QiSwap Schedules Mainnet Launch for Friday, Bringing DeFi to Qtum
SINGAPORE, Nov. 19, 2020 /PRNewswire/ — Qtum, an open-source blockchain project that leverages proof-of-stake (POS) consensus and different virtual machines to power business-friendly smart contracts, has just moved one step closer to realizing its decentralized finance (DeFi) ambitions, with the completion of the QiSwap testnet phase.
QiSwap is a decentralized exchange protocol that is used to provide liquidity for QTUM and QRC20 assets based on automated market making (AMM) algorithms. Through QiSwap, anybody will be able to create new markets, provide liquidity, and build DeFi applications on top of Qtum that were previously not available.
By leveraging the Qtum blockchain, QiSwap is able to offer extremely low transaction fees, rapid transaction confirmation times, and an additional revenue stream for Qtum and QRC20 liquidity providers, who will earn fees with every completed trade. The platform will be powered by the QiSwap token (Qi), which will be used for community governance.
Though QiSwap is an independent project, it is working in close collaboration with the Qtum team to ensure the synergistic development of the platform.
Now, less than three months after the launch of the QiSwap public testnet, the product is set to move to its mainnet launch. On November 13, QiSwap will conduct phase 1 of the mainnet launch and the platform will go live with one trading pair: QTUM-QC. After this, the following schedule will apply:
- Phase 2: Two weeks after launch, the QiSwap token and economic model will go live, and new trading pairs will be added.
- Phase 3: Three weeks after launch, QiSwap will cooperate with major exchanges for listing and add new trading pairs.
- Phrase 4: Date TBD. The governance contract for the Qi token will launch, enabling community governance of the QiSwap protocol.
QiSwap aims to target several major trading pairs first and foremost, including: Qtum-QC (Qcash); Qtum-qBTC (wrapped BTC); Qtum-qETH (wrapped ETH); and Qtum-qFil (wrapped Filecoin). At a later date, QiSwap users will be able to add their own custom QRC20 token pairs.
The QiSwap smart contracts recently passed an audit by SlowMist, a prominent security audit and consulting platform, which has completed more than 800 audits of well-known smart contracts to date. Zero vulnerabilities were found, but a small number of enhancement suggestions were put forward—which the QiSwap team are considering for future releases.
Qtum is an open sourced public blockchain platform that enables multiple virtual machines including EVM and soon, the x86 VM. Qtum is PoS based and boasts a Decentralized Governance Protocol (DGP) allowing specific blockchain settings to be modified by making use of smart contracts. The security and transparency of Bitcoin’s UTXO model combined with Ethereum’s EVM and a customized proof-of-stake mechanism provides stability and transaction finality.
QiSwap is the first fully decentralized protocol that automatically provides liquidity for QTUM and QRC20 assets based on automated market making (AMM) algorithms. Built on top of the Qtum blockchain, QiSwap benefits from extreme speed, transparency, and security, giving anybody a means to source and provide liquidity through one easy-to-access platform.