FibSwap: Bringing in the New Age of Decentralized Exchanges
Decentralized exchanges bring a breath of fresh air into the crypto sector, allowing crypto traders to buy and sell assets independently and immediately. Also known as a DEX, a decentralized exchange is a peer-to-peer (P2P) marketplace where people can buy and sell crypto without facilitating trades through custodians or intermediaries. The P2P method differs from the fundamentals available on a centralized counterpart, which involves a third-party trading platform or financial institution.
Referred to as a decentralized application (DApp), decentralized exchanges use smart contracts to execute orders automatically, with everything working with the users’ best interest in mind. However, even with all of their attractive features, decentralized exchanges do have limitations. A major disadvantage is that DEXs mostly focus on a singular blockchain network, a worry FibSwapensures that DEX users no longer will have.
FibSwap Provides Support For Multiple Chains
In most cases, popular decentralized exchange platforms solely rely on one blockchain — usually the Binance Smart Chain (BSC) or Ethereum. Without interoperability, users must stick to tokens available on one chain — the chain their preferred DEX supports, segmenting their value to a single network. However, FibSwap solves this problem and provides much greater accessibility.
FibSwap is an Interoperable Multichain Bridge System (IMBS) that supports cross-chain token swaps through its FibSwap Smart Algorithm. In one easy, cost-effective, instant, and seamless transaction, FibSwap users can swap BSC tokens for ERC20 tokens, or swaps with polygon, phantom, and many others. Expanding investment and trading possibilities farther than ever before. Users on the FibSwap DEX can enjoy the following advantages:
Low Transaction Fees
Because the IMBS provides a direct bridge for cross-chain interoperability, its transaction fees are low. Using its own $FIBO governance token, FibSwap is able to offer low fees across all integrated chains. Furthermore, users know precisely what each transaction will cost by holding $FIBO tokens — promoting clearer transparency on the platform.
For most alternatives, swapping tokens between chains takes a little too much time. While other available bridges also allow users to swap tokens between chains, the process requires a lot of time with a higher transaction fee. The FibSwap experience ensures that users can swap tokens between the BEP20, ERC20, Polygon, Phantom, Arbitrum One, Avalanche chains in just 10 seconds.
Ease of Use
The platform is also user-friendly, ensuring that the 10-second experience is available to users who are new to crypto and have little to no experience. Sometimes, figuring out how to operate a platform can be tricky, even for users who aren’t newcomers. With FibSwap, swapping between different chains is as easy as swapping tokens on single-chain decentralized exchanges, streamlining the process for all.
Centralized exchanges are at higher risk of breaches. Throughout the years, popular hacks have rocked exchanges like Coincheck and Mt. Gox, with the latter unable to pick up and continue operations. While Mt. Gox lost more than $470 million, Coincheck hackers made away with $530 million worth of several crypto assets. Because FibSwap is a decentralized exchange that allows users to maintain complete control over their private keys, security is one less thing to worry about when swapping tokens.
The Ultimate Cross-Chain Option
FibSwap ensures that users get great value for their usage of the platform. The ease of use also pushes FibSwap closer alongside the possible mass adoption of cryptocurrencies and decentralized exchanges alike. At the moment, centralized exchanges are still more popular than decentralized options, but this is changing fast. With platforms like FibSwap offering easy cross-chain swapping and low transaction fees, this could spark a considerable paradigm shift towards DEXs.