The DeFi space is firing on all cylinders. Most of the projects cater to Ethereum users only, without paying much attention to other crypto assets. ONTOSWAP, the first cross-chain swap leveraging Ontology technology, can help change this narrative. Ontoswap will launch their token sales at the end of the month, and the V1 product by early next month, together with liquidity mining.
An Overview of ONTOSWAP
Given the sheer number of DeFi projects launching in recent months, one would have expected there to be more cross-chain support. Surprisingly, that has not been the case. While individual blockchains have their own decentralized finance ecosystem, they cannot communicate with one another. Solving this problem will be challenging, although solutions are in the works already.
In fact, there are a few challenges current DEXes face. Looking at SushISwap and UniSwap, the core issues have remained the exact same. Serum, on the other hand, has introduced improvements, but it is far from perfect. There is room for improvement, and Ontology’s antive technology will allow for that to happen.
One solution grabbing people’s attention is ONTOSWAP. it is designed to become a cross-chain swap capable of improving the current DeFi industry. It is the very first cross-chain swap and decentralized exchange to be built on top of the Ontology blockchain and ecosystem.
Bringing such a solution to the masses will offer many benefits. Not only will it provide instant transactions, ONTOSWAP is more than capable of lowering fees and introducing cross-chain asset exchange services. This latter aspect is crucial to keep advancing DeFi, as the current growth is held back by splintered ecosystems.
Introducing all of these features is beneficial to both existing and upcoming DeFi solutions across different ecosystems. The time has come to explore cross-chain asset support in cryptocurrency. DEXes have begun to generate a lot more trading volume, and capitalizing on this new technology will help improve those figures.
Solid Ontology Team and Partners
It is not surprising to see ONTOSWAP come to fruition at this crucial stage. Ontology has, from day one, positioned itself as a very strong blockchain ecosystem. Focusing on high performance, open source, and so forth will unlock a lot of new use cases moving forward. Tackling DeFi head on is only the beginning of what Ontology may provide in the future.
None of this would be possible without a strong team to move the project in the right direction. With several individuals focusing on specific regions of the world, as well as pursuing global partnerships, the future looks bright. Moreover, the community is growing by leaps and bounds, confirming there is plenty of interest in what Ontology brings to the table. ONTOSWAP is just one of the many working projects to explore.
All of this is further accentuated by the key partnerships Ontology has formed over the years. Partners such as Spherity, Chainlink, OGQ, Hexlant, and others show there are many different options waiting to be explored. Moreover, there is a lot of potential residing within the Ontology ecosystem itself. With the help of core partners, its full potential will be unlocked in the future.