Tuesday, 23 March 2021 02:40 AM
Product Announcements
SINGAPORE, SINGAPORE / ACCESSWIRE / March 23, 2021 / Since March 9th, the cross-chain aggregation trading platform Chocoswap with its governance token Vanilla (VNLA) has been online at HECO, which once attracted the attention of users. However, many were only rushing to it due to VNLA‘s initial mining APY higher which was than 5000%, while the innovative practice and real value of Chocoswap is often overlooked.
In fact, what Chocoswap wants to offer is not simply a blockchain project. From cross-chain aggregation, optimal trading strategy to traffic and data aggregation, what it will bring to people will be an aggregation ecosystem that can be expanded continuously in the next year or so, which can continuously produce new blood for a sustainable development and also give extended value to other projects.
Cross-Chain Aggregation Transaction And Best Price Selection
So although it has "swap" in its name, Chocoswap is not a pure DEX, but rather it's a little more like 1inch, focusing more on "aggregation".
When we trade using 1inch, it will automatically help you figure out how to split a trade to ensure you have the lowest slippage, and it will also fill all the smaller orders that the user splits in a single trade. For example, 30% of a transaction may go through Uniswap V2 and the remaining 70% through Kyber.
1inch is still mainly on the ETH ecosystem, aggregating different trading platforms to achieve the optimal trading strategy. Chocoswap is different in that it uses cross-chain technology to achieve cross-chain aggregation, optimal price strategies and minimal slippage, which is called "VDEX".
For example, when a user wants to exchange ETH to USDT, he/she will find that there are pools of ETH/USDT on different public chain platforms' DEX, such as Uniswap on Ethereum, MDEX on Heco or Pancake on Binance Smartchain. However, the price of ETH varies from one trading platform to another, and there may be a difference of several dollars or even tens of dollars, also, the transaction fees vary from platform to platform.
In this case, Chocoswap can not only help to get the data of ETH/USDT prices and fees on each DEX and aggregate them on one platform, but also help you to choose the best buying and selling strategy through algorithms, or help users to engage in arbitrage.
Order Book And Pending Order Trading
Decentralized exchanges (DEX) based on automated market makers (AMM) have proven to be one of the most influential DeFi innovations. They can create and run accessible on-chain liquidity for a range of different tokens; but over time people have discovered that the traditional order book and pending order trading functionality still has its unique advantages.
For example, some users would like to be able to buy or sell tokens at a certain price to make a profit; pending orders can also help users to close at the expected price in case they are unable to watch the market in real time, so that they can stop profiting or stop lossing. This is something that the AMA system cannot offer.
Chocoswap can help to combine AMM with traditional order book functions effectively. The basic trading is still based on the liquidity on the chain, and users can choose the "market price" method to achieve the exchange method similar to Uniswap or Hdex; but users can also submit their own desired buy and sell prices through the "agency transaction" method, and give authorization to Chocoswap. When the market price reaches the expected price set by the user, Chocoswap will help the user to broker the transaction. It allows different users to pick and choose what they want.
Decentralized Community Governance Features
In terms of governance, Chocoswap will introduce a completely decentralized community governance function, where holding a governance token, Vanilla (VNLA), will give you a governance ticket. Initially, the governance will be decided mainly through token-holding voting. The project operation team will initiate motions on the addition and burning of mining pools and the unlocking and use of VNLA tokens, and users can exercise their power through token-holding voting within the designated time.
In later stage, Chocoswap will also invite users to join and build an ecosystem by establishing a board of directors and forming nodes.
The Road Ahead: The Aggregation Of Data And Traffic
Chocoswap does not only want to be a cross-chain aggregation product, or rather, cross-chain aggregation is only one of the functions that Chocoswap wants to offer. Traffic and data are what Chocoswap will value more in the future, and these resources will bring Chocoswap greater value enhancement and intrinsic blood-making functions.
There are still a lot of angles that can be explored and ideas to be innovated. For example, by aggregating the price and liquidity data of different public chains and DEX, Chocoswap can form a big database, which will also support other DEX, blockchain project owners or financial investment institutions.
At the same time, as a traffic and aggregation platform, Chocoswap will also launch various derivative services, including connecting with other oracle machine projects, developer services and shared mining farms.
And these, perhaps, are what Chocoswap is really about.
Contact:Shawn
Email: [email protected]
Website:chocoswap.org
SOURCE: Chocoswap