What is QiSwap and does it work ?

What is QiSwap ?

QiSwap is a DEX forked from Uniswap, running on the Qtum blockchain.

Users of the QiSwap ecosystem can swap tokens on the Qtum blockchain for a low fee (0.3%) without intermediaries, fully decentralized. The other actor of the QiSwap platform is the Liquidity Providers (LPs), who would be regarded market makers in a traditional financial system.

The LP’s are the backbone of the decentralized architecture, providing liquidity in the form of token pairs that the users of the platform can swap. The reward for providing liquidity is the fee the users pay to make swaps, namely 0.3% of the swap.

Image for post

A bit of QiSwap logic

How can I use QiSwap ?

Using QiSwap is easy, we first need to install QiWallet from the Google Chrome Store

After installing, we need to add QRC20 tokens or Qtum coins. Then, proceed to add liquidity and/or Swap some tokens !

Image for post

Also, here’s a quick video on how to get started: QiSwap Basic usage

What is the QI Token ?

The Qi token is a key component of the QiSwap ecosystem. While the main incentive for Liquidity providers (LP’s) is accrued trading fees, the aim is to create further ecosystem value through the QI token.

LP’s will benefit from a growing ecosystem as exchange fees in the pools increase the liquidity providing yield when more token exchanges are executed, accumulating more fees.

The intended core function of Qi token is to distribute the value created by the QiSwap ecosystem towards early contributors to promote the growth that is beneficial for everyone. With a broad view, the team has identified several stakeholders, essential for getting QiSwap out of the starting blocks as well as building cornerstones for a successful platform with sustainable, long-term growth.

With that said, a majority of QI tokens will be distributed directly to LP’s and rewarding them for being the focal point, making decentralized liquidity pools possible.

With the fair launch and implementing a long mining period, there are conditions for a relatively stable token price after initial price discovery. While it is impossible to avoid some level of speculation, the QiSwap team is dedicated to ensuring a growing utility and value by continuously improving the QI token ecosystem.

When will the QI token be listed on QiSwap ?

“There have been some delays with the QI token implementation, and as our devs continue to work hard on it. The target listing date is Friday December 4th. We’re very excited to see this happening !”

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.