Today, We are extremely excited to announce KwikSwap as the first DEX live on Shiden Network!
Kwikswap is the first DEX LIVE on Shiden Network
KwikSwap is a relatively new cross-chain automated protocol on Polkadot & Ethereum incorporating Astar, Shiden Network Parachains as well as Binance Smart Chain. The KwikSwap protocol provides developers, liquidity providers, and traders the opportunity to participate in a decentralized financial marketplace that is open and accessible to all.
Kwikswap (Shiden) DEX — https://shiden.kwikswap.org will add 5–10 pairs over the next 24–96* hours including KWIK Token, big thanks to Anyswap for their support in migrating / bridging KWIK. Analytics will also be integrated shortly. *edited
What is Shiden Network?
Shiden Network is a parachain of the Kusama network and the canary network of Astar. It is a testing ground for experimentation, research and development. Shiden provides the same set of functions as Astar. Kusama Relaychain does not support smart contract functionality by design — Kusama Network needs a smart contract layer. This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs and more. It is important to note the canary networks are not the same as test networks.
What is a DEX?
A decentralized exchange (DEX) is exchanging cryptocurrencies or other blockchain-based assets without a centralized agency or intermediary. These exchanges for decentralized finance (DeFi) have inherited the advantages of blockchain: decentralization, censorship resistance (such as no KYC), extremely high security, and unalterable data. Decentralized exchanges avoid all the hassle of sign-ups. The trade happens directly between two users’ wallets.
Explation of Layer 2
Let’s say that you and I have a contract for some service, rather than publishing every little aspect of that contract on the blockchain and flooding it. We go off to the side and do a whole series of transactions, but every time we do a transaction, each of us signs it and confirms. When we’re finished, either one of us can go back to the blockchain and submit the record of all the transactions and confirm the transactions. Either one of us can submit it, and the blockchain executes it. So the blockchain only needs to know when we left with how much money staked on this transaction and when we came back and what the total change was. It doesn’t need to keep track of all the intermediate pieces. In such a way, layer 2 solutions help reduce fees for users and bring fast transaction throughput.
How to set up Metamask
Details for the RPC
Important information on sending tokens: https://docs.astar.network/integration/metamask/sending-tokens
Kwikswap Protocol is a multi-chain DEX on Ethereum, Astar, Shiden, Binance Smart Chain, Polygon and soon to be Polkadot. Kwikswap aims to be the one-stop-shop for traders to swap, add liquidity and create markets. Kwikswap Protocol has also released the Kwikstarter IDO launchpad on Polygon that is a decentralized ecosystem where new start-ups and projects can be nurtured via Kwikswap DEX.
About Astar Network/Shiden Network
Astar Network (previously known as Plasm) is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines. Shiden Network is a sister network of Astar Network and a dApp hub on Kusama.
Feel free to reach out to us!