KingSwap, a DeFi project with a regulated platform token, which has its core liquidity pool platform with fiat off-ramp conversion capabilities, is ready to address the progress of their technological development and its stages. Officials say the project is on track, has met most major milestones, and has already developed many features that support and power the KingSwap business model.
The platform shifted its mainnet to layer two implementation with the aim of helping the community to reduce their gas fees on the platform.
The KingSwap Tech Team has now completed the following:
- Revamped KingSwap Exchange with new UI/UX
- NFT collectibles
- Layer 2 implementation and XDAI bridge
- XDAI exchange and swap platform
KingSwap had also transitioned to a full-scale deployment that allowed token holders to swap limitless amounts of their old $KING tokens from April 17-25. Read more about the token swap here.
KingSwap also outlined their plan to improve the user experience of the KingSwap browser and KingSwap Exchange.
KingSwap’s upcoming plans include:
- Revamp of the KingSwap website with new UI/UX
- Farming pools on xDai
- Partnership farming pools on xDai
- Raffle draws
- NFT raffle draws on xDai
- Token staking on xDai
- Dex aggregator
- NFT marketplace
KingSwap is looking for more developers to join the team.
Together, the new KingSwap team will continue working to forge ahead and bring the KingSwap project to greater heights. KingSwap looks forward to providing tech updates to you as they progress.
Layer Two Implementation Progress
KingSwap’s Layer 2 Implementation will:
- Reduce the costs of interacting with the network by reducing gas fees and aligning incentives across all participants.
- Improve collaboration and move forward to a HyFi (hybrid finance) platform. KingSwap aims to facilitate joint initiatives, like interfaces with combined CEX platforms like Bitmart and Hotbit, which will improve protocol development, shared community resources, and insurance pools. Extensive progress has been made by members of KingSwap towards researching mechanisms that can accomplish all of the above on-chain.
- Establish a robust network moat on co-beneficial grounds, reducing the likelihood of the network being forked. The software can always be copied, but decentralized ecosystems such as crypto networks are resilient to attack.
- KingSwap also pioneered Layer 2 implementation to be able to achieve highly-scalable growth. This first token swap will set a precedent for KingSwap’s future, as well as establish the collaborative need to build effective KingSwap ecosystem interfaces, and other infrastructure.
KingSwap’s Layer 2 implementation was deployed in three stages:
- Stage 1: Swapping OLD $KING Token to NEW $KING Token, Converting OLD $KING Token to USDT if desired
- Stage 2: Rolling out ERC1155 NFTs
- Stage 3: Deploying Layer 2 Ecosystem and Gateway contract
For users requiring support in their swaps, please reach out to KingSwap’s Telegram group, or email hello@kingswap.io/.
