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Introducing Soy Swap
At a time of increasingly restrictive Anti-Money Laundering (AML) rules and KYC verifications are becoming more and more restrictive, exchanges are required to comply. Recently Binance, the world’s largest exchange, announced mandatory KYC for all new users.
Decentralized exchanges ( DEX ) are becoming more and more prominent, and during 2020, they experienced rapid growth in usage, an 1800% increase of Total Value Locked or ‘TVL’ . In October of the same year, Uniswap, overtook the largest centralized exchange at the time, Coinbase, in terms of monthly volume.
SOYSwap is a decentralized exchange enabling quick, safe, and cheap token exchange between users. All transactions are executed from smart contracts without the need for a trusted third party, resulting in many benefits including reduced fees.
SOYSwap adopts the concept of decentralized liquidity pools that reward users for providing liquidity. Liquidity providers earn “Liquidity Providers Tokens” as an incentive to provide liquidity to different liquidity pools.
In a second step, SOYFarm will allow the liquidity providers tokens owners to stake their LP tokens and receive SOY tokens ( the official SOY.Finance token ) as a reward.
Where is the Orderbook?
SOYSwap’s architecture abandons the concept of an order book. Instead, users provide their funds to ensure liquidity, and the algorithm does the rest; By pooling every user's liquidity, SOYSwap creates markets according to a deterministic algorithm. This algorithm, called Automated Market Maker (AMM), provides prices to the end-user based on a set of predefined rules.
A special feature of the AMM model is its ability to always provide liquidity, regardless of the size of the order or the liquidity pool. The algorithm will increase the price of the tokens as the desired quantity increases. Thus, the system never runs out of liquidity.
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Set Up Metamask For Soy Finance
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Contents
Introducing Soy Swap
Where is the Orderbook?