OpenSwap to Next Chain! AVAX, FTM, or MATIC? Community to VOTE in Governance Portal
- OpenSwap to extend to new chains as part of the on-chain revolution
- Stake $OSWAP for a minimum of 7 days to cast your vote
- OSWAP hodlers can vote for AVAX, FTM, or MATIC in the governance portal
- The poll will run from now to 22/1/2022 00:32 (UTC+8)
- Do not unstake the OSWAP before the Poll ends, or the vote will not be counted
TLDR: OpenSwap is extending to another chain and holding a poll soon. This is a tutorial teaching how to vote. Please stake a minimum of 7 days to cast your vote. Information on the options: 1) AVAX, 2) FTM, 3) MATIC are included.
If you guys have been paying attention to our previous community events and updates, you’d know that crosschain had always been one of the key pieces to our end-game. On-chain liquidity has been and will continue to be fragmented across different blockchains. On Ethereum alone, there are currently 5 bridges with more than $25M TVL, and with the rise of other layer 1s such as Near, Elrond, FTM, and up-and-coming layer 2s like Polygon, it can be assumed that we’re going to see a spike in demand for crosschain services.
Like in Dune, those who control the spice control the traffic between planets. At OpenSwap, we aim to help DeFi users frictionlessly navigate between different chains, as such, we are elated to announce our next moves!
So firstly, we are going to extend our DApp to a new chain and we want the community to decide which chain would be the best choice at this moment in time. Below we present some steps which will guide you Trolls through the voting process on our Governance Portal.
The Reasoning behind the Shortlist
For those who are curious to know why we shortlisted AVAX, FTM, and MATIC, rest assured this was well thought out, and below, we justify:
First, Polygon (MATIC).
Polygon is one of the most popular layer 2 solutions for Ethereum. Many of the DeFi giants such as Uniswap, AAVE, and Curve also expanded to Polygon. Currently, their biggest native platform is a DEX called Quickswap, and users can even trade Polygon NFTs on Opensea. As of this moment, the TVL of Polygon is $5.25 billion. We believe it is possible that OpenSwap can make some sparks here because Quickswap’s current bridging model involves the use of synthetics or wraps, and this is an area that Open Interchain Protocol can shine.
Second, Fantom (FTM).
It is amongst one of the hottest layer 1 blockchains being discussed right now. Unlike Polygon, not a lot of DeFi giants are on this chain, and only curve supports Fantom at this moment in time. The biggest players are SpookySwap (Dex), Gesit Finance (Lending), and Beefy Finance (Yield aggregator). As of this moment, the TVL of Fantom is $5.65 billion. The OpenSwap team believes that by extending ourselves over to this lesser developed chain, we may potentially get to reap the first-mover advantage, what do you Trolls think?
Last but not least, Avalanche (AVAX).
With $11.26 billion TVL beating Solana and closing in on BSC, it is hard to ignore AVAX. Not only are some big names on the chain like AAVE, Curve, and SushiSwap, it also boasts some huge native platforms like Trader Joe (DEX), Benqi (Lending), and Wonderland (Rebase). It would make great business sense for OpenSwap to jump on this bandwagon, and to top it off, our strategic partner and close friend Dr. Aytunç Yıldızlı from Muhabbit Capital is a veteran at Ava Labs and one of the biggest advocates of Avalanche!
All these chains have a vibrant ecosystem and an existing user base. It would be a great opportunity for us to expand to either one of these chains. What is even better is that all of them are EVM-compatible so if you use MetaMask, you just need to add the network to use it!
What do you think Trolls? Expanding to which chain would benefit us the most? Tell us what you think in the OpenSwap Official Community and get voting in the upcoming poll!
Important Information about the Poll
The Poll will run from now to 22/1/2022 00:32 (UTC+8), where participants can vote for the next chain OpenSwap to get on to. The choices are AVAX, MATIC, or FTM.
To cast your vote, you’d need to stake your $OSWAP in the Governance Portal for a minimum of 7 days, and should not withdraw before the poll ends. Users who unstake before the end date will not have their vote counted!
For those who never voted in our Governance Portal, this is how you do it:
Step 0: If you don’t already have some $OSWAP, get some now. OSWAP tokens are currently traded at PancakeSwap, IF Swap, MEXC, and OpenSwap.
Step1: Go to https://openswap.xyz/#/governance
Step 2: Click the “Manage” button to manage your voting balance
Step 3: Approve $OSWAP
Step 4: Add the amount you want to stake to the contract
You do this by clicking “Add Stake” then enter the amount and press “Confirm”.
Please be reminded that you have to stake the balance for 7 days before you can vote.
Step 5: Click the Manage button again when your stake is available (7 days after staking).
Step 6: Unlock your voting balance.
Step 7: Visit the Poll details (when it is available).
Step 8: Cast your vote!
This is it for now. Voting is important and can really help the OpenSwap team make the best decision for the community and the project. And as always, as a community-focused project, we always encourage community members to voice their opinions. Don’t be shy, let our community managers know what you think in the OpenSwap Official Community.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage and multi-chain arbitrage opportunities. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a comprehensive one-stop DeFi hub that offers the best on-chain pricing, multi-chain arbitrage, and zero slippage, allowing users to experience revolutionary benefits through optimizing their trades through unique features such as Liquidity Queues, Hybrid Smart Router, and Open Interchain Protocol.