Reef, the esteemed yield engine and smart liquidity aggregator, recently announced Kwikswap to become the first project ever built on the Reef Chain. The platform is already renowned for its esteemed projects, and Kwikswap’s association with the platform will certainly enhance its market prominence.
Kwikswap is a Layer-2 DeFi project used to build blocks with an esteemed decentralized swap exchange protocol backing it up. Comparing Kwikswap with Uniswap is a given due to their similarities in functioning. Kwikswap allows developers to build on its dApp user interface, source code, and APIs to extend their protocol’s reach.
The DeFi sector is experiencing mass adoption right now, and a prevalent reason behind the trend is such partnerships. If all goes well, Kwikswap will produce highly scalable outputs with minimal gas fees, helping users get equipped with esteemed DeFi protocols.
Why the Partnership Between Kwikswap and Reef Makes Sense?
Since Kwikswap is launching a DEX platform, joining hands with Reef makes complete sense. Reef Chain facilitates perks like low gas fees and prompt transactions, allowing Kwikswap to garner an extensive user base.
Plus, Kwikswap using its automated token and custom source code, bodes well with Reef Chain’s functionalities, proffering features like:
- Allowing every end-user to gain market creation abilities.
- Offering staking rewards to KWIK coin holders.
- Minimal transaction fees.
- Simple share and liquidation in fees.
- Using Web3 to integrate non-custodial wallets.
Kwikswap Decentralized Exchange Going Live on Reef Chain
Kwikswap DEX is a cross-chain swap protocol using Layer-2 scaling to facilitate staking, liquidity, swapping, and market creation. Additionally, the platform can be used to create KWIK tokens, non-custodial wallets, and token markets.
Using Reef instead of ETH works for Kwikswap due to its scalability and higher outputs. Kwikswap can also leverage the platform’s capability of porting existing DeFi apps from ETH. Reef’s protocol aggregation, multichain accessibility, and analytics mean Kwikswap will render optimal results in minimum time. Plus, Polkadot’s enhanced security and upgradability make Reef the ultimate solution for platforms like Kwikswap.
How will this affect the market? If the execution goes as planned, Kwikswap will quickly rise on the ranks of DEX platforms. Reef undoubtedly caters to the solutions Kwikswap intends to facilitate, so the partnership is expected to flourish in the upcoming time.
Reef Chain is a renowned name in the DeFi sector and joining hands with Kwikswap will improve the engine’s market relevance. Kwikswap will become the first project to be built on the Reef Chain. Kwikswap is promising to release several intuitive functionalities, and if executed aptly, the partnership can revolutionize the DeFi domain.