From User Experience to System Ecology — the Present and the Future of SwapAll
At the beginning of this August, the cross-chain protocol Poly Network was maliciously attacked on BSC, ETH, and Polygon. In this largest DeFi hacking incident to date, at least $611 million worth of assets were compromised.
Similarly, in June, the algorithmic stablecoin project SafeDollar under the Polygon ecosystem suffered an unknown attack by hackers, resulting in the price of SDO being dropped to zero, a total of nearly $250,000 worth of assets were compromised.
However, this is not an accidental phenomenon that only occurs under a specific ecology. In May of this year alone, on BSC, which is generally regarded as safe, more than ten protocols were attacked by hackers, causing losses of nearly 200 million U.S. dollars.
On August 13th, the hacker of the Poly Network published a Q&A on the Ethereum network. He wrote in his own question and answer: — “Why Poly Network?”- “Cross chain hacking is hot.” .”
Due to the recent popularity of Layer 2 sidechain solutions, a huge amount of asset lock-up has been brought to the cross-chain platform, and it has also been targeted by cyber attackers. It can be said that the disastrous consequences of security breaches have always occurred in the crypto world. Poly Network has sounded the alarm for both protocols and users. How to protect user assets in the fast-developing blockchain industry and ensure the safety of the entire ecosystem has become the goal of the joint efforts of DeFi participants.
Security is a part that SwapAll attaches great importance to. Being a cross-chain platform like Poly Network, SwapAll is fully prepared for possible attacks.
SwapAll started as a centralized exchange, and the team knows that traditional centralized exchanges store the funds of all users of the platform, and the huge amount is attractive to hackers. Since the birth of Bitcoin, there have been countless incidents in which centralized exchanges were compromised, attacked, and rug pulled. Therefore, decentralized exchanges (DEX), which are superior in terms of security and anonymity, have gradually become the choice of users in the crypto world in the past two years.
From the perspective of user security, SwapAll boldly and resolutely began the transition from centralizing to decentralizing. With the unremitting efforts of the core team, in early November 2020, the semi-centralized SwapAll mobile app was launched, aiming at decentralization. In mid-April 2021, all data will be transferred to the Ethereum Layer 2 side chain, which has completely achieved complete decentralization while solving the congestion pain point of Ethereum main chain network. Today, all the once centralized user assets are safely stored in the SwapAll APP and Layer 2 dual-entrance platform.
As a decentralized exchange, SwapAll does not rely on centralized credit endorsement. Therefore, internal risks, business ethics risks, asset embezzlement risks can be completely avoided. SwapAll, in the form of a decentralized automatic market maker (AMM), allows both parties to the transaction to directly interact with the liquid asset pool on the chain, allowing users to exchange between the tokens on the chain in a completely decentralized and seamless manner. Users will operate their assets in their own decentralized wallets from beginning to end, achieving 100% security.
SwapAll’s innovation is not limited to cross-chain solutions. Its team has also created a dual-token reward method for liquidity farming, which solves the problem of low capital utilization faced by traditional AMM transactions. At the same time, SwapAll combines the advantages of blockchain industry IEO and Swap liquidity farming to realize the all-in-one service, and it supports multi-chain deposit and withdrawal. To a large extent, SwapAll has dealt with the security issues of the DeFi protocols that are still in their infancy and carried out and solved the absolute innovation and technical barriers.
User Experience and Platform Token Value
As mentioned earlier in this article, SwapAll attaches great importance to user experience and adopts centralized-exchange-style user-friendly services to bring convenience and ease to decentralized asset operations. In the past three months, although the market trend has not been optimistic, SwapAll still maintains its original aspiration, concentrates on refining its products, and brings users a lot of updates: full cross-chain deposit and withdrawal support, NFT lock-up acceleration function, major tokens support (such as ETH-USDT), APP registration-free function, brand new dual-entrance UI, community voting function, more and more collaborations, and continuous innovation and stability upgrades …
It is not difficult to see that many of the protocols that have sprung up due to the momentum of the bull market have long since disappeared, and SwapAll on the other hand, has been working hard and holding on. Even if it has been hit by the recent market volatility, SwapAll still stays true to its original aspirations and vision.
As for the value of the platform token SAP, which everyone is concerned about, as a user, you can rest assured. Under the current situation, there are fewer and fewer emerging protocols that want to take advantage of the market to make a fortune, irrational investors are fewer as well. The bubble is almost gone. As the tide recedes, there are only platforms like SwapAll that remains, which concentrate on product quality and user experience.
In the recently launched voting function, SAP has become a bargaining token for community governance. It needs to be decided by community members whether the future cooperation project token will be listed in the liquidity pools. That is to say, if a protocol wants its token to be listed in liquidity pools in SwapAll, it needs to obtain recognition by the SwapAll community, or get enough governance power to vote. In any case, it will greatly increase the usage scenarios of SAP and significantly increase its potential value.
In the future, SwapAll will still maintain the current enthusiasm and continue to release updates that are beneficial to users. From online U.S. dollar and Canadian dollar OTC, to contract options, aggregated lending, and more project cooperation, etc… all have been prepared in the blueprint of SwapAll’s development plan. Combining the multiple mining pool mining on the current platform, NFT taxation and recasting, handling fee refund, invitation rewards and other rich gameplay, I believe that SwapAll will be deeply rooted in the decentralized encrypted world in the next few years. The promise of the one-stop service platform is fulfilled to the extreme, so that users can experience the tremendous changes and fun brought by blockchain technology to the financial market on only one platform.
Conclusion and Future Vision
In the future, SwapAll will remain enthusiastic and continue to release updates that are beneficial to its users. From online U.S. dollar and Canadian dollar OTC to contract options, aggregate loans, and more project cooperation, etc… all have been prepared in the blueprint of SwapAll’s development plan. Combining the multiple stake pools on the current platform, NFT taxation and forging, transaction fee refund, referral rewards and other gameplay rules, we believe that SwapAll will be deeply rooted in the decentralized crypto world in the next few years. The promise of the all-in-one platform will be fulfilled to the extreme, so that users can experience the tremendous changes and fun brought by blockchain technology to the financial market on a single platform — SwapAll.