Zilliqa (ZIL) collaborates with Switcheo to launch its NFT market

Switcheo Network announced the launch of a non-fungible token market (NFT) under Zilswap. Zilswap, a decentralized financial ecosystem based on Zilliqa, will host the accessible and inclusive NFT environment in partnership with the Switcheo platform.

Switcheo platform is a second-level interoperability network. In addition, it is compatible with the Ethereum network thanks to the revolutionary network-powered cross-chain bridge. This will allow to mint, exchange and store non-fungible tokens (NFT) in Zilliqa.

Banking at NFT

craze around NFT has overtaken the Ethereum network. Zilswap’s adoption of the NFT market will solidify its position in Zilliqa as the main leading platform. Switcheo network is sure to conquer a good place in the NFT world with this launch.

launch is expected to take place on September 15, 2021, to mark the first anniversary of Zilswap. Additionally, Bear Market Limited Edition NFT Collection will debut on the same date to celebrate the launch.

On August 30, Zilliqa’s transactions fell due to unexpected problems with the core network upgrade. Zilliqa (ZIL) team claims to compensate for all the losses they have suffered with their recovery plan.

Switcheo’s contribution to the Zilliqa

Zilliqa entered decentralized finance (DeFi) with the launch of Zilswap by the Switcheo team. Switcheo team created this first decentralized cryptocurrency exchange (dex) running on the Zilliqa blockchain. launch of dex allows users to trade digital assets on this platform.

Zilliqa will benefit from using Zilswap. re is a growing popularity of decentralized exchanges like SushiSwap and UniSwap. use of Ethereum DeFi protocols like UniSwap led to ETH transaction growth of $ 109 million in the third quarter of 2020. Tron network also increased transactions by 2,577% in the third quarter thanks to the use of JustSwap.

DeFi protocols significantly increase network activity. refore, the Zilliqa platform will reap similar benefits as ZilSwap gains momentum within the ZIL trading community.

ZilSwap to pass control to a DAO

Like UniSwap, ZilSwap allows ZIL owners to trade using a liquidity protocol without authorization. goal of the Switcheo team is to transfer control from ZilSwap to a DAO controlled by the possession of the ZRC-2 governance token. refore, the project will launch this token to ZilSwap platform users and liquidity providers.

Users of the Zilliqa platform can exchange ZRC and ZIL coins directly using their wallet function. y will be able to exchange ZIL for the XSGD stablecoin. As a result, holders of XSGD and ZIL will be able to enter liquidity pools in ZilSwap. In each operation, these holders will be able to obtain a percentage.

Uniswap has attracted many users who want to get into decentralized finance. It also launched its governance token, UNI, and offered rewards to dex users.

Also read Bitcoin on a bullish streak after renewed interest in cryptocurrencies

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