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A Complete Guide On How ZilSwap Works?

Have you heard about Zilliqa? If not, then let’s have a quick look at that! So, Zilliqa is a software aimed to increase user scalability through sharding, that seeks to incentivize a global, distributed network of computers to run a block chain platform. Zilliqa offers a lot that helps to bring technology to the market which make the block chain more scalable, that is why investing in Zilliqa is worthy.   

On Monday, October 5, 2020, the Zilliqa launched its Decentralized Exchange known as “ZilSwap”, a group of Switcheo developed the ZilSwap Exchange, they announced the launch and promoted it through Twitter. The following are the Tweet they posted: 

zilswap

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Zliswap is just like a Uniswap, as it uses a liquidity protocol and a product automated market maker that is permission less to help the users trade ZIL. It enables users to trade ZIL or ZRC tokens from their wallets; you can also add the tokens to a liquidity pool to gain abruptly as market makers. But did you know? How to swap tokens on Zilswap? If not! Then read the complete guide here:

How To Swap Tokens On Zilswap? 

  • Firstly, you need to visit the official site for Zilswap exchange, which is https://zilswap.io/
  • After reaching the website, you need to connect your ZilPay wallet. You can do so by clicking the button at the top right corner of the website, or you can find it in a following image:  

zilswap

  • Now, ensure that you are on the swap side and not on the pool section of the particular page to proceed further. 
  • Now, choose the tokens that you want to pay in or want to receive. You already have an option to choose among 25%, 50%, 75%, or 100% of the tokens you want. 
  • You have various options of tokens including XSGD, SHRK, RedChillies, Samir Coin, Driftwood, Bolt Token, etc., to choose from. Make sure you do a complete research before selecting any tokens that you have not heard anytime before. The following is the screen you get at this stage: 

zilswap

  • For instance you select Zilliqa with a value of 100 and you want to swap it with SHARK, then the following image shows how you can do this smoothly: 

zilswap

    • Now, for 100 ZIL you will get 2.83672 SHARK, hence; 1ZIL = 0.028367SHRK. 
    • Now, click the confirm button and the transaction is completed. After this, the SHRK tokens will directly enter into your ZilPay wallet

Okay! Now we know how to swap tokens on Zilswap. But now the question is to know how to add and remove the liquidity from pools on Zilswap, if you don’t know how to, then let me explain. 

Also Read: How To Buy Cryptocurrency? Buying Guide 2022

How To Add And Remove The Liquidity From Pools On ZilSwap? 

  • You can add your own pools, in Zilswap exchange. The following is the image for the same:

zilswap

  • You will get multiple token options in this section, and you need to pick one of them. 

  • For instance you select 25% of BOLT tokens and then you need to put 100 Zilliqa into the pool to add liquidity. 

zilswap

  • Now, you can check the exchange rate of 1 ZIL = 1.9818442BOLT. Additionally, the recent pool size is 216,080.5496 ZIL + 517,420.9905 BOLT. 
  • If you want to earn a good side income, then this method is good for you. 
  • Did you know the amazing part of this platform? You can launch your own tokens through Zilswap. 
  • Now, if you want to create a pool, you must have to click on the “create” option and add the contract address for your token. The following image shows the same. 

zilswap

Now, let’s have a quick look on the roadmap of the same. 

Also Read: Slippage In Crypto: What Is It And How Can It Be Managed?

Roadmap

The particular roadmap for Zilswap provided by Switcheo is as follows:

  1. Zilliqa platform will launch with ZIL-XSGD as the first and foremost token pool, that allow users to enter or exit ZIL through the Singapore Dollar or we can say SGD backed stablecoin, which is launched by Xfers. 
  2. If you are a ZIL and XSGC holder then Zilswap allows you the liquidity pools. 
  3. The platform can earn rewards from the fees of each trade done by the holders. If you are not an XSGD user, then you can convert the XSGD to SGD, which is actually done at 1:1 rate on an Xfers platform and you can also be an Xfer verified individual. The following tweet shows the same: 

zilswap

Okay! Now we know A to Z about the ZilSwap. But what about Zilliqa? Did you know what Zilliqa is exactly? If not, then let us quickly review about the Zilliqa. 

What Is Zilliqa?

High performance and high security blockchain platforms are demanded by enterprises and next generation applications, and the demand is fulfilled by Zilliqa. As we know, every coin has two sides, same as that, the Zilliqa platform also addresses some limitations in scalability and security. In the year 2019, Zilliqa was the first blockchain platform built on shared architecture, after that slowly and gradually we noticed the changes in the platform, and now Zilliqa becomes the most trusted platform among all. 

The Gist 

Zilliqa is robust, scalable, and secure platforms among all, where you can send or receive money whenever you want. You just need to prepare a complete account for the same, and then you can invest with less hassle through this platform. 

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