123swap
Please note Since the inception of decentralized exchanges (DEX) a few years ago, there has been a significant shift away from conventional centralized exchanges (CEX). However, this has led to some debate over which exchange model can stand the test of time.
While both arguments hold a lot of weight at both ends due to the various factors involved, DEX, on the other hand, continues to attract massive investment despite having been around for almost half a decade.
Currently, there are at least 35 active DEX platforms built on different blockchains, and the market is still growing stronger with no visible signs of slowing down. Yahoo Finance also reports that DEX trading volume has steadily peaked above $140 billion. And that number continues to rise.
Now, there is much controversy about the long-term viability of DEX, and some industry experts argue that DEX and CEX must coexist in order to remain sustainable.
One forward-thinking blockchain startup, rather than wasting time waiting to see who will win the race in the long term, has built a solution that allows CEX and DEX exchanges to coexist seamlessly.
123swap, a decentralized cross-chain network, wants to bridge the gap not only between DEX and CEX, but also to enable interoperability between different blockchain smart contracts.
During an exclusive interview with DailyCoin, Tomas Ambrazas, CEO at 123swap, discussed the current state of crypto exchanges and how this two-year-old startup wants to revolutionize the entire trading experience using custom solutions.
123swap was created as a result of many factors, one of which includes the challenges and non-scalable factors inherent in centralized exchanges. Ambrazas overcomes some of the major setbacks of CEX that have facilitated the rapid expansion of DEX.
According to him, there has been an increase in the number of active blockchain systems over the years, which further implies a greater increase in the number of crypto tokens operating on each blockchain.
Ambrazas further argues that it becomes very challenging for CEX to accommodate a large proportion of these tokens, especially in terms of executing trading activities such as swapping and yield farming.
Ambrazas said the reality of commerce today is that every blockchain wants to have a special token hosted within its network.
Using Ethereum as an example, Ambrazas notes that about 90% to 95% of most utility tokens are hosted on the blockchain. Fast forward to now, and things are moving a little differently.
“Unlike a few years ago, we now have more alternative blockchains such as the Binance chain, Harmoni and Polkadot chain, among several others. The implication is that good blockchain tokens, most of which are designed to be interoperable, can now be hosted on multiple blockchains, it could be 5, 10, or even more,” said Ambrazas.
Ambrazas points out that the stablecoin Tether USDT was once the most widely used Ethereum stablecoin before blockchain interoperability became possible; now, the stablecoin is also traded on other blockchains like TRON, where it is now getting more transitions than on Ethereum.
So, how does it work in the case of a centralized exchange?
“Basically, if you want to add tokens to the CEX platform, you have to add every blockchain it supports as well. The DEX platform, on the other hand, simply adds a blockchain and makes all host tokens available on the platform. And that is the main solution that the DEX exchange offers,” Ambrazas explains.
Further, Ambrazas stated that in order for a token to be listed on the CEX platform, it must meet certain liquidity requirements, which in most cases are unrealistic for most crypto projects, especially those that are just starting out. However, on the DEX platform, this is not the case.
Ultimately, CEX knocks out scalability opportunities for most tokens, while DEX, on the other hand, is designed to help tokens scale quickly, even over a short period of time.
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123swap Will Bridge the Gap Between DEX and CEX After highlighting some of the setbacks with CEX, and providing expert advice on CEX-DEX coexistence, 123swap built a solution that eliminates the differences between the two exchanges.
For example, the platform bridges the gap where the CEX platform lacks integrated and further interacts with the DEX platform so that both worlds can benefit equally from each other.
“Our solution [was] to complete the Binance smart chain and Ethereum chain edits for their swaps, farms, produce and government. So you can use the two most popular chains for all exchanges, and farming. You can also add and remove liquidity and check all of our systems to see how they work. It lives and works to the fullest,” Ambrazas said.
Ambrazas further mentioned that the team is currently working on adding what he describes as the best link system for interoperability between Binance and Ethereum. They are also working on adding more multi-chain bridges, which will allow them to add more chain links in the future.
The main goal, according to Ambrazas, is for end users to be able to seamlessly exchange from one token to another across multiple exchanges and blockchains and do so on a single market.
Behind the Side
As 123swap is still in its early stages, the solution is limited to only a few exchanges and blockchains for now.
It took some time for the platform to seamlessly integrate the APIs of various blockchain networks.\
123SWAP will bridge the gap between DEX and CEX
Taking into account the challenges associated with centralized exchanges and the recommendations given by crypto experts regarding the coexistence of CEX-DEX; 123swap provides a solution that eliminates the differences between the two exchanges. The platform bridges the gap where the CEX platform is less integrated and further interacts with the DEX platform, both ecosystems can both benefit from each other.
Tokonomics 123 is the native token of the 123swap ecosystem, will be used for various defi functions on the platform. Holders of 123swap tokens enjoy complete control and ownership of the 123swap platform. With the 123swap token, users can create and vote on governance proposals. Thus, they directly influence the direction and characteristics of the protocol. Token Allocation 123 Token Supply : 129,000,000 123 Token Holders : 1,000,000 Start USD Market Cap (shipping day): 120,000 Token Generation Event close to IDO : Looking forward to declaring IDO stage Token Name : 123swap Ticker Symbol : 123 Token Decimals : 18 Token Background : BEP-20 or ETH 20 Token Type : Utility — Governance Token Sale Date : 2021 Q4 Roadmap 123 swap Live Timeline Q4 2020 •Business — Team preparation. • Pre-seed Investment — $60,000. •123swap Alpha platform release. • 123swap platform features and blockchain discovery phase. •123swap platform testing and security audits. Q1 2021 123swap platform launched on BSC Mainnet. •123yield launched on BSC Mainnet. •123gov launched. Q2 2021 • Platform preparation for multi-chain exchange and results. •Platform launched on Ethereum Testnet. Q3-Q4 2021 • Swap releases on Polychain, Ethereum, Avalanche, Harmony, Fantom, Moonriver, Okex, Houbi eco Mainnet. •123bridge v1 release. • Sale of SEED, PRIVATE, PUBLIC 123 Tokens. Q1-Q3 2022 •123swap limit order di BSC, Polychain, Ethereum, Avalanche, Harmony, Fantom, Moonriver, Okex, Houbi eco Testnet. •123results on Polychain, Ethereum, Avalanche, Harmony, Fantom, Moonriver, Okex, Houbi eco Mainnet. • 123nft printing and swapping release. •123bridge v2 release. **123gov selects next blockchain (e.g. Bitcoin, Neo, Ontology, Elrond, Zilliqa, Arbitrum, Cosmos-SDK, XDAI, Optimism, Algorand, Cardano, Solana, Near…) add for swap, yield, bridge assets and NFT Team 123 swap The 123swap team consists of various industry leaders and global representatives with extensive experience spanning the Fintech, AI, Blockchain, Marketing and Business Development industries. A strong team working together with the synergy effect of many professional members will make 123swap a truly "multi-faceted" team. The platform aims to further expand the team by combining more than 100 global representatives across verticals and making 123swap the world's leading decentralized exchange platform. Tomas Ambrazas CEO at 123swap Master's Degree in Banking | Chair of a licensed money institution in the EU | EX-CEO of 25+ companies | Fintech Evangelist | Startup Maniac for 15+ years | ICO and Blockchain Advisors, Angels, Mentors and Investors. Conclusion As I have explained, at its core is the 123swap financial platform one of the unique, leading and offering a decentralized finance ecosystem that facilitates peer to peer exchange of cryptocurrency assets. When the platform is fully operational, it will provide an easily accessible, transparent and convenient exchange; income and investment management solutions, all without the need for middlemen. with the presence of a multi-chain platform or a platform that can bridge it provides many conveniences for us, especially for active traders. For more information link: Website : https://123swap.finance/ Whitepaper : https://docs.123swap.finance/123-token-sale/123swap-token-allocation Twitter — https://twitter.com/123swapfinance Facebook — https://www.facebook.com/123swapfinance/ Linkedin — https://www.linkedin.com/company/123swap/ Telegram — https://t.me/my123swap_chat Reddit — https://www.reddit.com/r/123swap/ Discord — https://discord.gg/arNbvrPgZx Medium — https://medium.com/@123swap Youtube — https://www.youtube.com/watch?v=3mOhzIALgwQ
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