HadesSwap - a new decentralized exchange DEX created on the Polis Chain

The first decentralized exchange (DEX) based on the Polis Chain has just been launched. We are talking about HadesSwap, operating within the Olympus Network. This article provides a closer look at what the exchange is about. 

Functionality of HadesSwap

DEX's are growing in popularity. They are propelled, among other things, by the ever-changing cryptocurrency regulations around the globe. Freedom from KYC and minimizing the number of exchange intermediaries are also not without significance. Newer and more innovative platforms are constantly being developed. Diversification in asset exchange processes is a popular practice that many investors are closely following. Under these circumstances, HadesSwap joins the ranks of decentralized exchanges and has the right to play an important role in its segment. Read further to find out why.

Thanks to the capabilities provided by Polis Chain, HadesSwap has gained compatibility with the Ethereum Virtual Machine (EVM). Thus, one ERC-20 token can be exchanged or ‘Swapped‘ for another one on the exchange. The procedure is very simple and involves connecting to a wallet and selecting an input and output token. The protocol itself calculates the value of the output token that will be issued. With just one click, we find ourselves in possession of a new coin.

However, this is not all that the newly created AMM DEX offers. HadesSwap is also a Yield platform that allows you to stake Hades Liquidity Pool (HLP) tokens with which you earn SOUL. This is a very reasonable incentive for those providing liquidity to HadesSwap pools.

Governance

Building an informed community is one of the crucial aspects for HadesSwap. As befits a reliable DEX, the community has an important say in it. HadesSwap governance involves users voting on proposals on the so-called Snapshot platform. Proposals submitted to the Snapshot system via Core can be considered binding if a quorum accepts them. The stewardship token here becomes Drachma, which can be obtained by depositing SOUL in the SOUL pool under the Yield option.

Meter Passport Bridge, a vital support

Meter Passport is a decentralized scaling mechanism that runs on Ethereum. As a second layer protocol, it connects Ethereum and other blockchains. This allows smart contracts to scale and communicate. Simply put, it builds bridges between the Polis Chain and the Binance Smart Chain. It enables the transfer of DAI tokens between both chains. Its ability to connect heterogeneous networks will play a key role in the development of HadesSwap. Meter Passport is a particularly important transfer bridge for assets from Ethereum, Moonriver, Avalanche, Theta, Energy Web Chain and Meter Mainnet. For the DEX, these solutions are a catalyst that is poised to cause an explosion of liquidity in the short term, and with it an influx of new users.

HadesSwap liquidity pools from a technical perspective

As you know, every smart contract or trading pair in HadesSwap, as in any other DEX, is about providing liquidity pools. But how does this relate to providing liquidity to an HLP token? Well, all you need to do is exchange any token just for HLP. In this case, HLP will follow the proportional shares of the underlying tokens, so you can exchange them back at any time.

In this case, the key formula is x*y=k

This means that the product of transactions remains constant (k), for the balance of reserves and the pair (x, y). It should be taken into account that HadesSwap imposes a fee of 0.3% per transaction, which is added to the HadesSwap reserves. Ultimately, this is the payout to HLP, realized when the pool tokens are burned.

So much for theory, let's take a look at how HadesSwap presents itself in reality!

As you can see on the image below, the platform gives the impression of being minimalist and clear, which also makes it naturally easy to use.

The first window that appears in front of us is of course "Swap" where Polis tokens are set by default. We can change them to any other available base tokens, and exchange them for any coin as well. In this case we used the SOUL token as an example.

In order to exchange, it is necessary to connect to the wallet, which we do by clicking the button below the selected pair. The popular MetaMask wallet is of course an option to connect.

In the upper left corner of the screen, we also notice the possibilities to go to: Pool, Farming, Analysis Tools, and Docs, in sequence. These are tutorials and other information about the platform. In turn, in the upper right corner, there are the previously mentioned bridges to Polis and DAI. Thanks to them the operability of the exchange increases significantly. 

Is HadesSwap for you?

Despite the fact that HadesSwap is relatively new, you can not pass by it indifferently. It presents itself as a well-thought-out decentralized exchange. Therefore it is worth remembering if you want to trade tokens on an easy-to-use DEX.

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