Swaap is back. Swaap is a market making protocol DeFideveloped by Paris-based Swaap Labs. After several months of development, the protocol is back with version 2.
Swaap gets a makeover with v2
Last April, the Swaap Labs had successfully raised $4.5 million to finance the development of the second version of the protocol.
Four months after this announcement, the protocol teams return to announce the launch of Swaap v2.
As a reminder, Swaap is a protocol for market making on Ethereum and Polygon, which offers several services. On the one hand, the protocol has a DEX. On the other, the protocol offers liquidity pools to generate returns on deposited assets.
Under the hood, the protocol uses advanced market-making toolsas well as advanced market-making strategies and transparent.
For version 2, the teams set out to solve the various challenges faced by the DeFi ecosystem. They tackled the following negative returns proposed by most AMMs as well as lack of transparency on the part of many platforms.
This is how Swaap v2 came into being. In practice, v2 of the protocol embeds a hybrid architecture, mixing on-chain and off-chain data.
« Swaap v2’s unique architecture manages asset balances and settlement functionality on-chain, while quoting becomes off-chain. This hybrid infrastructure enables state-of-the-art market-making strategies to be deployed while maintaining a high level of security and transparency. »
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Security at the heart of v2
What’s more, this update also brings numerous improvements, particularly in terms of security, for liquidity providers.
« Swaap v2 introduces a new max drawdown mechanism, a new paradigm in AMM smart contract security. On-chain safeguards such as max drawdown, last look, max imbalance as well as penalties have been introduced to ensure the safety of liquidity providers’ funds. »
As a result, Swaap v2 strategies adapt to market conditions, protecting funds while optimizing returns.
Of course, the protocol has undergone two audits, the first by Chainsecurity and the second by Quantstamp.
Launch with great fanfare: first liquidity providers rewarded with prizes
To celebrate the launch of v2, the Swaap protocol is offering tokens to its first liquidity providers. The aim is to enable them to take part in the protocol’s governance.
Users who deposit liquidity before July 12 will benefit from an additional 15% return for 1 year. They will also be able to claim an exclusive NFT at launch.
It remains to be seen whether these innovations will be enough to compete with the industry giants. Indeed, giant Uniswap recently announced that it is working on v4 of the. Nevertheless, it will only be released once the Cancun hard fork has been deployed on Ethereum..
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