UAE Emiswap DEX exchange raises 1.4 million USD in seed funding
EmiSwap ,the first community-governed decentralized exchange (DEX) to provide high rewards for liquidity providers (LPs), has successfuly raised $1.4 million US in seed funding for its $ESW token. Offering 100% compensation for Ethereum’s transaction fees, EmiSwap is a truly decentralized autonomous organization (DAO) that incorporates a variety of solutions for decentralized finance (DeFi), allowing users to benefit from every single transaction in a few easy steps. EmiSwap kicked off its private sale earlier this week to provide further opportunity for investors who couldn’t participate in the overbooked Seed round.
Transaction fees for an Ethereum-based DEX can cost more than $20 for each trade due to the design of Ethereum’s network, and can fluctuate drastically depending on the level of congestion. Transaction fees have spiked so high that it has caused the market to question the viability of DEXs. To accommodate its community, EmiSwap has launched the first DEX to offer full compensation for Ethereum’s transaction fees along with key benefits, like high rewards for liquidity providers and distribution of non-fungible tokens (NFTs). There will be 1 Mythic, 11 Legendary, 40 Epic, 150 Rare, 300 Uncommon, and 500 Ordinary NFT cards ready to be allocated to participants that surpass specific milestones.
Designed to provide high rewards for liquidity providers (LPs), EmiSwap offers, 100% Ethereum gas fee compensation for any activity (creating a pool, making a swap, or adding liquidity) in $ESW governance tokens, 30,000 $ESW for each 1 million DAI trading volume is distributed among LPs proportionally daily (which increases the basic reward for providing liquidity by two), Over 40,000 $ESW is allocated to LPs daily, 0.05% rewards from trading volume daily and vote on product developments and Limited-edition NFT cards will be allocated to LPs.
“We followed a strategic thinking process, detailed analysis of blockchain values and fees, and a variety of methods and formulas to make our offering valuable and unique,” said Grigory Rybalchenko, founder and CEO at EmiSwap. “We created EmiSwap, not just for the sake of starting, but because we believe in its power. Today we rest assured that our product is unique and is ahead of the game.”
EmiSwap is the first project of the EmiDAO alliance and its members who are actively involved in managing and supporting the product. The EmiDAO alliance includes, an investment fund focused on emerging blockchain companies, UAE based Alpha Sigma Capital a top cryptocurrency exchange by trading volume and liquidity, DigiFinex Exchange an exchange with 2.1 million global users and over 300 cryptocurrencies listed, Bitmart Exchange, the first decentralized financial project that distributes all its revenue among stakeholders, Emirex Exchange an all-in-one and open-source white-label exchange solution that lets anyone run a complete crypto trading platform, HollaEx Exchange a Hong Kong-based cryptocurrency exchange and financial services company working in areas including media, social, mining, digital asset management, markets and research, IDCM Exchange, and a global banking platform that is integrating its services of eKYC, AML, whitelist-as-a-service, and fiat-in/out ramps, Everest Group.
EmiSwap passed the security audit performed by Hacken (https://hacken.io) whose clientele includes OneLedger, FTX, AirAsia, Vechain, and more, and ensures the protection of user assets and data. The full report can be found here.
EmiSwap will conclude the private sale at the end of May, 2021.
