123SWAP REVIEW: WHY SHOULD I USE IT

in #swap • 2 years ago (edited)

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123Swap is a Decentralized Finance (DeFi) trading ecosystem that solves some of the inefficiencies in existing DeFi platforms. It also wants to create an ecosystem that allows for seamless token swaps, access to multiple blockchain networks and lower trading fees.

In this review, I cover the most important aspects of the 123Swap platform, pointing out the unique services, the market opportunities and the projections for its future.

MARKET OPPORTUNITY
123Swap is looking to become a major player in the Decentralized Finance (DeFi) space. As a competing platform, it wants to offer different services that are either not offered by existing platforms or are not fully met, in terms of potentials.

Generally, the Decentralized Finance (DeFi) market is one of the outstanding cryptocurrency market categories. It has been on a steady growth in the last couple of months and the future is still bullish.
The DeFi market opens up lots of opportunities, including the removal of intermediaries from the transaction process, cross-border payments and new financial opportunities.

THE SERVICES OFFERED BY 123SWAP

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123Swap is set to become a major player cum competitor to some of the established brands in the DeFi space. As to be expected, it has come up with different services, which when applied, can make it a lot different from the others.

Here are some of the services offered by the platform:

Inexpensive Token Swaps
Token swaps are common on Decentralized Exchanges (DEXs), because there is always that tendency to exchange one crypto token for the other. Since most DEXs don’t have a trading interface, swapping the tokens seem the best option.

However, this could trigger more fees and take more time. That is why the 123Swap platform is looking into the simplification of crypto token swaps. On this platform, you can swap one or multiple tokens for the other at the press of a button.

Also, the charges are one of the lowest you can come across in the DeFi market. According to the information at the time of writing, 123Swap has pledged to remove 25% of the total amount of trading fees. The 25% trading fee discount will be compensated by airdrops.

Also, the gas fees have been minimized via the use of automated mirror pools to pools most of the transactions into one. That way, it would be easier to charge the fees at once, instead of doing so separately.

Non-Custodial Platform
123Swap promises not to play the role of a custodian over the assets of its users. Rather, the users can only be in control of the assets in their wallets. Besides, 123Swap can only take permission from the users’ wallets via the Liquality Software.

The security of its non-custodial commitment is bolstered by the non-enablement of private key storage outside of the wallets of its users.

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WRAPPING UP
The 123Swap is in its early stage and much needs to be done to make it a strong competitor to the likes of Uniswap and 1Inch. The team is working hard towards this already, so I think this project can pull some big moves in the future.

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2 years ago in #swap by
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