporating everything under one protocol.
The change that is Polkaswitch
Decentralization has created many platforms and although it is a good move, it has resulted in so many DEXs such that users can easily be overwhelmed. More especially those new to cryptocurrency trading. Each DEX has its own features hence different liquidity, slippage and varying prices for each token.
Going from one DEX to another to check these metrics, or resorting to internet data to get this information can be time consuming and cost a trader profits in the long run. The aggregation of this information in a single platform eliminates these challenges, changing the way traders operate.
Through Polkaswitch users can easily find information like the price of a particular token on each exchange as well as the DEX with lowest slippage. This equips the trader with sufficient information to make decisions with the assurance that it is from a solid and reliable source.
Polkaswitch has aggregated DEXs from Ethereum and Polkadot hence users have more options to choose from. As such, the platform gives users power and knowledge, enough to trade as well as earn from their activities without incurring any additional costs. Through this, the operations of DEXs are being changed for the better, without necessarily introducing a competing factor.
The promising future for Polkaswitch
For a platform that is in its infancy, Polkaswitch has shaken up things in the industry. The project’s publicity has resulted in newsworthy headlines, partnerships and one of the largest private fundings of the year. The $3 million funding from several venture capital investment firms has shaped the platform’s direction and added to its initial success. This accomplishment by a new project in the market is an indication of individual and institutional support and their belief in the platform’s ability to deliver on the set goals. With these partnerships, Polkaswitch is set to create a protocol that will serve users and introduce new features that will benefit DEXs and other associated platforms.
Polkaswitch is allowing DeFi traders a platform like no other that supports a broad range of token types. This has greatly expanded the available market and increased liquidity as well as trading volumes. Previously, the available DEX aggregators were predominantly ERC-20 based and could only connect liquidity pools on Ethereum. As a result, traders had to use aggregated centralized exchange (CEX) platforms to access a full range of tokens, beating the purpose of the DeFi platforms.
For this reason, Polkaswitch has solved a huge challenge in the market and created an avenue for DeFi traders to have access to more tokens and increased liquidity. This presents the possibility of attracting a huge user base, as the challenge of using CEXs has been eliminated by Polkaswitch.
Although a lot of crypto traders have migrated from CEX to DEX, there are still challenges even with these decentralization features. With the introduction of Polkaswitch, traders, whether amateurs or pros, have the opportunity to trade more tokens, compare prices across different exchanges, and use less fees and time to make a trade. Therefore, Polkaswitch has eliminated the uncertainties associated with trading in decentralized platforms.
The platform is working on a friendly user interface that promises a traditional trading experience with all information such as charts displayed, but with a decentralized twist. With such features, the project is expected to attract a lot of users seeking a simpler trading time. As such, Polkaswitch will change the playing field for DEX and trading on these platforms.
There are numerous developments lined up for Polkaswitch, with upgrades as well as new added features. With a strong development team with the support of investors and partners, the project is set to meet set deadlines and provide the market a quality product that will face little to no competition for a long period.
In order to stay informed about the developments going on in Polkaswitch, follow its platforms below:
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