07 October 2020 13:58, UTC

Anna Martynova

The Zilliqa community celebrates the launch of the first decentralized blockchain exchange called ZilSwap. ZilSwap DEX was built by the Switcheo team with the main goal of bringing Zilliqa into the world of decentralized finance. The Switcheo team also provided a roadmap for ZilSwap in which they outlined their primary goal of transferring control of the ZilSwap DAO controlled through the ZRC-2 governance token.

The launch of the decentralized exchanges such as UniSwap, SushiSwap and JustSwap has had a positive impact on the respective blockchains. In the case of Ethereum, the use of UniSwap and other DeFi protocols resulted in a $109 mln increase in ETH transaction volume in the third quarter of 2020. Similarly, the launch and use of JustSwap resulted in a 2.57% increase in transaction volume on the Tron network in the third quarter of this year. The value of both ETH and TRX has grown due to increased network activity thanks to DeFi.

The same positive benefits are expected to appear in the Zilliqa ecosystem as ZilSwap gains momentum in the ZIL community.

Image courtesy of Digital Market News

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