A Trusted DEx: How Fibswap is Changing the DeFi Space
DeFi (decentralized finance) has grown in popularity as people have moved towards a more trustless trend. DeFi allows earning, lending and borrowing, without trusting a middle entity or middleman. With Defi, people no longer have to interact with financial institutions such as banks to complete a transaction.
However, there are obstacles in the DeFi movement. Many users continue to run into the issue of sophistication that plagues most DeFi programs. Decentralized exchanges allow users to truly own their crypto, but sometimes, certain platforms could be difficult to navigate, due to the fact that they are too technical to use. However, FibSwap is changing the DeFi landscape with its offerings.
Why Decentralization is Important
When individuals trade, they may opt to trade on a centralized platform. The problem with this, is that the individual is putting trust in the platform to hold their assets, and carrying out all the transactions and activities. If the centralized exchange is compromised in any way, anyone who uses the platform is exposed to risk.
That is why some may opt for a decentralized exchange (DEX), like uniswap or pancake swap. DEXs are completely trustless, as there is no centralized entity that is solely responsible for the governance of the exchange. However, one of the main problems with decentralized exchanges are that they are way too technical for many people.
See How FibSwap is Changing DeFi
FibSwap DEX, introduced in 2021 is based on the Binance Smart Chain (BSC), is changing the DeFi space as they have the Interoperable Multi-chain Bridge System (IMBS) decentralized exchange (DEX), which allows users to swap tokens from one chain to tokens from another chain in a simple, quick and efficient manner.
The firm launched its one-click option for users to save time and effort moving and switching tokens from the ETH network to the BSC network. Since the project’s launch, it has proven to be innovative and needed within the DeFi space. FibSwap intends to enable swapping tokens from various chains as simple as swapping tokens on single-chain DEXs like Uniswap and PancakeSwap.
Before this time, the process of swapping tokens was too slow and complicated for most users as it takes several minutes to complete, but with FibSwap, the entire process is condensed into a matter of seconds, usually less than ten seconds to swap an ERC20 token to a BEP20 token with FibSwap.
FibSwap has also worked on adding many more blockchains to their exchange. They now have interoperability with Polygon, Fantom and Arbitum One.
Users who have FIBO tokens will be informed of the cost of each trade prior to the transaction. With its unique lowest fee swap aggregator, FibSwap will also provide the best rates on the market, making transactions better and cheaper. Read their whitepaper for more details.