Singapore, May 20, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) - After many weeks of hard work in development, KingSwap, the DeFi project with a regulated platform token, which has its core liquidity pool platform with fiat off-ramp conversion capabilities, is ready to address the progress of their technological development and its stages. The project is very much on track and has met most major milestones, and has already developed many features that support and power the KingSwap business model. The KingSwap team is excited about presenting these and new developments soon.
In the early stages of 2021, KingSwap’s main focus was to bring the benefits of token economics, and care for its community. The platform shifted its mainnet to layer 2 implementation with the aim of helping the community to reduce their gas fees on the platform.
The KingSwap Tech Team has now completed the following:
Revamped KingSwap Exchange with new UI/UX
Layer 2 Implementation and XDAI Bridge
XDAI Exchange and Swap Platform
KingSwap had also transitioned to a full-scale deployment that allowed token holders to swap limitless amounts of their old $KING tokens from April 17, 2021 to April 25, 2021. You can read more about the token swap here.
KingSwap also outlined their plan to improve the user experience of the KingSwap browser and KingSwap Exchange.
KingSwap’s upcoming plans include:
Revamp of the KingSwap Website with new UI/UX
Farming Pools on xDai
Partnership Farming pools on xDai
NFT Raffle Draws on xDai
Token Staking on xDai
For these deliverables on the 2021 roadmap, KingSwap is intensively looking for more developers to join the team. They have also hired Elliotz Thiara, Deputy Chief Technology Officer and Jonny Y., its new Chief Information Officer. Elliotz and Jonny will be working with the rest of the development team to streamline and update KingSwap.io and integrate better features on the KingSwap platform. They will also be revamping the UI and UX of KingSwap.io, an oft requested update from the KingSwap community.
Together, the new KingSwap team will continue working to forge ahead and bring the KingSwap project to greater heights. KingSwap looks forward to providing tech updates to you as they progress.
ABOUT KINGSWAP’S LAYER 2 IMPLEMENTATION PROGRESS
KingSwap’s Layer 2 Implementation will:
Reduce the costs of interacting with the network by reducing gas fees and aligning incentives across all participants.
Improve collaboration and move forward to a HyFi (hybrid finance) platform. KingSwap aims to facilitate joint initiatives, like interfaces with combined CEX platforms like Bitmart and Hotbit, which will improve protocol development, shared community resources, and insurance pools. Extensive progress has been made by members of KingSwap towards researching mechanisms that can accomplish all of the above on-chain.
Establish a robust network moat on co-beneficial grounds, reducing the likelihood of the network being forked. The software can always be copied, but decentralized ecosystems such as crypto networks are resilient to attack.
KingSwap also pioneered Layer 2 implementation to be able to achieve highly-scalable growth. This first token swap will set a precedent for KingSwap’s future, as well as establish the collaborative need to build effective KingSwap ecosystem interfaces, and other infrastructure.
KingSwap’s Layer 2 implementation was deployed in three stages:
Stage 1: Swapping OLD $KING Token to NEW $KING Token, Converting OLD $KING Token to USDT if desired
Stage 2: Rolling out ERC1155 NFTs
Stage 3: Deploying Layer 2 Ecosystem and Gateway contract
ABOUT KINGSWAP’S FEATURES AND ADVISORY TEAM KingSwap is a high-yield liquidity platform that offers extensive staking rewards, digital collectibles, and fiat conversions. An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards. In its first three days on Uniswap alone, KingSwap achieved $4 million USD in transaction volume. KingSwap was founded and advised by a team of experienced leaders in banking, finance, and crypto, with its advisors including Venture Capitalist Dr. Giampaolo Parigi (PhD); Professor Alex Nascimento (MBA), Faculty and Co-Founder, Blockchain at UCLA; Michael Terpin, Founder and CEO of Transform Group and Co-Founder of BitAngels; Lionel Iruk, Esq.(J.D), Dr. Robert Choi (PhD), Malcolm Tan (LLM) and Frank D.(MBA).