Upstart market maker Swaap goes live with new version on Ethereum, Polygon
Ethereum Nag-live ang upstart market maker na Swaap na may bagong bersyon sa Ethereum, Polygon 57 minuto ang nakalipas Balita ng Ethereum ng Bitcoin Swaap protocol has launched the v2 of its non-custodial market making infrastructure on Ethereum mainnet and Polygon. As of May this year, the protocol had just over $2 million total value locked in its contracts, with majority of the tokens denominated in wETH, wBTC and USDC. Swaaps second version officially went live on July 10 and drew over $1 million in pool liquidity within the first day. Balancer, the dominant protocol in the automated market maker (AMM) space, boasts $1.1 billion in total liquidity. Swaap itself is a fork of Balancer v2, but with a twist. Swaaps quotation model — which checks the recent sale price of any traded assets — is run off-chain, and there is an additional settlement module that has been added to run authenticity and performance checks on quotes. For users, this means that it is cheaper to use Swaap than other market makers, as its AMM strategies are not dependent on on-chain networks such as Ethereum, Cyrille Pastour, co-CEO and cofounder of Swaap Labs told Blockworks. Thats a potentially notable development given the long-standing issue of transaction costs on networks