More than 100 million investors now use decentralized exchanges (DEXs) each day, with daily transactions totaling more than $4 billion. However, with all of the progress happening in this space, we are yet to solve the difficulties that haunt decentralized exchanges. The notion of decentralization theoretically offers an attractive solution to the problems associated with centralized exchanges but it is failing practically, owing to the complexity needed in operating them.
As a solution, we are working on FibSWAP to deal with all the existing challenges with DEXs. With our first DEX phone app, we aim to alleviate some major problems associated with existing DEXs while also saving users valuable time and money. We aspire to become the go-to DeFi trading solution for your crypto assets by simplifying trading through our FibSWAP phone app.
Solving Accessibility Challenge of DEXs with FibSWAP App
The complicated structure of decentralized exchanges (DEXs) is well recognized. Most DEXs are not suitable for beginners since they demand users to have an extensive understanding of crypto and DeFi. It requires users to connect wallets and confirm transactions many times. Furthermore, each DEX primarily operates on its own cryptocurrency, and users must navigate through many platforms to swap tokens that are supported by the exchange.
Another issue is that trading on decentralized exchanges is sluggish because of the inevitable time lag between placing and executing orders. The orders take a long time to process, wasting a lot of time. Beyond that, most DEXs have poor UI/UX, and executing even a simple trade can be really confusing. As a result, widespread adoption has been challenging for DeFi.
Last but not least, all these exchanges, while being significantly complex to use, are out of reach for most people as they are desktop browser-only platforms. This fails to include into the DeFi ecosystem a major chunk of the population that may be interested in using DEXs. That’s because even today, many may not regularly use or have access to a desktop or laptop but they may still own a smartphone. Further, they are forced to use custodial services such as centralized exchange and give up ownership of their funds to use them. This itself speaks that we desperately need a mobile DEX to lower the barriers to entry in DeFi for everyone.
Bringing the Much Needed Change with FibSWAP
Slowly but surely the DeFi space is making progress. And we want to be at the forefront of this change, making DeFi more accessible. We are now on our own flagship DEX dubbed FibSWAP. What makes FibSWAP stand out from the existing crowd is that it will be the first-ever DEX mobile phone app — a solution that will immensely simplify trading by providing an easy-to-use and seamless interface. The DEX app will allow users to buy, sell, or swap cryptocurrency with a few clicks, that too on their mobile phone, which has so far been completely impossible.
Another exciting feature of FibSWAP that’s worth being excited about is that it will allow you to swap an ERC20 token for a BEP20 token, or tokens from many different chains like Fantom, Polygon and Avalanche, making it an ideal option for amateur traders. The ultimate goal of FibSwap is to provide a safe place to trade your valuables. Wiţh our Interoperable Multichain Bridge System (IMBS), we aim to create a bridge to swap tokens from one chain to another in a seamless and instant way.
The Future Outlook
The success of a decentralized exchange is determined by a variety of aspects, including the number of traders, scalability, and a great user experience. With the release of the FibSWAP phone app, we hope to address all of the shortcomings of existing decentralized exchanges. From providing a user-friendly interface to high-speed transactions, we aim to simplify trading to all sets of users.
DeFi is about to embark on another massive wave of adoption. This adoption will be fuelled by technologies like FibSWAP and we aim to become the go-to cross-chain DEX in the DeFi space. Our team believes we can become a pillar of the DeFi ecosystem by empowering people to trade with confidence, trust, and ease. The day is not far when FibSwap will be at the forefront of DeFi 2.0 and we will become an industry leader in the AMM space. Our commitment to maintaining a secure, safe, and reliable platform forms part of the core values of FibSWAP.