Soku Swap: Providing a secure blockchain-based solution in the DeFi space.
The advent of blockchain technology and cryptocurrency has allowed millions of users across the world to achieve privacy, freedom, and stability. The idea of decentralization in the crypto space is to give users control over their funds, investments, and privacy without any interference from banks and third parties.
In addition to this, decentralization solves the problem of corruption, inefficient services, and systemic failures within the financial system.
Soku Swap is a decentralized cryptocurrency exchange hosted on the Ethereum network, and Binance Smart Chain. It uses automated market-maker smart contracts to create liquidity.
Soku Swap has a crypto education system that offers free crypto classes, intending to reduce the spread of misinformation about cryptocurrencies, and allows users to make informed trades on their platform. Additionally, their 24/7 live chat assures users have all the help they need in making trades on the platform.
The Soku Swap Platform
What makes Soku Swap the choice of the crypto community is the fact that it addresses the most important pain point which is the high gas fee in the ecosystem. Gas efficiency is one of the core components achieved through the use of optimized AMM smart contracts. This allows Soku Swap to provide a 10% lower gas fee as compared to other exchanges.
This gas efficiency is shared by all the platform-supported cryptocurrencies that can be swapped. The addition of the Binance Smart Chain for making swaps makes it even more gas-friendly. Even in the current market flooded with NFT trades, Soku Swap allows users to enjoy low gas fees for their transactions.
The liquidity of the user in the Soku Swap pools is managed through SOKU LP, the liquidity tokens issued by the platform. In essence, these tokens represent the liquidity of the user in the Soku pools. If the user stakes on Ethereum, they will receive ERC20 type SOKU LP tokens and for the users providing liquidity on Binance Smart Chain, the token is of BEP20 type.
The purpose of having Liquidity Tokens is to provide further liquidity to the users as they can use these tokens to perform various financial activities without actually taking their liquidity out of the liquidity pools. This helps in two ways:
a. It allows users to gain interest on their staked amount while still being able to use the liquidity through the tokens issued. It will maintain the liquidity of the protocol.
The platform creates a truly decentralized environment through the availability of SOKU, the governance token that allows the Soku Swap platform to be truly decentralized. Anyone holding SOKU will be allowed to vote in critical decisions of the protocol such as upgrades or the future of exchange.
Furthermore, for the loyal or constant users who stake SOKU LP and complete a few trades on the exchange each week, a small portion of the trading volume will be allocated to them.
This acts as an incentivization model of the platform. With the growth of the exchange, the loyal users of the platform will also enjoy growth in their profits with the added trust of a truly decentralized environment.
Features of Soku Swap
The exchange offers various features that are all designed and intended to provide traders with the best experience.
- AI flash loans are no longer for developers. Soku Swap makes it possible for users to make arbitrage trades without prior coding knowledge. Anyone who uses the platform can use them, allowing users to borrow assets without depositing collateral as long as the said amount returns to the protocol within the same block. If that fails, the transaction reverses as if it never happened. The most popular use case for flash loans is arbitrage trading. Users can benefit from price discrepancies across different exchanges and profit off of them. The platform allows users to see whether the arbitrage trades they wish to make will be profitable or not with the help of AI.
- Soku Swap Boxes are another innovation that Soku Swap brings forward to help users capitalize on investment-worthy tokens. Every 2 weeks, the Soku Swap team will go through a list of the top gainers and trending tokens. Then, each token will be verified and researched before being included in the Swap Box. After that, users can buy packages ranging from $50 to $1,000 and select the number of tokens they would like to receive. The main idea behind this is to reduce the efforts that investors need to research.
- The token verification tool makes sure traders have all the education and information on a token before making any investments. Thorough research of tokens is done by the Soku Swap team, who then provide traders with a score for each token. The score relies on various factors such as liquidity, community, team members, contract codes, among others. The goal behind this feature is to prevent users from getting caught in scam coins.
- Moreover, users don’t have to worry about going through an extensive Know Your Customer (KYC) check. Since the exchange is entirely decentralized, there’s no need to provide any documents or verification.
- 24-hour live on-screen chat for better customer support in the DeFi ecosystem. Live on-screen chat is a feature offered by many exchanges; however, it is not set to Soku Swap’s standard and full potential. Instead, Soku Swap focuses on taking care of their community members by providing instant support and results, something other platforms fail to do.
- Crypto awareness and education to help develop a deeper understanding. Soku Swap’s fun and easy-to-understand videos and articles allow users to learn about the crypto, blockchain, and DeFi industry. Furthermore, the platform incentivizes people by offering them rewards in SOKU tokens for taking part in these classes and for every successful referral.
- Governance token to enable true decentralization.
The SOKU Token
The native SOKU token is a governance token that allows for all holders to vote on decisions on changes and updates to the DEX, and how network resources are allocated. The token also allows for processing fees for transactions and data storage, rewarding users for cryptocurrency education classes, staking, and providing liquidity.
The SOKU token may be purchased during the initial exchange offering on LATOKEN June 23rd onwards.
Catering to both the Ethereum and Binance communities, Soku Swap is a decentralized exchange that accommodates the needs of the ever-evolving cryptocurrency community. Soku Swap aims to make the DeFi space a safer place for all traders, new and experienced alike.
Stepping towards making blockchain-based solutions more secure than ever by researching newly listed projects on the exchange to review the validity of a token and provide crypto education.
This not only helps individual investors from capital loss but also saves the crypto ecosystem from potential hacks and scams while educating new users who are just getting into the cryptocurrency space.
Disclaimer: This is a paid post and should not be treated as news/advice.
This article was first written on yusmid.com