Everything You Need to Know About Anyswap DeFi

Project Reviews / 28.07.2020

Every day, the blockchain space makes vital steps towards widespread adoption. In the race towards widespread adoption, major bottlenecks such as scalability and interoperability need to be resolved. Indeed, blockchain technology has dramatically impacted several industries, including finance, Internet of Things (IoT), marketing and advertising, supply chain and healthcare, etc. However, the full potential of the blockchain technology is yet to be harnessed due to numerous adoption challenges, including the ones mentioned above. 

Nonetheless, new blockchain platforms are well designed to solve these challenges and spur widespread adoption. A notable example of such a platform is Anyswap- the first completely decentralized swap exchange protocol based on FUSION’s DCRM technology. 

Anyswap solves the problem of liquidity and interoperability synonymous with decentralized exchanges. The platform allows for cross-chain swaps and eliminates third parties (buyers and sellers) when swapping tokens, thus solves decentralized exchange’s liquidity problem. Read on to find out more about this innovative platform.   

Anyswap (ANY) Overview

Anyswap, launched on July 20th, 2020, is a fully decentralized cross-chain swap protocol built on the FUSION network leveraging its DCRM technology. Anyswap will allow you to swap between any coins from any blockchain ecosystem as long as it uses ECDSA or EdDSA as the signature algorithm. This means that you can swap a large number of coins on the platform, including BTC, ETH, USDT, XRP, LTC, FSN, etc. on the platform without having to trade on third-party platforms.

About FUSION’s DCRM Technology

Decentralized Control Rights Mechanism (DCRM) is FUSION’s innovative technology designed to enable distributed systems to integrate into any on-chain or off-chain workflow. Any blockchain network leveraging DCRM can seamlessly integrate and communicate with other blockchain networks. In other words, DCRM solves interoperability challenges experienced all across the blockchain space. 

To offer interoperability, DCRM implements the LILO (Lock-In-Lock Out) function. A portal that allows for cross-chain token control and swap through the use of private keys. On the Anyswap protocol, DCRM is the actual cross-chain assets bridge linking different decentralized exchange interfaces. 

Anyswap Features

  • Programmed Pricing and Liquidity- Anyswap features an automated pricing and liquidity system, which is based on the liquidity provider. The liquidity provider is able to add and withdraw liquidity into swap pairs, thus averting liquidity usually seen in decentralized exchanges. 
  • Cross Chain Swaps- Anyswap allows users to seamlessly swap from one token to another in different blockchain networks. Unlike Uniswap, which only allows the swapping of ERC20 tokens, Anyswap supports the swapping of token having ECDSA or EdDSA as the signature algorithm. This 90% of tokens in the crypto space, including BTC, ETH, XRP, LTC, USDT, etc. 
  • Decentralized Cross-Chain Bridge- Anyswap lets users deposit any coins into the protocol and generate and manage wrapped assets in a decentralized way. All these are achieved via the cross-chain assets bridge. 
  • Wallet Support- Anyswap will initially support Metamask and Ledger wallets, but more hardware wallets will be added to the protocol. Additionally, an API will be provided, which will make the Anyswap protocol compatible with any wallet. 

Tidbits of ANY Token

Ticker: ANY 

Token type: FUSION CHAIN 

ICO Token Price 1 ANY= 0.02000000 USD

Fundraising Goal: $62,500

Total Tokens: 100,000,000

Available for Token Sale: 5%

Accepts: FSN 

Role of Token: UTILITY  

Anyswap protocol will be governed by the ANY token, which will be issued on the FUSION chain. On the protocol, ANY would be used for primarily voting for: adding supported chains, for electing Anyswap working node (AWN) and for changing governance rules proposals. 

ANY total supply will be capped at 100 million with no pre-sale or fundraising. However, the initial supply will be 15 million from which: 10 million ANY will be allocated for “Community and Ecosystem”, and 5 million ANY allocated for “Team Initial Liquidity”. 

The remaining 85 million ANY will be allocated to block rewards and distributed in the FUSION network as follows: 

  • 10 million ANY– Anyswap Working Nodes (AWN) Rewards to provide stable and secure cross-chain service. 
  • 15 million ANY-Liquidity Rewards offered to liquidity providers to motivate them to provide strong liquidity of swap pairs on Anyswap like BTC, ETH, USDT, XRP, LTC, etc.  
  • 15 million ANY– Allocated for “Team Rewards” to motivate Anyswap team and future team members 
  • 20 million ANY– Allocated to shareholders of Anyswap company 
  • 25 million ANY– Allocated for “Swap and Trading” to motivate swap traders. 

Different Rewards

As mentioned earlier, Anyswap will offer 85 million ANY in rewards, which will be locked in a smart contract and distributed along the FUSION chain block. 8.5 ANY will be rewarded per each fusion block. Only 10 million fusion blocks will be in existence. 

There are different rewards on the Anyswap protocol as follows: 

  • Liquidity Rewards– Liquidity providers will be rewarded 9900 ANY after every 6600 blocks-after 24 hours. The rewards will be based on one’s liquidity portion-the the lowest liquidity will be used to calculate the reward amount. 
  • Swap and Trading Rewards– These will be calculated per 100 blocks. Swap traders will be rewarded 250 ANY every 100 blocks depending on the proportion of their trading volume. If there is no swapping on 100 blocks, liquidity provider and Anyswap Working Node (AWN) runner will be rewarded 150 ANY and 100 ANY, respectively. 
  • Cross Chain DCRM Node Rewards– AWN runners will be rewarded 6600 ANY after every 6600 blocks. Initially, before any AWN starts working, these rewards will be given to liquidity providers.     

Anyswap Transaction Fees

Anyswap will charge a transaction fee of 0.4% for every swap transaction with 0.3% going to liquidity providers and 0.1% directed to Anyswap Company. Users who use the cross-chain bridge to lockout wrapped assets will be charged a 0.1% gateway fee. The gateway fees will be directed to Anyswap Working Nodes (AWN), which supports a specific chain to cover transaction fees on the corresponding chain.   

Anyswap Launch Date

anyswap decentralized exchange

Anyswap was launched on July 20th at 12 pm GMT. The launch has coincided with the activation of the ANY/FSN trading pair, which will swap at 1 ANY=0.02 FSN. 5 million ANY and 100 thousand FSN allocated to this pair. 

Other tokens, including BTC, ETH, FSN, ANY, USDT, XRP, and LTC, will be activated as a Testnet on the protocol. More coins will be added with time-based on the ANY voting results. Also, an AWN election will be held to determine nodes to support coins added to the Anyswap live version. 

Final Thoughts

Anyswap will be a revolutionary protocol that will spur mainstream blockchain by solving interoperability and liquidity challenges seen in decentralized exchanges. This fully decentralized cross-chain swap platform will enable crypto users to swap between any coins on any blockchain, thus saving on transaction cost, risk, and time used to trade currencies on exchanges. Its upcoming launch is set to transform coin swapping for the better.   

avatar
Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.