Nervos Network has launched a new platform that enables people to create decentralized tokenized financial instruments on the NEO blockchain. With this launch, Nervos is becoming one of few DeFi platforms in the market and aims to compete with other companies like Maker Dao and OmiseGO.
The “nervos network” is a project that will be using the Nervos blockchain. The project has been launched and $70 million was locked up on its first day.
“YokaiSwap,” a decentralized trading platform, is currently online on the mainnet, according to Nervos. YokaiSwap is the first Nervos-based decentralized exchange (DEX), marking a significant milestone in the network’s evolution as new projects begin to create and deploy decentralized applications (dApps) inside the ecosystem.
DEXs are seeing significant growth as DeFi continues to gain traction and crypto consumers migrate their assets from controlled exchanges to decentralized platforms. According to a recent research from Chainalysis, the value of significant decentralized exchanges (DEXs) such as Curve, Uniswap, and PancakeSwap increased by nearly 550 percent between August 2020 and August 2021.
Nervos and DeFi
YokaiSwap joins the network with a battle-tested codebase, as well as novel farming and producing solutions that take use of Nervos’ speed and interoperability. Assets from other ecosystems may join the network through the Force Bridge, Nervos’ cross-chain bridge, can be exchanged and matched for usage on YokaiSwap.
YokaiSwap, as an Automated Market Maker (AMM), allows users to trade any whitelisted token on the Ethereum network with CKB, including ETH, WBTC, USDT, and USDC. In the future, wrapped tokens from other chains, such as ADA and BTC, will be enabled.
YokaiSwap is the first platform that allows users to transfer their CKB token assets onto the blockchain and earn APY via incentive programs. Users may earn rewards on their deposited and traded assets by participating in LP (Liquidity Provider) Token Farming and Single-Token Staking, or by paying protocol fees and emitting daily emissions. The YokaiSwap DEX token, YOK, is awarded to LPs.
Kevin Wang, co-founder of Nervos, stated, “DEXs play a significant role in DeFi because they supply liquidity and earning possibilities to the community.” “As Nervos continues to welcome blockchain developers, projects, and enthusiasts to our expanding ecosystem, we’re happy to see the YokaiSwap team launch their product to the mainnet.”
Following in the footsteps of Force Bridge and Godwoken,
YokaiSwap’s debut follows Nervos’ mainnet launch of Force Bridge and Godwoken, the Ethereum Virtual Machine (EVM) compatible Layer 2 blockchain. YokaiSwap’s entrance is also anticipated to open the path for other big DeFi operators, such as Aave and Curve, to join the network in the future, providing customers with even more options and incentives.
YokaiSwap is one of the first projects to receive funding from InNervation, a fund that intends to strengthen the Nervos Network and the broader blockchain ecosystem by investing in early and growth-stage firms that are developing user-facing blockchain solutions.
The Nervos Network is a set of protocols and a public blockchain that aims to address the most pressing issues that blockchains like Bitcoin and Ethereum face today.
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Posted in: DeFi, Exchanges, Technology
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The “yokai swap token” is a cryptocurrency that has been created by the Nervos network. The project was launched on the first day of trading and has already raised $70 million in just one day.
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