QTUM Launches QiSwap Mainnet; Its First Decentralized Finance (DeFi) Platform
The decentralized finance (DeFi) ecosystem is on a resurgent trail following a slow month in October, and firms do not want to miss out this time. QTUM, pronounced Quantum, announced on Friday the launch of their first-ever DeFi protocol mainnet, QiSwap, an automated market-making (AMM) platform that provides liquidity for QTUM and QRC20 tokens.
The new decentralized product will run on the Qtum blockchain, leveraging the blockchain’s fast transaction speeds, transparency, and ‘unmatched’ security to offer a user-friendly market to source for and provide liquidity. Furthermore, users will enjoy low transaction fees and an income stream for QTUM and QRC20 liquidity providers, who will earn rewards on their staked assets.
QTUM team announced the QiSwap testnet phase's completion last week on Friday, signaling steps towards entering the DeFi market. After completing the public testnet launch, QiSwap has launched its mainnet, going live with one token pair – QTUM cash (QTUM-QC).
The mainnet launch will be conducted in three more phases after today’s launch. The second phase is set for early December (two weeks from now), whereby the QiSwap token and economic model will go live, and new trading pairs will be added. The third phase will see the Qtum development team partner with large exchanges and platforms to list projects and additional token pairs – expected three weeks after launch.
The final phase will launch the QiSwap governance model and the Qi Token allowing the community to decide on the platform. QiSwap founder and chief operating officer Robert Gaillard said,
“Qiswap will further allow the community to take control of the Qtum protocol because it is one of the foundational money legos of the DeFi ecosystem”
“We see QiSwap as the first step into a broader push of DeFi tools that we are being told are lined up over the next few months on Qtum.”
According to a statement obtained by BEG, QiSwap is expected to target the largest cryptocurrencies first, including Qtum-qBTC (wrapped BTC), Qtum-with (wrapped ETH), and Qtum-qFil (wrapped Filecoin), adding to its native Qcash (QTUM-QC) token.
In August, QTUM strengthened its efforts in the DeFi field by providing a $1 million grant to lure developers away from their rival blockchain, Ethereum. With the DeFi market total locked value (TVL) surpassing the $13 billion-mark, QiSwap will be a welcome addition to the raging ecosystem.