What is Kanaswap?
Kanaswap is one of the largest decentralized exchange which facilitates the swapping of Cryptos, NFTs etc. Built on Solana Network, it is one of the fastest and cheapest DEX which ensures low gas fees and high speed transactions.
The main vision of Kanaswap is that its users should be able to swap anything that is related to crypto. It will initially work as an automated market maker (AMM) which will be used to swap Solana tokens and then will be upgraded to include tokens in other networks like Ethereum with NFT swap also in the pipeline.
Why Solana Network?
There has been a potential growth in the DeFi field for the past few years and this growth is expected to continue in the coming years too with the DeFi field not only growing vertically with volumes increasing but also horizontally as more blockchain networks coming in. Over the last few years, most of the DeFi growth has been in the Ethereum network so far. But the scenario has been changing now. The market has been witnessing the steady emergence of Solana, Binance Smart Chain and others inside the market. They have also been competing with Ethereum for their own market share.
But why did we specifically choose Solana to build our DEX? Why Solana is considered to be the Ethereum Killer? Simply because of its speed and fees. The Solana network has the capacity to process 50,000 transactions per second which is currently lacking in Ethereum network and also the gas fees is less than 1% of the gas fees in Ethereum network which makes it highly viable in the DeFi space.
After considering all these factors and potential of the Solana blockchain we have chosen to build our platform in Solana Network.
Why Kanaswap?
Ø Coin/Token Swap
This is the very basic functionality of Kanaswap DEX where the users will be able to swap their SOL-based tokens with each other through the liquidity pool. One major advantage of swapping in Solana is that the swap would be faster with lower gas fees when compared to other networks.
Ø Cross-Chain
Cross-chain interoperability/exchange/swap is one of the most difficult challenges which the blockchain industry is facing right now. To combat this, in the recent months, many third party EVM solutions are emerging. These EVM solutions would be providing the EVM functionality within the Solana network. This is by far the most-efficient solution to cross-chain interoperability till date and Kanaswap would be working with these third parties to bring in highly efficient token swaps between Ethereum and Solana initially and other networks would be added in the future.
Ø Mobile Wallet & DEX
Presently, Solana doesn’t have a mobile wallet. Except for 1inch DEX on Ethereum that has an iOS version, none of the other DEXs have a mobile version as yet. The mobile app is aimed to simplify and remove the complexity that is seemingly believed to be around the DEX and make it more accessible to a lot of mainstream users.
We at Kanaswap will be building a mobile app which will be integrated with Kanaswap in the first phase and other DEXs in the future so that the users would be able to store their crypto assets and would also be able to swap them in an easy and user friendly way.
In future, the swapping would be cross-chain and include NFTs as well.
Ø Farming
Kanaswap will issue a liquidity provider (LP) token to track what percentage of the pool the owner of this token represents which will directly track his/her contribution to the pools. And for certain pools, these tokens can be farmed to return additional Kanaswap tokens as rewards.
Ø Decentralised Derivatives
Derivatives on DEXs is going to be the next dominant theme in the DeFi space. But, the current development of these decentralised derivatives remain at a halt due to the heavy gas fees and lower speed. And, most of the DEXs are now placed at Ethereum network.
Now, with the emergence of Solana & with its high transaction speeds, decentralised derivatives are taking over the centre stage & Kanaswap will be focusing more on building and expanding on this product in a very strong and dedicated manner as this would be a very big platform for HNIs and institutional investors.
Ø NFT Swapping/Fractionalisation
In Kanaswap, the main aim is to make the NFT ecosystem more accessible to a lot of users and not to be a domain for a few rich users as it is presently. Currently many wrapper protocols for NFTs are being tested. And, we will be making use of those protocols to bring in NFT swapping and fractionalisation to facilitate our clients & to make the swapping much simpler.
Ø Staking
In Kanaswap, one can stake their token and earn huge rewards daily.
Going Live Very Soon!
Kanaswap will be launched very soon. Purchase our tokens and enjoy the benefits of;
Ø 50% discount on exchange fees
Ø Bonus Airdrops
Ø Earning from Kanaswap revenue
Get ready for the biggest decentralised exchange launch! Stay tuned to get more updates very soon.
