The team at ParaSwap have been working on this project since April 2019. According to the founder, the MVP became available eight weeks afterwards. The platform allows its users to exchange ERC-20 tokens straight from liquidity networks like Balancer, Oasis, 0x, Uniswap, Bancor, Kyber, among others. ParaSwap’s smart contract divides orders among multiple exchanges to enable traders to purchase tokens at an affordable rate.
The builders of paraSwap maintain the outcome indicates that their software attains the most favourable market rates opposed to competing services. Additionally, they push the technical stack daily, combined with the structure and the tooling.
Irrespective of the above position, the platform does not take security for granted. ParaSwap evaluates all line of code and examines their application before advancing production. The platform employs Solidity/Truffle for its Smart Contracts, Node.js/MongoDB/Redis for the backend whilst React/Redux are for the frontend, and all of them are written in TypeScript. Moreover, they prefer to code on a practical fashion and prepare almost the type arrangement. Therefore, their code is largely anticipated and safe. The gas fee is cheaper, and there are no transaction fees.
ParaSwap also values its users’ feedback and do a better job of soliciting that every day. Hence, they are regularly striving to initiate communications with the users, subsequently enabling them to approve or nullify product condition on existing and upcoming features. It applies the 0x Mesh to obtain the most comprehensive set of orders open on the 0x protocol. The ParaSwapPool is run by the project’s partners, which grants users more liquidity and advantageous prices.
Earn A Commission On Every Trade: More excitingly, there is the possibility of earning a passive income with the exchange. Through providing liquidity on Bancor via this platform, you get to earn a commission on every trade.
Currently, this service supports countless tokens on the Paraswap DEX exchange. Some of them are Ethereum, ZRX, Xinfin, WBTC, Tether USD, USDc, UBT, TUSD, SNT, RPL, TKN, SNX, iExec, REN, Request, RDN, RCN, Augur, POWR, OmiseGo, NMR, MTL, Melonport, MKR, MANA, LOC, LINK, MET, KNC, KIN, GridPlus, JRT, Gnosis, ENJ, EURS, DZAR, DAN, ELF, DAI, BAT, Binance USD, COT, Aragon, AMPL, Amon and many more.
Non-Custodial Wallets: You do not need to surrender your funds when you are trading on the platform, since it operates with a non-custodial wallet. Therefore, users have control over their funds. It also means that there is no issue with counterparty risk, and security is very much assured. Traders have no worries about hackers stealing their funds or platform administrators absconding with their tokens.
The team recommends the use of Metamask wallet on the exchange. All you need to start trading is to connect your wallet to ParaSwap then, you are good to begin swapping and providing liquidity.
How To Swap On ParaSwap: After connecting your wallet to the platform, the next move is to start swapping. The first step is to choose the tokens you want to deal with, and the amount involve.
Let say you want to buy DAI worth one Ether, what you have to do is to type in 1 ETH and the system will give you the corresponding equivalent in DAI. Then you can click swap for the exchange to take place. Whenever a swap is settled, the order gets executed over exchanges within a few minutes. It is so simple beginners in the space can do it without any blemish.
Where To Learn More About ParaSwap
The best place to discover more about Paraswap is their website. Besides, the project is on various social media platforms where there is the opportunity to socialise with the team and the community members.
Here are the various platforms you can kindly join:
If you are interested in verifying the source code, then head to their Github for all the details.