In ecosystems, the pioneer DEX always receives a lot of attention and has a good position compared to similar projects in the market, for example, Uniswap on Ethereum has long been a monument to AMM DEX, Raydium is dominating almost all transactions on DEX on Solana, PancakeSwap is always at the center of listing of projects on BSC.
Therefore, the throne of DEX on a new platform is always contested by many projects. In this article, I will bring you reviews and analysis about one of the DEX projects on Cardano, and let’s try and see if this project can dominate the DEX array on Cardano. Please?
What is YaySwap?
YaySwap is a DEX on the Cardano platform with fast token swapping, decentralized and non-custodial. YaySwap is similar to Uniswap on Ethereum, Raydium on Solana, PancakeSwap on BSC.
Special features of YaySwap
YaySwap is a DEX that works on a combination of AMM and Order-book, the development team calls it CPMM mechanism (short for Constant Product Market Makers). This is a new form of market-making algorithm that determines the exchange rate between two tokens according to the amount of the two tokens in the pool.
What is CPMM?
The project calls this a new market maker mechanism, but basically, when I read about this mechanism, I find it quite similar to the usual AMM (Automated Market Maker) mechanism.
However, a special feature of the YaySwap project is the ability to place limit orders. This is a feature that is inspired by the orderbook mechanism, and YaySwap has the idea to incorporate this ability into the AMM. When a user places a limit buy order at a certain price, the project’s oracle will always update the market price and compare it with the user’s bid price. If the price is already within the slippage allowed by the user, the trade will be executed.
Transaction fee
YaySwap does not charge a fee to list new trading pairs, only a 0.25% transaction fee of users, of which:
- Half of the transaction fee will be divided among the liquidity providers for the given token pair.
- The remaining half of the transaction fee will be divided among the liquidity providers for the YAY token.
Another special feature of projects on the Cardano platform is the concept of “Babel fees”. Babel transaction fees allows users on the Cardano platform to pay transaction fees in various tokens, other than ADA.
Those interested can learn more details about Cardano and ADA here.
Wrapped tokens
Tokens on other platforms can also be traded on YaySwap via a bridge that creates Wrapped Tokens. Currently, the two supported tokens are BTC (YBTC) and ETH (YETH). The project community can vote to add more tokens to be traded in the future.
YayLaunch and YaySwap Asset Management
The project intends to develop the Bridge protocol to bring tokens from other platforms to the Cardano platform, and develop a protocol for creating and managing tokens. NFT (Non-fungible Token) Future. The project is currently not audited, and they will reward those who find bugs in their code.
YaySwap also intends to develop an asset management protocol on top of their CPMM DEX in the future.
Yayswap . token information
Key metrics
- Token Name: YAY Token.
- Ticker: YAY.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: Not yet announced.
- Token type: Utility.
- Total Supply: 100,000,000 YAY.
- Circulating Supply: Not released yet.
Token Allocation
Token Sale
Tokens do not have a token sale program.
Token Release Schedule
100 million YAY will be distributed as follows:
- Distribution for early users: 56% or 56,000,000 YAY (unknown for how long it will be distributed);
- Core team: 8% equivalent to 8,000,000 YAY (unknown unlock time);
- Grant Fund: 36% or 36,000,000 YAY (unknown token unlocking time), this fund is used to support projects developed on the Cardano platform;
- Promotion: 10% is equivalent to 10,000,000 YAY (unknown unlocking time).
Token Use Case
Currently, the project has not announced the use case of the token, except for the effect of providing liquidity to receive transaction fees of the YaySwap platform.
How to earn and own YAY token tokens
Currently, YAY tokens have not been issued. The project has an Airdrop for early supporters of the project, you can complete a few simple tasks to receive a reward of YAY tokens from the project. Currently, the airdrop round is closed.
YAY rate today
The YAY token has not been released yet, but since Cardano’s smart contract has not been announced, the YAY token will be circulated on the Ethereum platform.
Currently, you can check and track the coin/token price directly on Techtipsnreview Wallet and can copy the project’s token contract for trading on existing AMMs on Ethereum such as Uniswap, SushiSwap, etc.
Roadmap & Updates
With many future plans, YaySwap has the following roadmap:
- 2021: The YAY token is released to the market, as well as creating the first liquidity pool for YaySwap users after the YaySwap protocol officially goes live on the mainnet. YaySwap will also complete the Wrapped Token protocol in 2021.
- 2022: YayLaunch comes into operation. YaySwap’s Grant Fund to help develop projects on the Cardano platform will also come into use.
- 2023: Operation of the asset management protocol.
Project Team, Investors & Partners
The project has not announced information related to the development team, investors or project partners. Techtipsnreview will update as more information becomes available.
Similar projects
- Uniswap (UNI)
- Raydium (RAY)
- PancakeSwap (CAKE)
Project website: YaySwap
Source: What is Yayswap (YAY)? YAY Cryptocurrency Complete
– TechtipsnReview
