In June 2020 the Polkaswap project was initiated by SORAMITSU with a grant from the Web3 Foundation.

Currently, Polkaswap is a fully decentralized project. In fact, by submitting Request for Proposals (RFP), users can tender the development and implementations of functions they would like to have in Polkaswap and the SORA network.

There is another aspect however, teams of developers that have the expertise to implement these changes themselves can also propose them, and if approved, their code could be incorporated to a runtime upgrade and they would also get rewarded for the work provided.

You can learn how to submit an RFP here.

Polkaswap is a DeFi project built on the Polkadot ecosystem, designed exclusively to support faster trading without the need for any intermediary. As a DEX, Polkaswap offers some outstanding features that make it difficult to pass by.

While the majority of DEXs are built on top of the Ethereum blockchain, Polkaswap goes the Polkadot way. Polkaswap establishes interoperability between multiple blockchain bridges and can allow users access to ETH and ERC-20 tokens, DOT and KSM, BTC, BSC, and any other token the project integrates in the future.

Another benefit Polkaswap enjoys by being built on the Substate network is cheaper gas fees compared to that of other networks

A unique feature of Polkaswap and the SORA network is the implementation of a Token Bonding Curve, a smart contract that manages XOR supply. It helps Polkaswap by providing deep liquidity for large trades, by reducing the effects of pump-and-dump manipulation attacks and having many more positive effects on the whole ecosystem. You can read all the details and the implications here.

In addition to these unique offerings, users can also earn from their assets on Polkaswap by supplying liquidity to its pools. These features have made some refer to Polkaswap as the Uniswap of the Polkadot ecosystem

PSWAP is the native token for Polkaswap. The tokens are minted based on a deflationary model on the SORA network; which burns more tokens than it mints. Polkaswap uses a 0.3% fee on every swap to buy back PSWAP which are then burned.

Since its launch, 90% of burned PSWAP tokens have been re-minted and allocated to the liquidity providers. However, by 2025, only 35% will be allocated back to liquidity providers.

Currently (October, 2021), around 36% of the total supply of 10 billion max supply of PSWAP tokens is in circulation. That stands at 3.65 billion PSWAP tokens.

Since more PSWAP tokens are always burned than minted, PSWAP tokens are deflationary by nature. The circulating supply of PSWAP will never be higher than 3.65 billion.

The distribution of PSWAP tokens is as follows: 35% as liquidity rewards (vested); 30% at initial release development; 25% for token bonding curve rewards (vested); 6% rewards at launch (SORA farm game); 4% for market-making rewards (vested).

Polkaswap takes full advantage of the SORA network's security. Polkaswap is built on Parity Substrate and provides a multithreaded and scalable architecture for the network.

You can learn more here.

At the moment, Polkaswap (PSWAP) cannot be directly purchased with cash. PSWAP can be bought by using swapping cryptocurrencies on exchanges. With your existing crypto, you can purchase PSWAP on Polkaswap, Uniswap (V3), Uniswap (V2), 0x Protocol, 1inch Exchange and Bilaxy.

Learn more about Polkaswap in our deep dive here.

Cryptocurrency newbie? You can read more about how to enter the market and how to buy BTC, PSWAP or any other token. Check out the details here.

Telegram group: https://t.me/polkaswap

Github: https://github.com/sora-xor/polkaswap-web

Read more about Polkaswap in our deep dive.

Find out more about decentralized exchanges.

Learn more about Uniswap (UNI) and SushiSwap (SUSHI).

What is web 3.0? Click here and find out.

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