The Chrysalis Network became online on April 29th, marking one of IOTA’s most significant accomplishments since its establishment. Efficiency, security, and scalability improvements were implemented.
The IOTA-based ecosystem continues to thrive while developers work on its next major event, the Coordicide.
New dApps have been added to the network as part of Chrysalis. TangleSwap, a decentralized exchange (DEX), is one of them. It aims to add DeFi to IOTA and combine it with the network’s most distinctive features.
Since 2017, the team behind this protocol has been collaborating with IOTA. They’ve been intending to build on top of this network for years and contribute to its growth.
They stated on TangleSwap’s official Twitter account that they knew when the time was perfect; they would create and deliver the greatest tools so that the ecosystem and community could grow quickly, securely, and robustly.
TangleSwap’s Promise to IOTA Users
This team has promised IOTA users, hodlers, and builders the ability to trade and shift tokens at minimal fees in the coming months. Furthermore, this DEX will function with fees that are as near to “free as possible,” a characteristic that competitors like as Uniswap, SushiSwap, and others do not offer.
With billions in Total Value Locked, Ethereum’s network still supports some of the most important DeFi protocols (TVL). High fees and congestion, on the other hand, allowed competitors on other blockchains to thrive.
TangleSwap will make use of IOTA’s Tangle technology, as its name suggests. Users will take advantage of automated trades and have more control over their operations without constraints from excessive transaction costs.
This means that users will be able to trade as much as they wish, with almost no limitations. A characteristic that appears to be especially appealing to businesses looking to automate their operations but are stymied by prohibitive gas costs.
Crypto’s Increased Interest
Aside from DeFi, the crypto world has witnessed an increase in interest in other areas like blockchain-based gaming and Non-Fungible Tokens (NFTs). TangleSwap intends to employ IOTA’s Colored Coins to make the minting and transfer of these assets more efficient.
The Colored Coins were a collection of real-world asset management strategies that were first offered as a Bitcoin upgrade. TangleSwap plans to employ these approaches with tokens that represent other cryptocurrencies, company shares, and other assets in the future. As a result, the number of applications for NFTs is growing.
The DEX’s creators have intentions in the medium to long term that include the aforementioned use cases. IOTA’s long-term ambition is to build an entire financial ecosystem on one platform. As a result, they’ll include a native stablecoin, a lending platform, liquidity provision, and other features.
All of this accelerated the Tangle’s benefits over traditional blockchain technology. They will see a shift in the way DeFi, trading, and holding work as a result of the IOTA ecosystem’s many possibilities.
IOTA is currently trading at $0,78 and has lost 5.3 percent on the daily chart, mirroring the market’s overall attitude.