❓Why EGSwap
Why not? :)
But it's an important question, Why another DEX?
Before we give some answers, let's take a look at a bit of background and what has happened in the DeFi world.
Not your keys, not your crypto — this decade-old mantra has taken full effect after the FTX collapse. Crypto users have lost faith in centralized exchanges (CEXs) and are migrating to decentralized exchanges (DEXs) instead. Though a non-custodial option seems to be an ideal solution, it would likely take a long time until price discovery shifts from centralized to decentralized platforms.
Almost every centralized platform in the crypto industry had done business with FTX, and some companies bore the brunt of the collapse such as BlockFi, Genesis Trading, and KuCoin. Crypto users around the globe found they could no longer withdraw assets from several crypto exchanges as the contagion spread.
FTX’s collapse is a symptom of a problem inherent to centralized exchanges, also known as custodial exchanges. Customers’ tokens parked on the platform are exposed to the risk the exchange could go bust. Because crypto has no government depositary schemes to cover losses, customers of insolvent exchanges must wait for bankruptcy courts to regain what remains of their funds — if there is any left after other investors claim their share.
Given the circumstances, all crypto exchanges including Binance have been implementing proof-of-reserves to verify they have enough assets to cover all customers’ funds. Though it is a good transparency initiative, investors still fear for the safety of their funds. As a result, many CEX customers rushed to withdraw their funds, opting for non-custodial solutions. This is where DEXs come in.
Soon after FTX’s downfall, decentralized exchanges saw a vertical spike in trading volume. According to DeFi Llama, the monthly DEX volume showed an increase of 80% from $57.6 billion in October to $103.8 in November. At the time of writing, Uniswap had the largest trading volume with 60%, followed by Curve (9.6%), PancakeSwap (9%), DODO Exchange (8%), and Balancer (3%).
Moreover, Uniswap also surpassed Coinbase in daily ETH trading volume on November 14 ($1.1 billion vs. $600 million). This is significant as CEXs have always been dominant in trading large market cap coins given their deep liquidity. It strongly indicates traders are moving away from CEXs.
The above explains some of the reasons behind creating EGSwap which are:
Security and Control: Adding to the options available in the market to provide users with greater control over their funds. Users trade directly from their wallets, eliminating the need to deposit funds into the exchange's custody. This reduces the risk of hacks or insider theft often associated with centralized exchanges.
Privacy: EGSwap, like many other DEX, does not require users to go through Know Your Customer (KYC) procedures. This appeals to individuals who value their privacy and want to trade cryptocurrencies without disclosing personal information. EGSwap goes one step further with the introduction of EGSpectre, adding another compliant layer of protection to trade privately even if someone knows your wallet address!
Global Access: EGSwap will be available to users worldwide and this inclusivity is especially important in regions with limited access to traditional banking services. EGSwap's Roadmap includes adding On-Ramp capabilities allowing users to buy any crypto directly with FIAT worldwide.
Liquidity Aggregation: EGSwap will use liquidity aggregation protocols to tap into multiple liquidity sources, both on-chain and off-chain, providing users with competitive pricing and improved liquidity. With the introduction of EGSwap's SmartRouter, even if a liquidity pair is not available on EGSwap, users will still be able to trade it. EGSwap will check various liquidity sources to get the best prices and using part of the gas fees collected for this trade, EGSwap will buy back and burn tokens the user is buying. This way, by using EGSwap to trade your favourite tokens, you are contributing to lowering the supply of the tokens you are buying.
Reduced Counterparty Risk: EGSwap uses smart contracts to facilitate trades, reducing counterparty risk. Centralized exchanges involve trusting the exchange to match orders and settle trades correctly.
What stands us apart
Uncomplicated Trading: Swap any token pair on EVM chains with ease. No tedious registrations, no unnecessary complications. Simply choose, click, and trade.
Lucrative LP Rewards: We value our liquidity providers. Every trade on EGSwap allocates 0.17% of the commission to reward these contributors, ensuring they benefit directly from the trading volume.
Security: You are in control of your crypto. Remember, Not Your Keys, Not Your Crypto. EGSwap is fully audited, see Audit
Revenue Sharing: The first DEX to do so. Read -> Revenue Sharing. If you are a project owner, listing your project on EGSwap gets you extra revenue. If you are a community member, trading your favorite tokens on EGSwap ensures more money goes to the project which can be used for development or marketing, etc
Fast Onboarding & Support: The established DEX in the market are too big/busy to help you with launching your projects. The teams are often anonymous, immediate support is not available and they seldom work with you to grow or help advertise. EGSwap has a fully KYC'd public team, and offers support & profit-sharing opportunities to all tokens that are listed on our DEX. See -> Fast Onboarding
EG Blockchain Agency: Unlock success through EG's expertise in Web3 development! Our high-caliber team excels in delivering precision and creativity for Web3 tools and systems. Maximize your impact with professionals well-versed in Web3 technologies, ensuring alignment with the dynamic needs of your evolving audience. We also cater for all your branding, design, UI and UX needs. Full Details -> https://egtoken.io/blockchain-agency
Smart Router: If you are trading against a token pair that is listed/has liquidity on EgSwap, you will trade using EGSwapRouter and pay gas fees which are amongst the lowest in DeFi to trade. If the token/pair is not listed on EGSwap, we will search the market for the best prices for your token from other liquidity providers. If you go ahead with this trade, we will use a part of the gas fees to burn the token being purchased by hosting a burn party on our Burn Party Portal. In this way, by trading on EGSwap, you are helping reduce the supply of your favourite tokens.
Social Impact: Each Trade results in a buy-back and burn of the EG Token. Buying EG Token results in a positive social impact around the world from a team that has already donated $3.7 million to various good causes around the world. See our impact -> https://egtoken.io/social-impact-portal
Staking Pools: EGSwap will launch staking pools where users can stake our native EG Token to receive rewards with high APR. Although other DEXs allow staking their native tokens, they are very selective and limited in offering this feature to others. EGSwap will allow partner tokens to create pools where users can:
Stake EG -> Earn EG
Stake EG -> Earn Partner Token
Stake Partner Token -> Earn EG
Stake Partner Token -> Earn Partner Token
EGSpectre: A compliant solution for those seeking financial privacy. EGSpectre, part of EGSwap, has a great opportunity to fill the gap in the market. Even getting 1% of the volume of the now shutdown Tornado Cash software at its peak, EGSpectre can get a daily volume of $1 million+. The fees generated from this volume are collected from exchanges providing liquidity, not from the end user. These fees will help buy back EG Token adding positive price pressure to our native token. Read more on EGSpectre -> here
Advertising: EGSwap will help promote projects on our DEX and across our socials. Projects can book advertising slots on our DEX to put their project in front of thousands of crypto users.
Listing Freedom: Anyone can list a token on EGSwap, which fosters innovation and allows for a wider range of assets to be traded. Centralized exchanges often have stricter listing requirements. EGSwap offers Fast Onboarding and all the help & support you need for your project.
Fiat On-Ramp Integration: Simplifying the entry for traditional investors and newcomers to the cryptocurrency world. This will allow users to buy crypto directly with FIAT. Partners who list their projects on EGSwap will be able to onboard their tokens to the EGSwap Fiat On-Ramp solution so that their users can buy the token directly via Fiat.
Futures Trading: Trade perpetual futures on EGSwap with up to 200x leverage. Read more on perp trading here -> Perpetual Trading on EGSwap
Limit Orders: Set your price, trade smarter, and optimize your profits with our precision trading feature. Our Roadmap Includes implementing Limit Orders.
Transparent Fee Structure
0.25% trading fee is applied to each trade.
0.17% returned to liquidity providers
0.08% kept by EG. This is used as follows:
0.03% sent to EGSwap Treasury
Upto 0.03% refunded to whitelisted projects in the form of EG Tokens
0.02% is used for EG Token Buyback and Burn.
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