- O3 Swap was launched by O3 Labs, a Japanese crypto undertaking that start with a lightweight pockets.
- O3 Swap helps summary away most of the complexities of constructing cross-chain transactions.
- Not solely does the platform combination Ethereum DEXes, but additionally these on BSC, Neo, and others.
Share this text
The DeFi house is booming, with complete worth locked hovering to new all-time highs in Could 2021. With increasingly more liquidity coming into the house, the difficulty of interoperability turns into extra urgent. That’s the place O3 Swap is available in.
Constructing Bridges in DeFi With O3 Swap
O3 Swap aggregates DEX liquidity throughout a number of blockchains and Layer 2 options, together with Ethereum, BSC, Neo, and extra.
The protocol’s O3 Aggregators allow prompt cross-chain transactions, fixing the difficulty of siloed belongings and DeFi companies being unable to work together with one another.
The DEX aggregator is obtainable for anybody to make use of with no KYC required. It sources one of the best trade charges and buying and selling routes in the marketplace from the non-custodial exchanges linked to the protocol. O3 Swap additionally has a cross-chain pool known as O3 Hub, including much more liquidity and making prompt cross-chain swaps attainable at any time.
The pool offers customers with cross-chain transaction companies primarily based on PolyNetwork and presents them the possibility to earn revenue and O3 rewards.
App builders can even quickly combine O3 Swap into their apps utilizing the protocol’s upcoming API service. The unbiased Swap tab might be added within the O3 Pockets cell model quickly.
Why Use O3 Swap?
The O3 Swap protocol mechanically finds one of the best charges throughout a number of DEXes. Whereas the back-end course of is complicated, this isn’t transferred to the person expertise. For customers, all swaps are achieved instantly with the clicking of a button.
Customers excited about decreased charges or capital effectivity would probably be higher off utilizing O3 Swap than any of the linked decentralized exchanges instantly.
Let’s take a look at an instance.
On a centralized trade like Binance, the method of utilizing BNB to buy the HUSD stablecoin is lengthy and cumbersome, involving a number of units of transactions together with KYC and 2-step verification alongside the way in which.
Then again, customers can swap BNB with HUSD immediately and at a a lot decrease price merely utilizing O3 Swap. Fewer units of transactions introduce a decrease tax legal responsibility and decrease charges.
Even when customers opted for a decentralized trade within the above instance, somewhat than Binance, O3 Swap would probably execute the transaction for a decreased price than customers would discover through the use of a DEX instantly.
A fairer comparability can be to an aggregator like Curve Finance, which aggregates liquidity throughout a number of stablecoins to permit for low-fee swapping between these belongings.
Nonetheless, whereas Curve is a stablecoin aggregator for Ethereum-based stablecoins, O3 Swap is an aggregator for an enormous number of digital belongings (together with stablecoins) throughout a number of completely different blockchains, not simply Ethereum.
The protocol was incubated by O3 Labs, a Japanese startup that launched in 2017. The staff’s first launch was an open-source gentle pockets known as O3 Pockets. The undertaking went on to help DeFi tasks within the Neo ecosystem earlier than increasing to cross-chain interoperability and liquidity with O3 Swap.
O3 Labs secured $2 million in funding in April 2021, with buyers like OKEx Blockdream Ventures, SevenX Ventures, Neo Eco Fund, and extra.
We’re gracious and humbled by the help of those extremely respected and prestigious blockchain ventures. @NGC_Ventures @okex_ventures @SevenXVentures @FBGCapital @Neo_Blockchain @leifengcrypto @Incuba_Alpha @MoonwhaleBV @PuzzleVentures https://t.co/MeaQVkV6Ai
— O3Labs (@O3_Labs) April 15, 2021
A neighborhood airdrop is happening between Apr. 25 – Could 6, 2021, providing customers the possibility to earn O3 Swap tokens, the native platform tokens. These tokens could be staked within the liquidity pool for rewards and likewise facilitate voting and different governance options.
The trial model of O3 Swap is now dwell, providing customers the possibility to earn native tokens, and the official launch is scheduled for Q2 of this 12 months. O3 Swap can even be launching a DAO and an Preliminary Dex Providing.
Total MetaMask Swaps Hit $1 Billion
MetaMask Swaps has been a success. MetaMask Swaps Feature Sees Growth MetaMask has processed over $1 billion worth of swaps, ConsenSys has revealed. The Web3 wallet launched its Swaps feature…
What Are Non-Fungible Tokens (NFTs)?
Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. A fungible asset’s representation on blockchain makes commodities tradable 24/7 via borderless and frictionless transactions. Fungible goods are…
The DEX Top 10: Crypto Briefing’s Decentralized Exchange Picks
Every time an exchange is hacked, it seems a DEX springs up. Although these decentralized exchanges have advantages, it can be difficult to find the best one. Here are our…