What Is Polkaswap?

To learn more about this project, check out our deep dive of [Polkaswap](https://coinmarketcap.com/alexandria/article/what-is-polkaswap).

## What Is Polkaswap (PSWAP)?

[Polkaswap](https://coinmarketcap.com/currencies/polkaswap/) is an open-source, non-custodial [decentralized exchange](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex) (DEX) protocol. The [automated market maker](https://coinmarketcap.com/alexandria/glossary/automated-market-maker-amm) (AMM) project was founded in July 2020 and had its soft launch in April 2021 with a focus on interoperability.

Polkaswap runs on the [SORA](https://coinmarketcap.com/currencies/sora/) network which is built with [Substrate](https://coinmarketcap.com/alexandria/glossary/substrate) and is therefore natively compatible with the [Polkadot](https://coinmarketcap.com/currencies/polkadot-new/) and [Kusama](https://coinmarketcap.com/currencies/kusama/) ecosystem thus giving Polkaswap best scalability and security.


## Who Are the Founders of Polkaswap?

In June 2020 the Polkaswap project was initiated by [SORAMITSU](https://soramitsu.co.jp/) with a grant from the [Web3 Foundation](https://web3.foundation/).

Currently, Polkaswap is a fully decentralized project. In fact, by submitting [Request for Proposals](https://medium.com/sora-xor/sora-polkaswap-decentralized-development-process-6df207d7518a) (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](https://medium.com/sora-xor/how-to-rfp-proposing-new-functionalities-to-polkaswap-and-the-sora-network-4af099b15f75).


## What Makes Polkaswap Unique?

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](https://wiki.sora.org/token-bonding-curve).

In addition to these unique offerings, users can also earn from their assets on Polkaswap by supplying [liquidity](https://coinmarketcap.com/alexandria/glossary/liquidity) to its [pools](https://coinmarketcap.com/alexandria/glossary/liquidity-pool). These features have made some refer to Polkaswap as the [Uniswap](https://coinmarketcap.com/currencies/uniswap/) of the Polkadot ecosystem


## Related Pages:

Read more about Polkaswap in our [deep dive](https://coinmarketcap.com/alexandria/article/what-is-polkaswap).

Find out more about [decentralized exchanges](https://coinmarketcap.com/alexandria/article/what-are-decentralized-exchanges-dex).

Learn more about [Uniswap (UNI)](https://coinmarketcap.com/currencies/uniswap/) and [SushiSwap (SUSHI)](https://coinmarketcap.com/currencies/sushiswap/).

What is web 3.0? [Click here](https://coinmarketcap.com/alexandria/article/what-is-web-3-0) and find out.

Take a deep dive into smart contracts and DeFi space with [CMC Alexandria](https://coinmarketcap.com/alexandria/article/a-dive-into-smart-contracts-and-defi).

Visit CoinMarketCap [Alexandria](https://coinmarketcap.com/alexandria/) to learn everything you need to know about cryptocurrency and more.


## How Many Polkaswap (PSWAP) Coins Are There in Circulation?

[PSWAP](https://coinmarketcap.com/currencies/polkaswap/) 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](https://medium.com/polkaswap/pswap-rewards-1-polkaswap-liquidity-reward-farming-3e045d71509) (vested); 30% at initial release development; 25% for [token bonding curve rewards](https://medium.com/polkaswap/pswap-rewards-part-2-the-sora-token-bonding-curve-70fab4c3f1b8) (vested); 6% rewards at launch (SORA farm game); 4% for [market-making rewards](https://medium.com/polkaswap/pswap-rewards-part-3-polkaswap-market-making-rebates-1856f62ccfaa) (vested).


## How Is the Polkaswap Network Secured?

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](https://wiki.polkadot.network/docs/learn-security).


## Where Can You Buy Polkaswap (PSWAP)?

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](https://polkaswap.io/#/swap), [Uniswap (V3)](https://coinmarketcap.com/exchanges/uniswap-v3/), [Uniswap (V2)](https://coinmarketcap.com/exchanges/uniswap-v2/), [0x Protocol](https://coinmarketcap.com/exchanges/0x-protocol/), [1inch Exchange](https://coinmarketcap.com/exchanges/1inch-exchange/) and [Bilaxy](https://coinmarketcap.com/exchanges/bilaxy/).

Learn more about Polkaswap in our deep dive [here](https://coinmarketcap.com/alexandria/article/what-is-polkaswap).

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](https://coinmarketcap.com/how-to-buy-bitcoin/).


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

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

Polkaswap

Trust Wallet

MetaMask

Polkaswap is a noncustodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem with boundless liquidity.

Ethereum

Shiba Inu

Chainlink

UNUS SED LEO

Uniswap

Axie Infinity

Lido DAO

Bitget Token

SingularityNET

The Graph

Maker

FLOKI

The Sandbox

Pendle

Worldcoin

Ethlas

Landwolf

X2Y2

Derp

EthXY

SORA is about creating a supranational economic system that can efficiently provide capital to producers, thus pushing humanity forward, as well as a supranational and democratic governance structure to allocate capital in a fair way. It is both a new economic system that decentralizes the concept of a central bank as well as a network that implements a new way to architect a parachain blockchain that connects to the Polkadot relay chain and ecosystem with built-in tools focused on DeFi.

The SORA Network excels at providing tools for decentralized applications that use digital assets, such as atomic token swaps, bridging tokens to other blockchains, and creating programmatic rules involving digital assets.

SORA XOR is the native utility token that is:

Used for transaction fees (gas) on the SORA substrate network

Elastic supply, managed by atoken bonding curve

Enables holders of a certain amount to become a citizen and member of theSORA Parliament

Used to add liquidity to pairs onPolkaswap

Used to stake to become a validator or tonominate validators on the SORA Network

More aboutSORA tokenomics

SORA

Karura is an all-in-one decentralized finance (DeFi) hub and stablecoin platform built on Kusama (KSM) and integrated into Polkadot (DOT). Karura was created by the Acala Network, which has won four Web3 Foundation grants and founded the Substrate Developer Academy.

To learn more about this project, check out our deep dive of Karura.

Both Karura and Acala are backed by multiple funds, including Coinbase Ventures, Pantera Capital, Polychain Capital and Hypersphere. Karura and Acala operate in parallel. Specifically, Karura is implementing DeFi on Kusama in the same way that Acala is offering DeFi on Polkadot. The network is built with almost the same codebase as Acala: the two platforms provide scalable, convenient and fast DeFi cross-chain ecosystems for Kusama and Polkadot.

Parachain Karura is a platform that allows users to create effective, low-cost and complex financial applications, saving time and increasing trading efficiency.

The platform itself provides a multi-collateralized stablecoin backed by cross-chain assets (kUSD), a trustless staking derivative (liquid KSM), and an automated market maker (AMM) decentralized exchange (DEX) for unlocking liquidity and supporting financial innovation.

Karura is the decentralized financial hub of Kusama, a scalable multi-chain network for radical innovation and early-stage Polkadot deployments. Karura is the sister network to Acala. It hosts multichain liquid staking token (LST) protocols (such as liquid KSM - LKSM), an AMM decentralized exchange, and an app platform that is EVM-compatible and highly customizable (based on Substrate). Karura is secured by Kusama, and is the liquidity gateway of Kusama parachains, Acala and L1/L2 blockchains

Karura

Acala Token

Polkastarter is a decentralized fundraising platform empowering Web3 projects to launch and raise funds through multi-chain token pools whilst significantly growing their communities.

The platform supports initial dex offerings (IDOs) across major blockchains, including Ethereum, BNB Chain, Solana, Polkadot, Polygon, Avalanche and Celo.

The platform enables investors to secure early access to IDOs, NFTs and Gaming Web3 innovation. It is most commonly used by early-stage blockchain projects that want to raise capital and easily distribute their tokens at the same time.

Through Polkastarter, blockchain projects can easily create their own fixed-chain swap pools, which allow them to securely raise funds, while users can invest without risks, since swaps are automatically executed by smart contracts.

POLS is the native utility token of the Polkastarter platform. Its main utility is gaining access to pools and giving projects the option to give priority access to POLS holders. Users are incentivised to stake POLS, rewarding the most loyal members.

In Q4 2022, Polkastarter will release new community utility features, such as governance and POLS Power Boosters (increasing your allowlisting success). The platform first went live in December 2020, and has quickly grown to become one of the most commonly used platforms for initial DEX offerings (IDOs) operating on the Ethereum blockchain.

Polkastarter

QuickSwap [Old]

Moonriver is an Ethereum-compatible, smart-contract parachain on Kusama. It is intended to be a companion network to Moonbeam, where it will provide a permanently incentivized canary network. New code will ship to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code will ship to Moonbeam on Polkadot.

It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonriver to existing Ethereum networks.

This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonriver with minimal changes.

Moonriver

Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot. Moonbeam makes it easy to use popular Ethereum developer tools to build or redeploy Solidity projects in a Substrate-based environment.

Moonbeam is much more than just an EVM implementation: it’s a highly specialized parachain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations.

Moonbeam’s Ethereum compatibility is unmatched:

Minimal Changes: developers can use existing Solidity smart contracts right away, with no need to rewrite or reconfigure

Use Existing Developer Tools: connect popular tools like MetaMask, Hardhat, Waffle, Remix, and Truffle via a complete set of Web3 RPC endpoints. Use well-known Javascript libraries such as Web3.Js or Ethers.Js.

Unified Accounts, Addresses, and Signatures: use your existing Ethereum H160 accounts & ECDSA signatures to interact with Moonbeam

Tap into the Most Integrations on Polkadot: use existing oracles, bridges, wallets, and other tools that are already building on Moonbeam

Moonbeam provides integration and connectivity between Polkadot Parachains as well as with other chains such as Ethereum and Bitcoin via bridges. Moonbeam was started in 2019 by Derek Yoo of Pure Stake.

Moonbeam

Efinity is a cross-chain NFT platform developed by Enjin and built on Polkadot. Efinity was created as the next generation blockchain for digital assets with the aim of adapting to the challenges of the world of non-fungible tokens (NFTs), according to the project.

The main specialization of the Efinity project is the NFT space. With the protocol, traders and gamers can create, distribute, transfer, sell and buy NFTs. Efinity aims to remove barriers to entry into the NFT space/decentralized gaming, and to simplify user experience and digital asset governance.

Efinity Token powers the entire Efinity ecosystem, EFI aims to prioritize the generation, transfer and purchase of tokens using an inter-chain infrastructure of protocols resulting in lower transaction fees. As for incentives, rewards on PoW blockchains with NFT functionality go to miners who create/trade tokens, thereby forming a community.

One of the long-term goals of Efinity is to become a hub for both fungible and non-fungible tokens, accepting tokens from any other chain, facilitating the pricing and exchange of NFTs, increasing transaction volume, and creating network effects.

In December 2021, the project won the Polkadot parachain auction, and in March 2022, Enjin launched their flagship parachain Efinity on the Polkadot Relay Chain — a blockchain platform that provides a decentralized parachain network where people havecontrol over their data and identity.

Efinity Token

Self-described as "Polkadot's wild cousin," Kusama is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers.

Kusama is built on Substrate — a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot — one of the most successful interoperable blockchains.

By deploying on Kusama, fast-paced projects gain access to a highly scalable, interoperable sharded network, with features that are not yet available on Polkadot. To that end, Kusama describes itself as a “canary network.”

The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain and can be used as a preparatory network before launching on Polkadot — though many projects opt to stick with Kusama for their final product.

Kusama benefits from a low barrier to entry for deploying parachains, low bond requirements for validators, and is most commonly used by early-stage startups and for experimentation.

Kusama

Established in July 2020, TrustSwap is a diverse Web3 ecosystem creating secure infrastructure for blockchain builders and communities. The TrustSwap Launchpad is a leading Launchpad and IDO service, achieving the #1 spot on Cryptorank in 2023 for All-time High Returns and Average Returns. TrustSwap has launched over 55 projects with a collective fundraising of over $70 million.

TrustSwap is also the parent company of The Crypto App and Team Finance, which offer a suite of multi-chain services including crypto portfolio tracking, token and liquidity locks, minting, staking, and vesting-as-a-service.

SWAP token is the key to accessing guaranteed allocations in top-tier IDOs via the TrustSwap Launchpad. Staking more SWAP tokens longer increases your SWAP Score and unlocks higher allocations as well as other perks for top stakers.

TrustSwap

Phala Network is a coprocessor for blockchains. Developers deploy “Phat Contracts,” off-chain program for coprocessors, enhancing dApps with connectivity, internet access, and heavy computation, overcoming web3 constraints.

Phala Network has one of the largest Trusted Execution Environments (TEE) on Intel Software Guard Extensions (SGX) hardware, which means that any code/data on Phala Network is protected from unauthorized access by users. Phala addresses developer concerns with expanded developer language support such as JavaScript and more, and ready-to-deploy Templates for seamless Phat Contract integration, streamlining the experience for web3 developers.

Phala stands at the forefront of Web3 innovation, fostering development through its Builders Program.

Phala Network

Serum is a decentralized exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralized finance (DeFi). (DeFi).

Serum is the only high-performant DEX designed around a fully on-chain central limit order book and matching engine. Ecosystem partners can compose with Serum’s on-chain orderbook to share liquidity and power their trading features for institutional and retail users.

In light of the popularity of DeFi and the growth of DEXes on Ethereum, users and developers are limited by high gas costs and slow transactions. Serum aims to resolve these traditional problems of DeFi, as well as issues of centralization, low capital efficiency, and liquidity segmentation.

The SRM utility and governance token enables users to receive discounts on protocol fees and voting rights; 100% of exchange fees flow back to SRM via buy-and-burn, staking rewards, and ecosystem grants.

Serum

Ethernity is a blockchain-based platform that allows users to take advantage of the increasing popularity of non-fungible tokens (NFTs). The developers position it as a decentralized finance (DeFi) crossover project with authenticated NFTs. In the Ethernity ecosystem, all NFTs can be bought and sold on-chain.

To learn more about this project, check out our deep dive of Ethernity.

Ethernity was funded on the Polkastarter platform, where its crowd sale took place on March 8, 2021. The project tries to create favorable conditions for all active members of the community to boost the value of its ERN token.

Prior to launching ERN, Ethernity underwent a round of strategic investments backed by Black Edge Capital, Morningstar Ventures, Spark Digital Capital, Woodstock and Genesis Block Ventures.

Ethernity

StaFi

Litentry

Energy Web Token (EWT) is the operational token behind the Energy Web Chain, a blockchain-based virtual machine designed to support and further application development for the energy sector.

Energy Web Chain was launched in June 2019. The Energy Web Foundation is the non-profit enterprise behind the project. EWT aims to bring diversity to the energy sector by allowing developers to create decentralized applications (DApps). The virtual machine has the potential to benefit actors from all areas of energetics, including grid operators, software developers, and vendors.

Energy Web Token

Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook meaning that funds deposited into Raydium are converted into limit orders which sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow as well as their existing liquidity.
RAY is the native utility token used for:

Staking to earn protocol fees

Staking to receive IDO allocations

Governance votes on protocol decisions

Raydium

Reef is a Reliable Extensible Efficient Fast Layer-1 Blockchain for DeFi, NFT & Gaming. Built using Substrate Framework, it provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase.

Reef Chain is the most advanced EVM-compatible blockchain. It's self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support additional VMs which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.

REEF is the native token that is used for:

Fees for processing transactions and storing data.

Running validator nodes by staking REEF tokens.

Nominating which validator nodes should be part of the network.

Reef is backed by multiple leading funds and venture capitalists including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.

Reef Chain development tools include:

Remix and EVM integrated development environments for uploading and deploying smart contracts.

Reefscan blockchain explorer to assist with deploying validators, bonding and nominating validators, debugging contracts, and understanding network performance.

Reef command line tools that allow developers deploy applications from local environments.

Reef wallet for accessing and interacting with the blockchain

Reef

MIR is the governance token of Mirror Protocol, a synthetic assets protocol built by Terraform Labs (TFL) on the Terra blockchain.

Mirror Protocol is decentralized from day 1, with the on-chain treasury and code changes governed by holders of the MIR token. TFL has no intention of keeping or selling MIR tokens, and there are no admin keys or special access privileges granted. The intent for this is to be a completely decentralized, community-driven project.

Mirrored assets are blockchain tokens that behave like "mirror" versions of real-world assets by reflecting the exchange prices on-chain. They give traders the price exposure to real assets while enabling fractional ownership, open access and censorship resistance as any other cryptocurrency. Unlike traditional tokens which serve to represent a real, underlying asset, mAssets are purely synthetic and only capture the price movement of the corresponding asset.

Mirrored assets provide the following advantages:

Global Accessibility: In most markets outside of Europe & North America, access to foreign equities and forex markets is highly limited. Crypto allows global accessibility without entry barriers.

Fractional Orders: In traditional finance, to execute a fractional order, multiple fractional orders are bundled together to execute a unitary transaction. The process of gathering all the orders into one requires additional waiting time. By utilizing the blockchain, orders volume is simply represented as a number on the blockchain, so there is no need for the intermediary bundling process.

Nearly-Instantaneous Order Execution: Oftentimes due to the lack of liquidity (price-time-priority order book algorithm), orders can take up to a day to fully execute. Given the fact that Mirror relies on liquidity provided by each individual asset pool, orders can be executed as fast as the blocktime of the network (~ 6 seconds).