TVL > 100K
What is NetSwap (NETT)?
NetSwap is a decentralized exchange (DeX) solution that was launched in 2021. It is a layer 2 protocol running on Metis Andromeda chain (which is the sidechain of Ethereum). The project has its platform token called NETT. The exchange offers leveraged swaps (with 5X swaps), a launchpad solution, as well as liquidity pooling and staking. The project is 100% community-focused, and no tokens are handled by the team. NetSwap protocol uses automated market-maker (AMM) model (the same one is used by UniSwap)
Who are the founders of NetSwap (NETT)?
There is no currently available information on the team that founded and developed NetSwap (NETT). The partners include Metis, WOWSwap and Asteria Finance Lab.
What makes NetSwap (NETT) unique?
NetSwap was the first Decentralized Exchange to be launched on the Layer 2 Network. It aims to utilize allthe advantages of L2 approach: low transaction cost, high speed and high scalability to support various bridges from other chain tokens and Layer2 native tokens issued by dApps. The aim of NetSwap is to become an infrastructure to promote Metis ecosystem. This is the reason why there are not many NETT incentives for liquidity: the plan includes the incentives moving over the original Metis projects in the future. Metis is an Optimistic Rollup (a term for layer-2 solutions running on top of Ethereum Blockchain that features the transactions running on the layer-1 with the help of smart contracts). The advantages of Metis include various sequencers and multiple virtual machines to provide extra layers of decentralization, security, and permissions. The exchange offers leveraged swaps (with 5X swaps made possible by the partnership with WOWswap), a launchpad solution (that utilizes staking to help the projects launch and gain exposure), as well as liquidity pooling and staking (which makes it possible for liquidity providers to get additional profits). NETT is the main token of the platform and wNETT is the allocation token used on the project’s launchpad. wNETT is non-transferable between wallets but is used for all of the launchpad functions. It does not have any value attached. The emission rate of wNETT is controlled by protocol and can be changed. It cannot be bought on other platforms and can only be accrued by staking NETT.
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