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Switcheo Network has announced the launching of a non-fungible token (NFT) marketplace under Zilswap. A Zilliqa-based Decentralized finance ecosystem, Zilswap will host the accessible and inclusive NFT environment in collaboration with the Switcheo platform.
The Switcheo platform is a second-layer interoperability network. Additionally, it is compatible with the Ethereum network because of the revolutionary powered cross-chain bridge by the network. This will allow minting, trading, and storage of non-fungible tokens (NFTs) on Zilliqa.
Banking on NFT
The craze around NFT has outgrown the Ethereum network. Adoption of the NFT marketplace by Zilswap will solidify its position on Zilliqa as the major leading platform. The Switcheo Network is confident of capturing a good space in the NFT world with this launch.
The launch should take place on September 15th, 2021, to commemorate the first anniversary of Zilswap. Also, the Bear Market limited-edition NFT collection will debut on the same date to celebrate the launch.
On August 30th, Zilliqa’s transactions went down because of unforeseen issues with the mainnet upgrade. The Zilliqa (ZIL) team claims to compensate for all losses experienced with their recovery plan.
Switcheo’s contribution to the Zilliqa
Zilliqa entered the decentralized finance (DeFi) industry with the launch of Zilswap by the Switcheo team. The Switcheo team built this first-ever decentralized cryptocurrency exchange (dex) that runs on the Zilliqa blockchain. The launching of dex allows users to trade digital assets on this platform.
Zilliqa stands to benefit from the use of Zilswap. There is a growing popularity of decentralized exchanges such as SushiSwap and UniSwap. The Ethereum usage of DeFi protocols like UniSwap has resulted in the growth of ETH transactions by $109 million in the third quarter of 2020. The Tron network also increased transactions by 2.577% in the third quarter due to the use of JustSwap.
DeFi protocols increase network activity significantly. Therefore, the Zilliqa platform will gain similar benefits as soon as ZilSwap gains momentum within the ZIL trading community.
ZilSwap to transition control to a DAO
Similar to UniSwap, ZilSwap allows ZIL owners to trade using a permissionless liquidity protocol. The goal of the Switcheo team is to transition ZilSwap control to a DAO controlled by possession of the ZRC-2 governance token. Therefore, the project will issue this token to the users of the ZilSwap platform and the liquidity providers.
The users of the Zilliqa platform can trade the ZRC and ZIL coins directly using their wallet function. They will be able to trade ZIL for XSGD stablecoin. As a result, holders of XSGD and ZIL will be able to introduce pools of liquidity on ZilSwap. On each trade, these holders will be able to get a percentage.
Uniswap has been on a roll attracting many users wishing to enter decentralized finance. It also launched its governance token, UNI, and offered rewards to the dex users.