A Deep Dive In HydroSwap
HydroSwap is not the typical decentralized exchange that the DeFi space comes across regularly. It has evolved to involve much more than that, and it runs on the Binance Smart Chain to offer high scalability and better transactional experience by users. With this platform, users that want to exchange their tokens for others can seamlessly do that here. They can also become liquidity providers for lucrative rewards. The use cases of HydroSwap continue to increase as newer versions are released into the market.
To ensure that everyone, not minding their level of knowledge in the blockchain technology can enjoy the features that HydroSwap offers, the user interface was designed to improve user experience. It is easy to swap tokens without paying a hand and a leg to do that. With HydroSwap, users can easily trade their tokens, stake them and earn. For those that want to create liquidity pools, it is feasible.
Though HydroSwap may be likened to UniSwap, but it does far more than that, especially in the aspect of giving better yield incentives to those that stake using the pools. Users are given the entire information concerning a swap that they want to do like the slippage amount that they may encounter, and so on.
HydroSwap First Version
The first version of this platform was designed to allow users to easily swap their tokens and offer liquidity as a liquidity provider. For doing this, they were rewarded handsomely with the LP tokens, which they can stake and trade in HydroSwap in the second version.
HydroSwap Second Version
The HydroSwap V2 is out and it comes with incredible features that were unseen in the first version. With this one, users can exchange and stake their LP tokens.
In September 2021, HydroSwap announced that it was releasing some new features, which included the HydroSwap V2 update, Aegir wallet update, as well as the Hydro chess & lottery dApp updates.
The second version of the HydroSwap comes with IDO, new staking mechanism & droplet token utility, in addition to what was obtainable in the first version.
Features on HydroSwap V2
Swap
This feature on HydroSwap allows users to exchange their tokens for others on the Binance Smart Chain. It is easy to do, and users are intimated of the potential results of a swap before they do it including the slippage level. Trading tokens instantly is easy with the swap option.
Liquidity Providing
With this feature, users can add or remove liquidity on this platform. For adding liquidity, they are given LP tokens that they can stake or exchange.
Bridge
For those that have been looking for a way to swap the native Hydro tokens from ERC20 to BEP20, and vice versa, the bridge is designed to do this.
IDO Launchpad
HydroSwap V2 came with this feature that allows vetted crypto projects to advertise and raise funds through the intuitive launchpad. With the launchpad, community members can interact with crypto startups, and buy into them before they can go mainstream. This is what the launchpad is designed to do. It will benefit both users and crypto startups.
Staking mechanism
With the HydroSwap V2 coming out, users can easily stake their tokens and earn lucrative APY on HydroSwap. Those liquidity providers that have LP tokens can stake them to earn rewards. The new staking mechanism changes the way that things are being done.
Droplet
NFTs on HydroSwap is one of the latest features that the new version is offering. Its intent is to incorporate NFTs into the Hydro Ecosystem. Droplet is a unique token that is given to stakers based on the number of LP tokens that they are staking. With new features that both the Aegir Wallet and HydroSwap are offering, users will have access to incredible functionalities.
Like the way, new versions have been added recently, it is expected that as time goes on, the Project Hydro team will incorporate new features on HydroSwap to improve user experience.
