SPACESWAP Is A One-Stop StationFor All Major Defi Services

imlarry (33)in #defi • 4 years ago

In the Blockchain technology world, recently, a new wave has begun and attracts huge attention of crypto users: DeFi or decentralized finance. What DeFi is all about and why the huge attention from the public?

What is DeFi?

DeFi, an abbreviation for Decentralized Finance, it’s an open financial services developed to revolutionize the conventional financial services which are centralized in nature.

For those of us familiar with Blockchain, and its uses, you we all agree with me that, the main feature of the technology is its ability to enable P2P transactions without the need for any middleman and their related charges. By introducing this technology into the decentralized financial services such as payments, trading, investing, blockchain is capacity of introducing a new financial model of using these services.

DeFi market has grown exponentially within the last couple of months. Uniswap a pioneer of DeFi services providers was developed with the aim of providing liquidity. Uniswap provides instant and unlimited liquidity. It's useful for developers, it's good for crypto-traders, yet can it be improved upon? Indeed, it can, and SpaceSwap is the answer.

SO! WHAT IS SPICESWAP?

SpaceSwap is a brand new DeFi platform that you have never seen before, it was based on Uniswap, but unlike Uniswap, SpaceSwap has been improved and improved. Her smart contract will be audited shortly to fix any potential bugs and vulnerabilities.

From SpaceSwap websites we know SpaceSwap is a new DeFi platform that’s based on the Uniswap protocol but instead of simply copying it.

It has been improved and refined. Its smart contract will also be audited soon to fix any potential bugs and vulnerabilities.

In SpaceSwap DEX, users provide their crypto liquidity and in return get tasty rewards on the top of APY rates, they also get a serving of Milky Way (MILK) coins. SpaceSwap differs from Uniswap since its menu includes more treats, such as the MILK-SHAKE pool with high APY rates and SHAKE stablecoins for extra earnings.

Since SpaceSwap is initially based on the Uniswap model, it features a similar reward distribution algorithm with one significant difference — 0.25% of Uniswap’s transaction fees is shared directly with liquidity providers, while 0.05% is converted back to MILK and given to MilkShake (SHAKE) holders.

In the near future, more DeFi protocols (e.g. Curve, Maker, Compound, etc.) and pools will be added, each with its own tokenomics model. Note that this guide explains only the tokenomics model for Uniswap’s protocol.

SpaceSwap beginner's guide

Open the main page of SpaceSwap, then click on the "Connect wallet" button, at the moment SpaceSwap supports the Metamask browser wallet, other wallets will be added in the near future. Then give permission to connect your wallet to SpaceSwap.

Go to the “Home” tab. By clicking on you can see the total liquidity in the SpaceSwap pools and the number of MILKs in your order book. It is empty for now, but you can easily fix it by purchasing MILK on Uniswap and receiving MILK coins as a reward for placing a bet on Milky Planet pools.

SpaceSwap positive vibes:

SpaceSwap becomes a host in a decentralized system to keep its users safe. The project’s developers have striven to place maximum transparency and control over the services in the hands of the community and it all starts with the website. Its availability will be ensured by network participants, which guarantees round-the-clock availability and absolute protection against server failures.

SpaceSwap guarantees a 100% fair distribution of coins, with no hidden charges. The project is launching a single pool for several stablecoins at once, which will significantly reduce gas costs. The community has the right to decide how many pools it needs, through a fair voting system. This is done in order to provide users with the opportunity to independently decide which pools to provide liquidity to, using LP.

“We have fundamentally addressed the issue of decentralization. Our main goal is community safety and IPFS is the answer we’ve been looking for. We promise no fakes or dubious decisions — only absolute transparency. SpaceSwap will become a one-stop-station for DeFi services and a safe haven for crypto users.” — SpaceSwap developers say.

Game-changing protocol to come!

SpaceSwap is expected to radically change the landscape of the DeFi market. The protocol has prepared revolutionary initiatives for liquidity providers and opportunities for DeFi services. SpaceSwap will be an improved version of Uniswap. The coins native to the protocol are: MILK (governance coin) and SHAKE (stablecoin) and will be a gold mine for liquidity providers.

SpaceSwap includes several options for profit-making:

MILK rewards, depending on the liquidity provider’s LP stake.

Out of the 0.3% standard LP reward, 0.05% goes towards buying out MILK on the market and these coins are distributed among SHAKE holders.

Developers have also prepared incentives for early adopters — during the generation of the first 100,000 blocks, the MILK coin reward will be increased by ten-fold (1,000 MILK). Afterwards, each block will generate 100 MILK coins, with SpaceSwap developers taking only 3% of the MILK tokens for the team and for operational expenses.

Be the first to conquer the DeFi Crypto space with MILK!

SpaceSwap supports a wide range of liquidity pools, including those in Uniswap. This way, you can transfer your liquidity from one DeFi service to SpaceSwap in just a couple of clicks.

To provide liquidity, you need to put your native tokens, such as LP for Uniswap, in the appropriate liquidity pools on our list.

About SpaceSwap products

SpaceSwap has a lot of products! And with their help, you can easily receive MILK tokens.

There are only 10 tokens, namely: Strawberry, Classic, Chocolate, Liquorice, Almond, Orange, Сinnamon, Pistachio, Raspberry and Blueberry.

Each token has a different number of APYs, the largest APY, respectively, is for Strawberry (434.39%), and the smallest for Blueberry (163.98%), respectively, the higher the APY, the better the receipt of MILK tokens will be.

How to steak MILK in SpaceSwap?

In fact, it is very simple, and now I will tell you how you can do it.

You will learn how and where to get MilkyWay coins (MILK) and how to stake them in SpaceSwap.

Receiving MILK tokens

Don't be surprised, but before you start earning MILK, you must first contribute, you can get it in two ways:

Earn Reward Coins after placing a bet on other Milky Planets
Buy on Uniswap

Let's take a closer look at the second option, namely, buy on Uniswap.

Open Uniswap and search for 'MILK'. Select MilkyWay Token (MILK). Don't confuse it with other markers - beware of third party markers with the same marker!
Go to the MilkyWayToken page to see the details and click the “Trade” button.

In the exchange window, you must enter the amount of cryptocurrency you want to buy and select the “MILK” token to make the purchase. Select it from the default Uniswap list. If you cannot find the MilkyWayToken by the MILK ticker, insert the smart contract address in the search field: 0x66d1b01c0fd7c2d8718f0997494b53ff5c485688.

In the Swap panel, you will see the amount of MILK you will receive, its current price and the commission of the liquidity provider. Agree to spend the currency and click on the “Swap” button to complete the transaction. Please note that both of these transactions require an ETH gas fee.

Now that you have bought a MILK on Uniswap, go to the ETH-MILK pool and click on the 'Add Liquidity' button.

Go to the next window and select the number of MILKs to send (click on the “MAX” button to submit all your MILK coins). The amount of ETH sent will be calculated automatically. First, confirm the use of Milk at Uniswap (you will be charged a one-time ETH gas fee for this). After approval click on the "Supply" button

You now have MILK-ETH in Uniswap. It's time to send her to SpaceSwap!

Yaaayyy!! You are now ready to explore the planet Strawberry. Open this pool and click the “Approve” button to give it access to your MILK-ETH UNI-V2 LP tokens.

You will have to pay an ETH gas transaction fee (this is only required once).

When the transaction has been processed, you will see a “Stake” button instead of an “Approve” button.

Click the “Stake” button. Select the amount of liquidity to send (click on “MAX” to send everything) and click on “Confirm”.

You will have to pay ETH to provide liquidity to the MILK-ETH UNI-V2 pool on SpaceSwap. Once that is done, you will be a proud provider of liquidity to the Strawberry Planet.

Congratulations! Now you can see the amount of liquidity provided and the MILK coins you earned.