WhiteSwap: A Review of the Decentralized Exchange
WhiteSwap, a decentralized platform that allows token swapping and DAO-based platform management, operates using its native WSD token.
WhiteSwap is an integral part of WhiteBIT's cryptocurrency exchange ecosystem. Its smart contract security was audited by Hacken, a leading name in the cybersecurity industry. Currently, WhiteSwap DEX extends support for three networks - Ethereum, Tron, and Polygon.
In this piece, we will delve into the WhiteSwap exchange and the suite of tools it offers to its users.
Home Page - The 'Swap' Section
The main dashboard hosts a tool for token exchange. The platform can be accessed via EVM-compatible wallets, Metamask or Trust. For transactions on the Tron blockchain, the DEX enables operations through Tronlink Wallet.
WhiteSwap DEX Home Page. Source: app.ws.exchange
The platform supports the exchange of a variety of tokens including ETH, WBT, WSD, USDT, DAI, LINK among others. Operations with TRX, CLR and select stablecoins are enabled on the Tron network.
The 'Pool' Section
In the 'Pool' section, users can contribute funds to the liquidity pool and create their own trading pairs. To do this, they are required to enter the smart contract address of their own token and pair it with another coin, for instance, a stablecoin.
Liquidity Provision on WhiteSwap DEX. Source: app.ws.exchange
As part of the farming program, users are rewarded a fraction of transaction fees.
WSD Token
WhiteSwap employs its native WSD token as a reward for active participation in social media and for steering the platform through governance in the "Vote" section.
The 'Vote' section, used for facilitating votes via WSD tokens. Source: app.ws.exchange
As of the time this article was written, the WSD token was valued at $1.52. As per WhiteSwap exchange's data, the token isn't frequently traded, and the overall liquidity of the WSD/USDT trading pair does not surpass $20,000.
Information about liquidity and pricing of the WSD token. Source:info.ws.exchange
WhiteSwap's future prospects
Given that WhiteSwap is an integral part of the WhiteBIT cryptocurrency exchange ecosystem, the progress of the centralized exchange could have a positive effect on WhiteSwap. Looking ahead, WhiteBIT's native token, WBT, is anticipated to have its own blockchain, currently in the Testnet phase.
In theory, if the WhiteBIT Network DEX incorporates WhiteSwap, it could potentially become part of the future blockchain's DeFi ecosystem. This integration could enhance the platform's visibility and total trading volume.
