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The $SWOP governance token of swop.fi, the AMM exchange on $WAVES, was released yesterday and it's amazing! We can compare it to $UNI for Uniswap or $SUSHI for Sushiswap, with the addition that is possible to stake it in governance, earn it in the pools and interact with the smart contract for a few cents (0.005 $waves for interaction, equal to 0.04$ at current prices).
The token was added to the SWOP/USDN pool with a price of around 9$ and it's trading now at 21$, giving APY that goes from 125% to almost 650% in all the pools.
The token emission is linear for the first year, with 5479 tokens released every day; half goes to the early-bird liquidity providers (who provided liquidity in the platform from November till launch) and the other half going to farmers in the pools. After the first year, the token release will be even slower.
There are 10 pools available at the moment (including WAVES/BTC, BTC/USDN, USDT/USDN, and SWOP/USDN) and the pool weight % was set by the team, but those can change with a vote from tokens holders in governance (you have to stake your $SWOP to be able to vote, earning staking rewards too).
In addition each day a % of the fees collected in the exchange are used to buy SWOP in the SWOP/USDN pool and distribute them to stakers.
The really exciting part about swop.fi is that you have 3 passive earning streams together by providing liquidity in the pools:
- a share of the pool for each trade
- the staking rewards from the token you're providing liquidity to (like USDN and NSBT) without locking them in your wallet
- $SWOP tokens from locking the LP into the farm
In this post, I explain how to use the Swop.fi site and instructional videos are available too, made by the team.
A first milestone was reached yesterday, with 10 Million USD in liquidity (was less than 2M when I wrote that post in November).
In the future, more pools will be added with custom tokens from the waves ecosystem and also with tokens from other blockchains (like ETH or BSC), via an integration with the gravity protocol that is in the works.
Members of the trusted Waves blockchain are part of this development, so I'm pretty confident in their work but as usual, interacting with these types of platforms can have its risks, since it's new technology being implemented.
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