Zilliqa Enters the DeFi Market, Launches Decentralized Exchange Zilswap

Published by
Zilliqa Enters the DeFi Market, Launches Decentralized Exchange Zilswap

On Monday, October 5, Switcheo announced the launch of its new decentralized exchange Zilswap, powered by the Zilliqa blockchain network. The fully on-chain Zilswap DEX will help Zilliqa to set its footing is the rapidly growing decentralized finance (DeFi) market.

Similar to Uniswap, the Zilswap DEX also uses an automated market maker (AMM) built atop the permissionless liquidity protocol. This will allow users to trade the native ZIL tokens directly on the blockchain through their wallets. Besides, they can also be the liquidity providers by adding the ZIL tokens to the liquidity pools and earn rewards.

The Zilswap DEX launch unlocks the opportunity for Zilliqa users to trade digital assets for the first time on the platform. The Singapore-based blockchain platform has also partnered with financial service provider Xfers. Together, they also announced the world’s first travel-compliant stablecoin $XSGC, pegged 1:1 with the Singapore Dollar (SSGD), and powered by the Zilliqa blockchain.

Launching the First Token-Pool ZIL-XSGD

The Zilswap decentralized exchange also announced the launch of its first toke pool ZIL-XSGD. This will allow users to quickly buy/sell ZIL using the SGD-backed stablecoin. Thus, users of both ZIL and XSGD can serve as liquidity providers on Zilswap and earn passive income.

Switcheo also announced further development for the Zilswap platform. It plans to launch the ZRC-2 governance token for Zilswap in near future. Switcheo said:

“Moving forward, Zilswap will transition control of Zilswap to a DAO controlled by ownership of the governance token. Parameters such as protocol fees will be under the purview of this DAO. Governance tokens will be issued to liquidity providers and users of the Zilswap platform”.

The next project in the pipeline for Q4 is integrating the Zilliqa ecosystem with the Switcheo TradeHub. “The next phase will involve connecting the Zilliqa token ecosystem with Switcheo’s TradeHub. This will include the ERC20<>ZRC2 token bridge coming up in late Q4,” tweeted Zilliqa.

The Zilliqa blockchain facilitates developers to build high-performance enterprise-grade applications. The public blockchain addresses all limitations in scalability while enabling real-world applications. The Zilliqa blockchain has a shared architecture with smart contracts written in the Scilla programming language.

Soon after the announcement, the price of ZIL tokens jumped 10%. At press time, ZIL is trading $0.020 with a market cap of $235 million.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

BlackRock Now Holds 3.8% of Bitcoin Supply; Bloomberg Analyst Explains Why It’s ‘Extraordinary’

The world's largest asset manager, BlackRock, now holds 3.8% of the total Bitcoin supply through…

September 30, 2025
  • 24/7 Cryptocurrency News

KuCoin Secures ISO 27701 Certification, Boosting User Trust and Privacy

KuCoin has become certified on the ISO 27701 and SOC 2 Type II levels. This…

September 30, 2025
  • 24/7 Cryptocurrency News

Breaking: SEC Moves To Allow On-Chain Stock Trading Alongside Crypto Amid Tokenization Push

The U.S. Securities and Exchange Commission (SEC) is reportedly moving to approve proposals that will…

September 30, 2025
  • 24/7 Cryptocurrency News

Analyst Eyes Solana ATH as 21Shares’ SOL-Focused Jupiter ETP Launches on Swiss Exchange

A crypto expert believes that Solana could reach a new ATH due to its improving…

September 30, 2025
  • Ethereum News

Experts Predict Big ETH Rally on Bullish Options, Whales Signal Post-False Break

ETH saw a sudden rebound to $4,200 from $3,800 level after the fourth false break,…

September 30, 2025
  • 24/7 Cryptocurrency News

US Shutdown: Bitcoin, Gold, and Silver Rally as Govt. Shutdown Odds Jump to 85% on Polymarket

Amid high chances of a US shutdown from October 1, hedge assets like Bitcoin, Gold…

September 30, 2025