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Long-time smart contract platform Qtum will host a new decentralized exchange on Friday after QiSwap, an independent liquidity protocol, completed its testnet phase.
Qtum indicated in a recent press release that the integration of QiSwap has moved the platform “one step closer to realizing its decentralized finance ambitions”.
The launch of QiSwap’s mainnet on Friday will allow anyone to build decentralized finance applications and provide liquidity on top of the Qtum blockchain. QiSwap is a decentralized exchange that provides liquidity for the Qtum cryptocurrency and other native assets, called QRC20 tokens.
During Phase 1 of the mainnet, QiSwap will allow trading between Qtum and the Qcash (QC) stablecoin. In the weeks following the launch, QiSwap plans to add additional trading pairs and pursue quotes on major exchanges. In a more distant future, called Phase 4, the platform will launch the governance contract for its Qi token.
QiSwap founder and chief operating officer Robert Gaillard told Cointelegraph:
“Qiswap will also allow the community to take control of the Qtum protocol because it is one of the fundamental monetary legos of the DeFi ecosystem. We see QiSwap as the first step towards a broader push of DeFi tools we are told are aligned in the coming months on Qtum. “.
Qtum was launched in 2016 as a blockchain protocol that combines the smart contract features of Ethereum with the security of Bitcoin. Qtum cryptocurrency is ranked 66th by market capitalization with a total value of $ 233.5 million.
Qtum’s foray into DeFi comes at an opportune time in the evolution of the market. More than $ 13.3 billion has been locked into DeFi projects at the time of writing, with the vast majority of funding coming in the past six months. It wasn’t until May that the total locked-in value reached $ 1 billion.
The decentralized trading market, or DEX, peaked just north of $ 4.6 billion last week.
