- NEO’s Switcheo exchange is designed to build Zilliqa’s DEX
- Zilliqa’s DEX to allow users transact with ZRC tokens and ZIL
- Collaboration with Switcheo could revitalize Zilliqa
Cryptocurrency News Today – the Zilliqa protocol seems to have lost its relevance in recent times. Now the network is looking to tap the NEO-based project to build its first DEX. The question now is, is this move enough to bring back ZIL’s relevance? According to reports, Zilliqa has announced that it is collaborating with Switcheo to create a decentralized exchange for its Blockchain. Switcheo is a NEO-based decentralized exchange (DEX) with support for both Ethereum and EOS. This means that multiple Blockchain ecosystems will be united.
Zilliqa’s First DEX
Zilliqa’s first DEX will allow users to trade ZRC tokens and ZIL. Just like the ERC-20 standard, Zilliqa’s ZRC standard will let developers issue custom tokens that have special capabilities as well as dApp integration. This is why Zilliqa must offer its users and investors a direct and simple way to swap tokens. Zilliqa insists that its DEX will be similar to Uniswap. Uniswap is a popular Ether-based DEX. This implies that users will have the ability to perform atomic swaps fast and cheaper. Additionally, all Users will be able to receive revenue by standing in as market makers and offer liquidity.
Zilliqa hasn’t indicated the model in which the tokens will be listed. It hasn’t also indicated how many tokens will exist on the Zilliqa network. However, the Zilliqa protocol said that the StratisX stablecoin will also be supported by the DEX. The project has also insisted that Ethereum-based tokens will be supported on its first DEX as well. Meanwhile, Switcheo plans to conclude its integration of Zilliqa with its exchange by year-end.
Are Ethereum and Zilliqa Still Strong Competitors?
Zilliqa aims to act as a quicker and more scalable alternative to the Ethereum network. The network’s promise of scalability drew attention in 2018 after CryptoKitties became popular. This overloaded the Ethereum network with activity and caused transaction fees to rise. In response to this, a trading game known as Ethermon moved to Zilliqa, which gave Zilliqa more recognition at the time. Zil also operated an incubator in 2019 to draw in more dApps. Yet Zilliqa isn’t as popular as it once was.
In 2018, Zilliqa was took the 23rd spot among the biggest coins in the market by market cap. Today, Zilliqa is number 79. Zilliqa’s partnership with Switcheo has the potential to revitalize the network by introducing straightforward visible trading options one feature that will draw in developers and investors.